Office leasing rebounds in Barcelona and grows by 37%

The office market is gaining momentum again in the Catalan capital. After a 2023 marked by certain inactivity, the first half of 2024 has registered a 37% increase in contracting compared to the first six months of last year. During this period, 180,000 square meters have been contracted in the city, concentrated mainly in the center and 22@.

In fact, both areas accounted for 70% of contracting between January and June, with 37% located in the city center, according to real estate consultancy JLL. The increase in demand in the most sought-after areas has contributed to raising the prime rent, which has reached a new high in the city market: 28.75 euros per square meter per month.

These data "confirm the clear recovery of the office sector," according to JLL Spain's Markets Director, Adriana Gorri. The figures also reflect the consolidation of the hybrid work model. This trend is reflected in an increase in the contracting of flexible spaces, which has doubled compared to the first half of last year, and in the rise of new office models that seek to attract workers.

The second quarter of the year has also been characterized by the delivery of new office spaces, totaling 55,000 square meters of new or rehabilitated product, also mainly in the center and in 22@, but also beyond, such as the Aura office building, in the former Corte Inglés on Diagonal. In the city as a whole, another 140,000 new or renovated square meters are expected to be incorporated into the market by the end of the year. This forecast, according to JLL's Barcelona office director, Laura Caballero, will bring "remarkable dynamism" to an already recovering market.