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The Volume of Office Space Leased in Valencia Falls by 30%, Which is by Less Than in Madrid and Barcelona

The reduction is less marked than in Barcelona, ​​where office rentals dropped by 68%, and that of Madrid, where they fell by 54%, according to BNP Paribas Real Estate.

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In total, 28,145 m2 of office space was leased in Valencia during the first three quarters of the year, down by 30.6% compared to the same period in 2019. According to a study by BNP Paribas Real Estate, that decrease was less abrupt than in Barcelona, ​​where office rentals fell by -68%, and in Madrid, which saw a drop of -54%.

The availability of office space in Valencia stands at 7.6%, which may increase over the coming months, according to the consultancy firm. The downtown area has the least availability (1.5%), compared with the outskirts (17.5%). On the other hand, 46% of the space leased to date has been located outside of the centre, consolidating the trend by companies to rent space on the outskirts, to save costs during this temporary crisis caused by Covid 19.

Read the full article in Spanish.

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