Office, market data - Figures second quarter 2026 Spain

The office market in Spain maintained solid fundamentals during the first half of 2026, in an environment shaped by a shortage of high-quality space in the most sought-after locations and the continued recovery in investment activity. Demand continues to show a clear preference for prime and well-located buildings, while limited availability in central districts continues to support rental growth.

In Madrid, take-up reached 105,000 sqm in the second quarter, bringing the cumulative H1 volume to 205,000 sqm. Although this figure is below the level recorded one year earlier, the lower activity mainly reflects the lack of available quality product in the most sought-after areas, rather than weaker demand. The vacancy rate continued to decline, standing at 10.2%, while the CBD remained particularly tight, with vacancy of just 3.2%.

Barcelona, meanwhile, closed the first half of the year on a positive note. Take-up exceeded 176,000 sqm in the first six months of the year, up 12% compared with the same period in 2025. The 22@ district continued to lead activity, accounting for close to 30% of take-up, while demand remained focused on high-quality buildings and established locations. Vacancy fell to 13.5%, although it drops to 4.1% in the CBD and to just 1.0% in Grade A assets.

Investment market: strong recovery and prime assets at the forefront

The office investment market confirmed in the first half of 2026 the recovery that began the previous year. Investment reached €1.6 billion, 37% above the same period in 2025 and broadly in line with the volume recorded in H1 2019. The second quarter contributed €744 million, maintaining the momentum seen at the start of a particularly active year.

Including owner-occupier acquisitions and change-of-use projects, total office investment reached €1.9 billion in the first half of the year. The sector accounted for 13% of total real estate investment in Spain, in a market that exceeded €12 billion transacted during the first six months of the year.

Investment activity was shaped by large-scale transactions in the main markets. Madrid and Barcelona accounted for almost all investment, with €777 million and €795 million, respectively. Domestic capital also strengthened its role, representing close to 75% of the volume invested during the first half of the year.

Looking ahead to the second half of 2026, the outlook for the office market remains favourable. Strong demand for quality buildings, limited prime supply in established locations and the recovery in investment activity continue to reinforce the sector’s appeal. Against this backdrop, the best-positioned assets are expected to continue attracting both occupier demand and investor interest.