Real estate developers accelerate projects to construct office buildings in 22@

• • 22@ is the most in-demand area for multinational corporations looking to come to Catalonia
• • There is currently 135,000 m² of land available, ready to start building

According to data from real estate consultancy Cushman & Wakefield, real estate developers are speeding up several projects to construct office buildings in Barcelona’s 22@ district as a result of the lack of spaces for companies to use as their corporate headquarters. As of today, there are 135,000 m² of land available, ready to start building.

The 22@ district is the most in-demand area for multinational corporations looking to come to Catalonia. Lack of offices in this part of the city has driven prices up and, in this regard, companies looking for more than 5,000 m² of space are looking into pre-lease agreements for buildings in the planning stages.

Cushman & Wakefield shows that 90% of the land in the district is in the hands of national developers, in particular Metrovacesa and Grup Castellví. The remaining 10%, held by foreigners, is mainly owned by the Benson Elliot fund and Bouygues. According to the consultancy firm, prices for quality offices in the 22@ area, especially near Glòries, are approaching those in Barcelona’s prime area, around Diagonal and Passeig de Gràcia.

Three months ago, the Castellví development group and international real estate investment platforms Stoneweg and Global Danbury reached an agreement to develop a two-building office complex at the 22@ Business Park in Barcelona, just off Plaça de les Glòries. This new complex, with a total investment of 45 million euros, will have two eight-floor buildings, with a total of 26,000 m² of floor space.