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Office Markets in Madrid and Barcelona Slowly Start Up Again

According to a report by Cushman & Wakefield, a total of sixty transactions were finalised in Barcelona and fifty-two in Madrid during the first quarter of 2020.

Madrid Barcelona mercado oficinas

Madrid reported 52 deals, vs 60 in Barcelona during the first quarter of 2021, according to a report by Cushman & Wakefield. The figure represents a timid recovery in both cities’ office market.

The total volume of all transactions in Barcelona reached approximately 82,000 sqm, 64% above the figure for the same quarter last year. The annualised figure stood at 209,200 m².

The average value of each transaction reached 1,100 m², with 22@ accounting for 22% of the transactions in Barcelona. Rents were 4% lower than in the first quarter of last year, at €27.50/m²/month.

The largest deal of the quarter was Clinical Advance Technologies Institute’s lease of 8,400 m2 of offices space in the city centre. Singapore-based technology company Transformative Digital Customer Experience also took 1,500 m2 area.

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