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Office Wars: Madrid Edges Ahead of Barcelona Again but the Market is Strong in Both Cities

In the Spanish capital, 22% more office space was leased in the third quarter, whilst good figures were reported in the Catalan capital, which is becoming less dependent on the 22@ district.

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The war in the office sector has stepped up a notch. Two years after the lockdowns were imposed due to the pandemic, Madrid and Barcelona have reached the last quarter of the year with figures that reveal the good health of the office market in both cities. But, whilst in recent years the Catalan capital looked set to reign (encouraged by its technological offer and the 22@ neighbourhood), now the Spanish capital has taken the podium once again. Specifically, 47% of the total amount invested in the office sector in Spain so far this year has been allocated to Madrid.

And there were no signs of a slowdown during the typically slow third quarter when everyone heads off for the summer. During this period, 122,000 square metres of office space was leased in Madrid, according to the latest Figures report prepared by the leading international consulting and real estate services firm, CBRE.

Read the full article in Spanish.

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