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More than €600M invested in offices at the 22@ in Barcelona
19 February 2020 | Vanessa Sousa

Around 610 million euro were invested in the office segment alone in the Catalan capital’s tech district 22@. This amount represents 46% of the entire volume invested in Barcelona in 2019.

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The balance is from consultant BNP Paribas Real Estate, which in a release concluded that «district 22@ has consolidated itself as an appealing area to users and investors». Amongst the largest operations within this market were the Torre Diagonal 00 which was acquired by Grupo Emperador for 150 million euro and the T-Sytems HQ building purchase, carried out by REIT Colonial for 100 million euro.

The increase in demand, along with a high occupancy rate had immediate effects in the city. On one hand, there was an increase in rents, whose average settled at 20.9 €/sqm – 25% higher yoy. On the other hand, the increases are pressuring the returns which are currently close to 4%, 0.25% higher yoy.

Along with the increase in investment, the average traded area increased to 1.927 sqm. This indicator is at 1.123 sqm for other operations carried out in the city. «coworking own a great part of the blame for this increase, reaching 44.200 sqm contracted within the 22@, against the 16.600 sqm contracted in 2018», mentioned the document.

For the consultant, «2019 closed as the best year in the historical series for the office market in terms of investment». The Barcelona market represented 29% of all investment in Spain – 4.600 million euro –, and this amount represents a 110% growth yoy.