Barcelona's 22@ technology district continues to attract the interest of national and international investors, from important SOCIMIs (listed real estate investment companies) to prominent international investment funds, which consider it one of the most important real estate development areas in Europe. This attraction is translating into projects of a certain magnitude, especially in the office segment, in the so-called northern area of the Poblenou neighborhood.
Overall, for the next two years, 34 real estate developments for new offices are projected in 22@, with a total area of 365,000 square meters, according to data from real estate consultancy Cushman & Wakefield, part of which will be delivered in the first half of 2022.
Of the new developments, it stands out that more than 60% are located in the northern area of the Sant Martí district. This is an area delimited by the triangle formed by three of the city's main arteries: Avenida Diagonal, Gran Via, and Ronda Litoral; and which is the extension of the urban space of the Poblenou neighborhood that has prospered exponentially since the beginning of the 21st century as an economic engine of Barcelona, between Torre Glòries and Rambla del Poblenou.
The 22@ that has been projected since 2000, this highly consolidated premium area near the Glòries axis, has been from 2014 to 2019 one of the five sub-zones in Europe with the highest rental growth and with the attraction of large national and international companies. "This puts into perspective what 22@ has been and what it is in terms of real estate attraction," explains Xavier Güell, director of the CBRE office in Barcelona. Although it has grown a lot, it remains a very competitive area where the prime rent is around 24.5 euros per square meter, a very low rent compared to other areas in Europe, but one of the highest in the city.
The 22@Nord is delimited by three of the city's main arteries: Avenida Diagonal, Gran Via, and Ronda LitoralThat is why, in the last three years, real estate developers have set their sights on the northern part of the neighborhood, where rents can be around 20 euros or below this figure"Although, in the long term, prices in the two areas will equalize," states Eusebi Carles, head of offices at the consulting firm Cushman & Wakefield in Barcelona.
Currently, more than 60% of the new office supply in Barcelona is concentrated in this area, and demand has not been long in coming. Large international corporations continue to show their interest in the city and its technological district, such as T-Systems, with 7,000 square meters reserved in the future La Escocesa building; Webhelp, with 20,000 square meters in SELVAM@R 125; and Inetum, which has leased 2,200 square meters in the 22@ Business Park, on Fluvià street (all three in the northern zone); in addition to SITA's 775 square meter space, in the southern area, which still attracts part of the demand.
According to data from the real estate consultancy Savills Aguirre Newman Barcelona, most of the new 22@Nord projects until 2024 are new constructions: 14 projects are new developments and three are rehabilitations of buildings previously used for industrial purposes, with a total estimated new supply until 2024 in this area alone of more than 280,000 square meters.
The north of 22@ is taking advantage of the achievements of the technological district that has generated a very attractive entrepreneurial ecosystem, with a community of foreigners settled in the city, many of whom work in the ICT companies in this urban space that has been transformed into a digital hub. All of this has created "a good balance of uses" throughout the Poblenou neighborhood, highlights Xavier Güell.
The complementarity of residential and commercial areas, with a modern park of quality offices, the level of services and transport infrastructure, and proximity to the sea make 22@ one of the most attractive areas of the city, highlight sources from Savills Aguirre Newman Barcelona.
It is one of the most attractive urban areas of the cityIn addition, in the 22@Nord area, there will be a specific weight of student residences, as a result ofthe installation of the Campus of Arts promoted by the University of Barcelona, rehabilitating the factory premises of Can Ricart, declared a cultural asset of national interest. Also green areas have gained prominence, from Parc Central del Poblenou, which can be considered the gateway, to Parc del Besòs, at the other end.
The availability of land has allowed "the projects being developed to cover entire blocks," specifies Eusebi Carles, who recalls that the urban remodeling of Pere IV and Cristòbal de Moura streets "will contribute to pacifying and dignifying". He also mentions the action of the Barcelona City Council to revitalize the civic and cultural axis, with La Escocesa as a key piece and the old Ca l'Alier factory as an urban innovation center; in addition to housing promotion.
The developments are characterized by being buildings that cannot be found elsewhere in the city, with four-sided constructions, greater clear height, larger floor area (an average of 2,500 square meters, in some cases), raised technical floor, a good climate system, terraces and, technologically, they are more advanced structures and have energy efficiency and sustainability certifications, in addition to WELL certifications for user comfort. The range of surfaces of the new buildings goes from more than 3,000 square meters to 38,000 square meters.
The attraction of Barcelona
Barcelona will start 2022 as a very attractive city to live and work in, and will consolidate itself as a technological hub of reference in Southern Europe, while having a good stock of quality offices suitable for the requirements of current demand, according to Natalia Montal, Associated Director Offices Leasing at Savills Aguirre Newman Barcelona.
Montal explains that "companies that during the last year and a half had their search and relocation process for their workspaces paralyzed are reactivating it in recent months". In addition, the technological sector has suffered less economic impact from covid, which has led to a growth in companies in this sector that has caused a good volume of net absorption of office supply in the city.
The Barcelona market expects just over 400,000 m2 of offices, of which 73% will correspond to new developments, between the last quarter of 2021 and all of 2022According to data from Savills Aguirre Newman Barcelona, between the last quarter of 2021 and all of 2022, the Barcelona market expects just over 400,000 square meters of offices, of which 73% (293,500 square meters) will correspond to new developmentsand 27% to rehabilitation projects for existing office buildings. New business areas continue to host a large part of the new and renovated surface area that will be incorporated into the market (74% between the last quarter of 2021 and 2022), with the technological district as the main submarket (68% of the total and 93% of the new business areas).
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SOME PROJECTS PLANNED FOR 2022
One Parc Central
In the vicinity of Parc Central del Poblenou, the project led by the Universitat de Barcelona will be developed and will be complemented by a student residence, a Marriott hotel, and an office building that is being constructed in the middle of the park. This is One Building, a project by the Batlle i Roig studio, 12 stories high and three stories below ground, with more than 22,000 square meters of offices and about 2,200 of terraces. The building, which will be delivered in the summer of 2022, was acquired by DWS, an asset management firm owned by the Deutsche Bank group, which bought it from Värde Partners for 128 million euros.
Smart Building - La Escocesa
The Smart Building is promoted by Meridia Capital ---a group founded by Javier Faus--- between Pere IV and Fluvià streets, next to the municipal center for artistic production La Escocesa. The complex, with a total area of 24,600 square meters of offices, has been developed by the architecture and interior design studio GCA Architects. It will also be delivered in mid-2022.
Selva de Mar 125
SELVAM@R 125 is a complex by Acciona and the fund of real estate investment manager Tristan Capital Partners. With an investment of 100 million euros, they will develop four office buildings with a total surface area of 31,000 square meters. Two-thirds have been leased by Webhelp.
Former Nubiola factory
At Cristòbal de Moura street 121, there will be an office complex, of about 11,500 square meters, which are part of the 30,000 square meters of the former grounds of the old Nubiola pigment factory, between Treball and Agricultura streets. One part is being developed by Mitsubishi Estate, through Europa Capital, and will be delivered in 2022. It is designed in such a way that the building ---which will try to assimilate the industrial legacy, combining glass and bricks--- will be part of a business complex with common spaces that will favor the creation of synergies among employees and where one of the old Nubiola Pigmentos chimneys will remain intact.
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PROJECTS FOR 2023
Urban BCN 22@ Offices & Hotel
The developer DWS has another project in Parc Central, in the old Frigo ice cream factory in Poblenou, which later belonged to Farggi. It is located at the intersection of Perú and Bilbao streets, with 57,418 square meters, with offices, lofts and a hotel from the Marriot chain. In this case, it acquired the turnkey project from Actual Capital Advisors and will be designed by the architecture studio QID Studio Arquitectes.
Perú 62
In the old Tulle and Lace Factory, the German fund Patrizia will develop the rehabilitation of the old factory's warehouses, with an office design with a lot of industrial character because it will respect a good part of the building.