Office, market data - Figures third quarter 2026 Spain

A shortage of high-quality office space drives rental growth and reduces availability in the main markets.

The Madrid and Barcelona office markets continue to demonstrate solid fundamentals, supported by active demand, increasingly limited availability in the most sought-after locations and an upward trend in prime rents. Although take-up followed different trajectories in the two cities during the third quarter, activity in both markets remains above their respective five-year averages.

Madrid recorded one of its most active quarters in recent years, with take-up of 136,000 sqm between July and September, up 39% year-on-year. Activity was concentrated primarily outside the M-30, reflecting the shortage of available space in the city centre. The vacancy rate fell to 9.6%, dropping below 10% for the first time since 2020, with vacancy reaching record lows in the CBD (2.3%) and City Centre (3.1%).

Barcelona, meanwhile, recorded take-up of 56,000 sqm, below the exceptionally strong third quarter of 2025. However, year-to-date take-up reached 233,000 sqm, 11% above the five-year average. The 22@ district led activity, accounting for close to half of total take-up, while the vacancy rate fell for the sixth consecutive quarter to 13.3%, its lowest level since mid-2023.

Limited supply of high-quality space continues to support rental growth. In Madrid, prime rents reached a new record high of €46/sqm/month in the CBD, while City Centre rents returned to €30/sqm/month. In Barcelona, prime rents remained stable at €32/sqm/month in the CBD.

Office investment totalled €1,962 million in the first nine months of the year, up 21% on the same period in 2025 and the strongest performance for this period since 2019. Madrid clearly led investment activity, while Barcelona saw a more moderate pace following a particularly active first half. Prime yields remained stable at 4.50% in Madrid and 4.65% in Barcelona, reflecting investor confidence in Spain’s main office markets.