Office leasing in Barcelona grows 79% since January

Since the beginning of 2021, the office market in Barcelona continues to recover after the setback of the coronavirus pandemic with an accumulated growth in space contracting of 79% so far this year, according to data from the real estate consultancy Cushman & Wakefield.

Demand stood at 228,300 square meters contracted at the end of September, mainly in the 22@ areas, which continues to be the most sought after by technology companies, and the Zona Franca-Fira. These two districts have accounted for 45% of the total operations registered, while another 33% corresponds to the office area in the city center and 21% to the periphery.

To reach these figures, in the third quarter of the year, about 50 operations were registered, with a reservation of 88,000 square meters, which represents 140% above the figure registered in the same quarter of 2020. The space contracted between July and September is 54% higher than the accumulated between June 2020 and June 2021, according to the latest report from the consultancy.

Comparatively, demand in Madrid has increased by 22% in the third quarter compared to the June 2020-June 2021 period, with a total of 92,000 square meters reserved, and it stands out that 70% of the occupied spaces are located on the periphery of the city, specifically in the area outside the M-30.

The 22@ and Zona Franca-Fira have accounted for 45% of the total demand of almost 230,000 square meters

In the case of Barcelona, in the last three months, two major operations have been closed. On the one hand, the rental of 19,000 square meters in the northern area of 22@, specifically on Selva de Mar street, corresponding to the multinational Webhelp to install its new corporate headquarters in Barcelona. On the other hand, the rental ofthe new T-Systems offices in the emblematic La Escocesa, owned by Meridia Capital, for the relocation of its corporate headquarters, with more than 7,500 square meters.

The Cushman & Wakefield report specifies that, in the last quarter, the cost of rental income in prime areas has remained stable at 27.25 euros per square meter per month, in the Catalan capital. This price is 4% lower than that of the third quarter of 2020 and 1% above the maximum reached in 2007.

The price per square meter in prime areas has not changed

As for the offer, Barcelona has 6.9% of available space for new implementations, a level similar to that recorded in 2017, according to the consultancy. In addition, office spaces now under construction will be added, so that by the end of 2022, the incorporation into the capital's office market of some 327,000 square meters is expected, which, by the end of 2023, will rise to 364,000 square meters.