Offices, market data - Figures third quarter 2025 Spain

The return from summer has brought with it a reduction in the pace of office contracting in Madrid during the third quarter, accumulating 350,000 square meters in 2025, 16% less than the same period of the previous year. Among the most dynamic markets are the City Center and the markets outside the M-30, where large corporations are considering moving to higher-quality buildings in the face of a CBD with no spaces available for interested demand.

The projections for the year-end in Madrid are positive for the office market. Large movements continue to occur, and the trend of high demand in the CBD and scarce availability within the M-30 is consolidating, being able to evolve and having a positive impact on other more peripheral markets.

In contrast, the office market in Barcelona has had a very positive development in the third quarter, with more than 109,000 square meters leased, boosting the accumulated total for the first nine months to 267,000 square meters, 23% more than the same period of the previous year. The most dynamic market this quarter is the 22@ where several large-scale operations have taken place. The technology sector continues to be the most active, followed by the services sector, the educational sector, and the public sector, which has been very active in the last two quarters.

The office sector has reached an investment volume of 438 million euros in the third quarter of the year, adding up to more than 1.6 billion euros so far this year, which represents 13% of the total investment in Spain and 44% more than during the same period of 2024. Taking into account the transactions for change of use and for own use, the invested volume reaches 2.22 billion euros, of which 21% corresponds to the purchase of office buildings for change of use and 6% to purchase for own use.