The consultancy’s prediction points to the fact that the total take-up for 2016 will be about 270,000 m², below the sum for 2015 (388,000 m²) in terms of large scale operations. The two biggest transactions of 2015 totalled 66,000 m², and were customised developments.
“Business activity driven by internal consumption is hastening an increase in contracted space. Companies, which during the past years have concentrated on reducing work space in order to reduce cost structure, have changed this tendency since 2015, now seeking out more ample and better equipped spaces”, as elaborated by Ramiro Rodríguez, economist at BNP Paribas Real Estate.
The number of completed contracts has remained above the average of the last nine years: 92 compared to the 66 operations from the 2007 to 2015 average.
In Barcelona, available space is reducing, in October 2016 the vacancy rate was 12% comparing to 14% a year ago, the lowest rate since 2009. The Barcelona business centre has a rate of 3.9%, which translates to an available floor area of 34.000 m².
Present market demand and its favourable prospects have now a new attraction for real estate promotion, in an initial phase by means of ‘key in hand’ developments, and a second via risk projects. Future supply is being reactivated in Barcelona, in zones such as the 22@ and Zona Franca. For the following months, new developents are expected on these spaces both speculative and ‘key in hand’, covering , about 45,000 m². In 2017 new projects based in 22@ were begun which will come onto the market in 2018, bringing a further 140,000 m².
Average rents up 14%
In the context of an increase in productive activity and the reduction in vacancy rate, the rental price for offices remains at a peak. In the third trimester the average rent recorded an annual increase of 14%. The prime rent passed from 20 to 21 €/m²/ month , bearing in mind the scarce supply in the business centre, higher values will be recorded in the next trimestersm according to BNP Paribas Real Estate