The office market in Barcelona has started 2025 with a significant reduction in the volume of office space under contract. According to the Barcelona Office Market Report Q1 2025, prepared by Forcadell, between January and March, 54,000 sqm have been contracted, which represents a decrease of 50% compared to the same period last year.
The report attributes this decline to a number of factors, including the postponement of planned operations, long decision-making times by companies and a general context of economic uncertainty. Despite this slow start, Manel de Bes, the consultancy firm's Director of Offices, points out that ‘the forecasts for the year as a whole remain in line with those of the previous year’, and anticipates that ‘in the coming quarters there will be a correction that will allow this percentage imbalance to be balanced out’.
The 22@ district accounted for approximately 50% of the surface area contracted, consolidating its position as the main pole of attraction for companies, especially due to its supply of class A buildings. The city centre also maintained a significant share, accounting for 38% of the total.
By sector, the technology sector has once again led the demand for corporate space, with 50% of the total. This was followed by the education sector, which accounted for 19.39%.
A notable trend over the quarter is the growing preference for offices that have already been fitted out. In the 22@ district, 44% of operations have been carried out in previously established spaces, a figure that rises to 50% in the periphery. This trend, according to the report, will continue throughout the rest of the year, favoured by the high availability of space, which allows companies to occupy space with less initial investment and in shorter periods of time.
The availability rate in Barcelona has remained stable for the second consecutive quarter at 13.8%. This stability is due both to the release of space by companies and to the delivery of new developments. The 22@ area accounts for 44% of available space, although this percentage is slightly down on the previous quarter. It is followed by the periphery, with 22%, and the centre, which maintains an availability of 19%, conditioned by the existence of several large projects not yet absorbed by the market. These include the Estel Building, Aura Building, Monument, Provença 206 and Diagonal Vertical, which together account for more than 60,000 sqm. For its part, the business district (CBD) maintains a very low availability of 3%, with no new additions expected in the short or medium term.
