The Spanish office market closed 2024 with positive results, according to Cushman & Wakefield. Both Madrid and Barcelona have recorded significant increases in office space take-up and prime rents, consolidating key trends in the sector.
Madrid has exceeded the initial forecasts for 2024, reaching 550,000 sqm, 21% more than in 2023, despite closing the last quarter with 110,000 sqm. The city centre (CBD area) accounted for 27% of the surface area contracted, while the decentralised areas experienced a slight reactivation in the second half of the year.
Quality continues to be the determining factor in transactions, with 65% of the surface area contracted in buildings classified as A/B+. According to Javier Bernades, director of offices for Cushman & Wakefield in Spain, ‘this trend will continue, and the lower availability of space may put upward pressure on rents,’ he says. The availability rate in Madrid has fallen below 9%, while in the CBD it is 3%.
Prime rents in this area have risen by 7.7% per annum, reaching €42 per sqm per month. Sectors such as finance and legal led the way in terms of volume, with emerging sectors such as learning and services becoming increasingly important.
Barcelona: a solid year with growth of 19%.
Barcelona closed the year with total take-up of 298,000 sqm, 19% more than in 2023. In the last quarter, 58,000 sqm were contracted in 78 transactions, an increase of 5% over the average of the last five years. In total, 319 deals were registered, 3% more than in 2023.
The New Business Areas, which include the 22@ district, accounted for 42% of the surface area contracted, followed by the City Centre with 35%. By number of operations, the New Business Areas led with 35%, while the City Centre accounted for 33%.
Quality also stood out in Barcelona, with 70% of the surface area contracted in class A/B+ buildings. The technology sector led the way, accounting for 20% of the total, with significant transactions such as the 4,000 sqm leased by Networkia in the City Centre and the Scopely deal in the Green Business District. They were followed by the professional services (16%) and general services (14%) sectors.
The vacancy rate in Barcelona fell from 10.29% to 9.16%, and 162,000 sqm of new office space is expected to be added by December 2025, 31% of which already has end users. The 22@ district will account for 37% of these deliveries.
Prime rents in Barcelona continue to be under pressure due to the scarcity of quality space in areas such as PG/Diagonal, closing 2024 at 30 euros per sqm per month.
With these figures, the office market in Spain is positioned to continue growing in a context of improving quality and consolidation of new business areas.
