Figures
Offices, market data - Figures second quarter 2025 Spain
We analyse the office market in Spain during the first quarter of 2025. Find out the evolution of the figures for hiring, occupancy, current and future supply, as well as the evolution of rents and investment.
August 4, 2025 5 Minute Read
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The office rental market in Madrid closed the first half with a total of 254,000 sqm leased. The return of large-sized operations in the second quarter, especially in the peripheral markets bordering the M-30, has caused the average contracted area to increase by 10% compared to the previous year.
The first half of the year closes with dynamic demand in the capital, with large movements and a CBD that is increasingly strained in terms of availability and rents.
In parallel, the office market in Barcelona closed the first half with more than 157,000 sqm contracted, slightly exceeding the volume of the same period of the previous year. The 22@ continues to regain weight and leads the contracting with 35% of the total, followed by the City Center (33%). The good dynamics allow a slight drop in the availability rate, from 15.0% to 14.7%. In the CBD, availability drops to 4.4%, levels not seen since 2020.
Investment volumes in offices go from an abnormally reduced first quarter to register the best data since 2019, reaching 1.175 billion euros. Madrid leads with more than 600 million euros, more than double that of the same period of the previous year. Barcelona, for its part, exceeds 550 million euros, which means more than tripling the figure recorded in the first half of 2024.
The acquisition of offices for change of use, mainly towards Living, maintains its dynamism, with more than 160 million euros invested in the first half of the year. These operations are mostly concentrated in Madrid. Added to this is the purchase of offices by companies for their own use, which adds another 100 million euros not included in the traditional volumes.
The renewed investor interest is reflected in a downward adjustment of prime yields: 4.70% in Madrid and 4.80% in Barcelona. Although the market continues to show some polarization, a reactivation of the core segment is observed, with processes in progress that confirm this trend and anticipate possible additional adjustments in the second half of the year.