Madrid and Barcelona Offices, market data - Figures third quarter 2023 Spain

The third quarter of the year closes in Madrid with a total of 109,000 square meters of office space, representing a decrease of 11% compared to the same period of the previous year. Activity continues to focus especially on the CBD, which has accumulated three quarters with more than 45,000 square meters rented. In the most rented markets in the centre, a certain dynamism is moderately recovered in those buildings adjacent to the M-30, with easy access to public transport and of the highest quality.

In Barcelona, a total of 40,000 square metres have been contracted in the last quarter. CBD continues to show resilience, and in fact, hiring in this market is only 8% lower than it was a year ago.

The rise in interest rates has inevitably led to a significant drop in real estate investment volumes, registering a decrease of almost 49% in Spain compared to the previous year. Investment in offices nationwide is no exception to this decline and has registered a volume of 910 million euros, a decrease of 51%. Spain is one of the countries with the lowest percentage drop in Europe, where the average stands at 67%. Madrid closed the third quarter with an investment volume of 166 million euros, representing 85% of all investment in offices nationwide. For its part, Barcelona closed the quarter with an investment of 27 million euros.