Valencia’s office market is entering a new phase characterised by a revival in development activity following more than a decade of stability in the volume of available floor space. According to an analysis by BNP Paribas Real Estate, the city is set to add up to 90,000 sqm of new workspace by 2030.
The recent evolution of the market takes the Edificio Europa, opened in 1991, as its benchmark; this building introduced the concept of the smart building with raised access flooring to the city and set a standard for prime development that was consolidated in subsequent projects such as Europa, América, Albereda and Aqua.
During the 2000s, when annual take-up stood at around 25,000 sqm, the opening of buildings such as Géminis, Alfahuir, Aqua and Sorolla expanded the supply of higher-quality office space in the city. In 2019, the opening of the CV 15 Building marked the start of a new cycle which, despite an increase in take-up to 51,489 sqm in 2025, has not led to significant growth in the stock within the city centre.
The development of the Paterna Technology Park, opened in 1990, helped to consolidate a supply of offices on the outskirts. This process culminated in 2010 with the Borso Building in the Táctica business park, considered the first prime building located outside the city. Currently, the office space in Paterna is practically equivalent to that in Valencia city centre, establishing itself as an alternative for certain companies with specific corporate needs.
Over the last decade, take-up has doubled, with demand concentrated mainly in Valencia city centre and in prime areas such as Paseo de la Alameda, Aragón and Aqua. However, low vacancy rates — 0.35% in prime areas and 2.24% in the city centre — have shifted some activity towards peripheral and decentralised areas.
Rising rents and new developments
The highest rents in the market are found on Avenida de Aragón and along the former Turia riverbed, between the Puente de las Flores and the City of Arts and Sciences, where rates range from €16 to €18.50 per square metre per month. Market trends show a growth in rents driven by limited availability of space and by planned refurbishment and modernisation works in prime buildings.
The lack of available stock and the expectation of rising rents are driving the development of up to nine new office projects. These developments aim to meet a demand that prioritises flexible, sustainable spaces with a wider range of services, capable of achieving rents in excess of €20 per m² per month.
The profile of demand has also evolved. The traditional presence of local firms is being joined by the arrival of international companies, many of them from the technology sector, which are setting up operations with medium-sized teams and growth potential.
Improved air links, the city’s quality of life and the availability of talent from universities such as the Polytechnic University of Valencia (UPV) are helping to boost business interest in the city as a destination for new set-ups.
In this context, Fernando Montilla, Regional Director of BNP Paribas Real Estate in Valencia, notes that “the Valencian market is proving attractive for international transactions, and has the opportunity to attract larger-scale demand if it is able to generate new stock with new-generation prime buildings that meet requirements for quality, functionality, prestige and environmental sustainability”.
