Contract for offices increased by 39 % in Barcelona, the highest level in the last ten years

• Total contracts for office space during the first half of this year reached 208,000 m²
• Investment activity has also increased, with 16 operations and a volume of 470 M euros

Total contracts for office space in Barcelona during the first half of this year reached 208,000 m², which represents 39 % more than that registered last year for the same period, while availability levels dropped by 9 % with respect to 2016. This is data from the most recent Marketbeat Offices Report from the real estate consultant Cushman & Wakefield. These data confirm the positive evolution of both the economy and the service sector: 220 office contracts were signed during the first six months of 2017.

The demand for office space, is therefore keeping to a steady pace, and stood at 40 % above the average figure for the last 10 years. Available surface area remaining in Barcelona currently stands at 485,000 m², with over 45,000 m² now being off the market. In the ​​Passeig de Gràcia / Diagonal and in the city centre, available office space rates are below 3 % and 4 % respectively. In the New Business Areas (22@, Plaça Europa), this level is a little bit higher, at around 12 %.

According to the Cushman & Wakefield report, close to 90,000 m² of offices will be finalized between the end of 2017 and 2019. In Ciutat de Granada 150, which is owned by Colonial, on the Audiovisual Campus, a total of 25,000 m² will be available, while the companies Stoneweg, 1810 Capital Investments and Castellví will be bringing the LUXA project onto the market – this initiative will comprise three office properties with a total area of 22,000 m². Both projects have already assigned numerous pre-rental contracts for a large part of the space.

Finally, investment activity has also increased in Barcelona in the first half of this year, in comparison to 2016. In the January to June period, a total of 16 investment operations were undertaken, for an amount in excess of 470 million euros. Funds, REITS and family offices have been dominating the scenario, to the detriment of traditional promoters.

[20/09/2017]