Offices, market data - Figures first quarter 2025 Spain

The office rental market in Madrid has started the year with 104,000 sq m rented, a fall of 30% compared to last year and a decrease of 15% compared to the average for the first quarters of the last 5 years. At the same time, in Barcelona, the year has started with more than 62,500 m² rented, a slight increase of 7% compared to the previous quarter. However, this is still 14% below the average for the first quarters of the last 5 years and, in line with Madrid, the figure represents a 34% year-on-year fall.

Office investment volumes have fallen in an anomalous first quarter of 2025. Nationally, office investment stood at 84 million euros, a decrease of 80% compared to the first quarter of the previous year. In total, adding change of use, own use and office investment, the figure rises to EUR 244 million, 60% less than the previous year. However, investment volumes are expected to increase in the coming quarters, especially with the return of large-volume transactions.

The prime yield of offices in Madrid and Barcelona was 4.85% and 4.95%, respectively. Of note is the lack of market benchmarks and the uncertainty facing the financial markets. Although forecasts indicate that monetary policy will remain accommodative over the coming months, which could have an impact on real estate market yields, it is preferable to be cautious about their evolution.