Madrid and Barcelona are among the 15 most competitive cities in the EMEA region (Europe, Middle East and Africa) in terms of office modernisation costs, according to the Office Fit-Out Cost Guide 2025 Spain report, prepared by the international real estate consultancy JLL.
Madrid ranks fifth in the ranking and Barcelona thirteenth, in a ranking headed by Zurich, London and Munich as the most expensive cities, and Johannesburg, Istanbul and Lisbon as the most affordable.
The report distinguishes between three types of offices according to their layout: open and flexible (Innovative), mixed (Moderate) and compartmentalised (Structured). It also establishes three levels of intervention according to the scope of the refurbishment: Baseline (functional and simple aesthetic), Medium (customised design with intermediate finishes) and High (high-end finishes with an aesthetic approach).
In Madrid, the costs for Baseline interventions start at 730 euros per sqm in open-plan offices, increase to 785 euros in mixed offices and reach 815 euros in compartmentalised spaces. In High refurbishments, the cost per sqm is 900 euros in open-plan offices, 963 euros in mixed offices and up to 1,000 euros in compartmentalised offices.
In Barcelona, costs are between 10% and 20% higher. Baseline interventions amount to 840 euros per m2 in open spaces, 900 euros in mixed and 940 euros in compartmentalised. In High renovations, costs rise to 1,035 euros per m2 in open-plan offices, 1,110 euros in mixed and up to 1,150 euros in compartmentalised.
Paula Albaladejo, Director of Project & Development Services & Tétris Cluster Southern Europe at JLL, says: "Madrid and Barcelona are among the most competitive cities in the EMEA region in terms of office space modernisation costs. This offers an opportunity for companies looking to create quality workspaces that boost productivity. In the High refurbishment segment, technology and ESG factors are positioned as key elements in the repositioning strategy for prime office space, driven by the flight to quality trend".
The report also foresees a boost in modernisation processes due to the increase in face-to-face support driven by large corporate tenants. However, it warns of several factors that could slow down projects: the global economic backdrop, sustained pressure on costs and protracted decision making.
Sustainability remains one of the top corporate priorities when it comes to refurbishment, consolidating its position as a strategic focus in workspace modernisation plans.