A great deal of investment activity in 2017 in the Barcelona office market

A great deal of investment activity in 2017 in the Barcelona office market

The level of yield in the Business District will stabilise, although there is the possibility of greater adjustments in the peripheral zones. In 2017, capital values will continue to grow as a consequence of the tendency for growth in rents and the expected yield behaviour.

For 2017, Aguirre Newman predicts that 35,550 m2 will enter the market and in 2018 about 93,000 m2, while demand will remain active, up to 340,000 m2 in 2017. The vacancy rate will continue to vary, most notably in the peripheral zones and outside of the cities. The tendency for rental levels will be for a homologous growth in all zones as a consequence of the extreme scarcity of supply of available space.

In Barcelona, office stock totalled 5,944,153 m2 in 2016, 59% of this located in the central zone of the city. Last year, 58,475 m2   of surface area came onto the market and gross take up totalled 330,282 m2, with zones in the centre of the city showing greatest growth. In the central Business District (CBD), take up was 40,639 m2, an increase of 11.35% compared to 2015.

Aguirre Newman stress that, as a consequence of the increase in demand and the scarcity of supply in 2016, the vacancy rate has fallen to 9.5% of stock. Rents in the Barcelona market have behaved positively, with an average increase of 6.1%.

 

 

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