Investment in offices in Spain has experienced a significant upturn during the first nine months of the year, reaching €1.75 billion, representing an increase of 238% compared to the same period in 2024, a year marked by a notable contraction in the market. According to data shared by Cushman & Wakefield, this volume includes the acquisition of the Deeplabs complex for €400 million, a transaction that has significantly boosted investment momentum. According to forecasts, the total investment volume at the end of the year could be around €2 billion.
Madrid: stable rents and focus on prime assets
The Madrid office market has shown positive developments in the quality of demand. Between January and September, 43% of transactions were located within the M-30 ring road and 12% in the central business district (CBD). Availability within the M-30 ring road stands at 2.9%, compared to 12.6% outside it, reflecting the shortage of quality product in the most established areas.
The consultancy firm points out that the quality of assets continues to be a determining factor in larger transactions. Between 60% and 70% of the space contracted corresponds to category A and B+ buildings, a percentage that rises to 80% in transactions exceeding 1,000 sqm, which shows that large companies prioritise high technical standards and ESG criteria. Prime rents reached €42.50 per sqm per month, an increase of 2% compared to the third quarter of 2024.
Barcelona: 22@ accounts for more than half of take-up
In Barcelona, the market has remained very dynamic, with total take-up of 116,700 sqm, 88% more than in the third quarter of 2024. The 22@ district consolidated its leadership in take-up, with 62,300 sqm contracted in 24 transactions during the third quarter, representing 55% of the total for the period and 46% of the cumulative total between January and September.
Availability in the CBD stands at 3.5%, while in the city centre it reaches 4.3%, reflecting the shortage of supply in the most sought-after locations. 83% of the space contracted in the first three quarters corresponds to category A and B+ buildings, a percentage that rises to 92% in the third quarter. Prime rents stand at €31.25 per sqm per month, 7% more than in the same period in 2024.
According to Eusebi Carles, partner at Cushman & Wakefield Spain's Office Investment and Consultancy division, "the strong dynamism of the occupier market in Barcelona is a significant and necessary step towards a healthy and powerful investment market. Any city with a dynamic occupier market will inevitably enjoy the confidence of the investment community".
For his part, Alfredo Collar, partner and director of the consultancy's Office Agency, points out that "what we are seeing in both Madrid and Barcelona is a consolidation of qualified demand, but also growing pressure from companies to find spaces that not only meet technical standards, but also respond to ESG criteria and people's well-being. In Barcelona in particular, the dynamism of 22@ reflects not only a preference for innovative locations, but also for buildings that integrate sustainability and operational flexibility as part of their value proposition."
