The flexible office sector is experiencing significant growth in Spain, particularly in cities like Málaga, Valencia, Alicante, Sevilla, and Palma de Mallorca. In the second quarter of the year, more than 700 flexible office positions were contracted in these cities, despite the limited available office space in each location, according to data from CBRE.
Málaga leads the way with the highest occupancy rate in Spain, reaching 92%. In the second quarter, 290 flexible office positions were contracted, bringing the total to 533. The city currently offers 580 flexible office positions with a stock of 5,800 square meters. Málaga has become a key expansion point for major players in the flexible office market, but the lack of available spaces over 1,500 square meters remains a challenge.
Valencia follows with the second-highest volume of occupancy (87%), boasting over 1,310 flexible office positions and a stock of 13,100 square meters. During the second quarter, 196 positions were contracted. The city is witnessing expansion plans from renowned flexible office operators, but there is a limitation of available buildings in the central area that meet the quality, well-being, and sustainability attributes sought by companies.
Sevilla has an 80% occupancy rate, offering 1,050 flexible office positions within a stock of 10,500 square meters. In the second quarter, 140 positions were contracted. While local operators dominate the flexible office market in Sevilla, there is a growing interest from major operators across Spain in expanding to the city. However, finding suitable space in the city center remains challenging.
The main limitation in the market is the scarcity of available spaces that meet the specific requirements of operators, such as a minimum of 1,000 square meters, natural light, and a prime location. The Cartuja area in Sevilla is emerging as a viable alternative for expanding the flexible office sector, given its increasing demand and potential for development close to the city center.
In addition to the cities mentioned above, Madrid and Barcelona continue to be significant players in the flexible office market. Madrid’s flexible office market reached an average occupancy of 83% in the second quarter, with nearly 3,300 positions transacted. Barcelona’s occupancy rate was 74% during the same period, with 2,133 positions transacted.
Overall, the flexible office sector is showing positive growth in Spain, with various cities witnessing increased demand for flexible office spaces despite the challenges posed by limited available stock.
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