Tech companies lead the quarterly office rental market in Barcelona

• During 2019 first quarter more than 140,000sqm of office space were rented
• Tech companies rented 89,000sqm in 2018, 25% of the total area hired

The offices market in Barcelona has started 2019 with record figures. According to data made public by real estate consultancy firm CBRE in its last report, during 2019 first quarter more than 140,000sqm of office space have been hired, the best figure of the historical series.

In relation to this record, the report highlights the momentum of the coworking spaces, which already entailed 12% of the total in 2018, and have already reached 23% this first quarter of 2019. In this sense, the hiring of 8,300sqm of the Platinum building, at the 22@ innovation district, by international company WeWork can be highlighted.

Before the lack of quality office space in Barcelona, CBRE report highlights as well how big companies with an important footage need have progressively opted for spaces within buildings under construction.  If in 2018 this kind of operations represented 21% of the total, in this first quarter of 2019 pre-rental already represents 43% of the total.

Additionally, and according to data announced by real estate consultancy firm JLL, tech companies hired 89,000sqm, 25% of the total area hired in Barcelona in 2018. JLL claims this leadership of tech companies reinforces the city significance as innovation hub for the south of Europe. 357,000sqm were hired in total, 6% of the total office stock of the city.

JLL emphasises these figures specially, which it considers very remarkable and cannot be seen elsewhere in south Europe. This means Barcelona continues attracting companies that want to set up their headquarters in the city, as well as international talent. Over the last three years, all office buildings being constructed were hired before finalization.

Finally, JLL places Barcelona, after London and New York, as an influencer city jointly with Brussels, Frankfurt, Geneva, Miami, Vienna or Kyoto. It also highlights its corporate image, its strategic location, and cultural and artistic attractiveness.

[04/23/2019]