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Office Market Resurgent in Madrid and Barcelona

BNP Paribas Real Estate has said that the demand for office space is accelerating in Madrid and continues to strengthen in Barcelona.

After months of pandemic-related uncertainty, demand for office space is returning to normal in Madrid and Barcelona. According to a report on the office market by real estate consultancy BNP Paribas Real Estate, the market is seeing a boost thanks to easing restrictions and the return of a semblance of normality. The study, which was published on Thursday, considers data for the second quarter of 2021 in both capitals.

Madrid saw strong demand for office space between April and June this year, with take-up once again exceeding the 100,000 m2 mark. Office take-up rose by 31.4% in the second quarter to 105,852 m2, returning to pre-pandemic levels. Moreover, in the first half of the year, demand for office space rebounded to 186,397 sqm.

However, the average area under contract in the second quarter remained at very similar levels to the January-March period, at 1,136 m2.

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