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Office offer in Madrid and Barcelona should surpass 1M sqm until 2021
10 December 2019 | Vanessa Sousa

As a result of the office segment investment boom, the offer in terms of area should surpass 1 million sqm in Madrid and Barcelona until 2021.

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The predictions advanced by newspaper Cinco Días are from BNP Paribas Real Estate’s latest study, which further reveals that the Spanish and Catalan capitals should close the year with similar values in terms of office spaces’ demand: Madrid with 136.245 sqm and Barcelona with 134.161 sqm.

Next year, 188.000 sqm should be placed on the market in Madrid and 155.285 sqm in Barcelona. And for 2021 the predictions for Madrid are lower when compared with Barcelona, with the former delivering 183.507 sqm and the latter 215.818 sqm. This means that in only three years, Madrid should contribute with 507.752 sqm in office spaces and Barcelona with 505.264, for a total 1.013.016 sqm.

These amounts are the result of the investment which has been carried out by several types of foreign and domestic investors – from developers to investment funds and REITs – especially during the last 4 years – corresponding to the country’s post-real estate crisis period.

One of the largest projects of this type within the Spanish capital is owned by American Blackstone, building number 18 Vía de los Poblados should offer 34.000 sqm in office spaces. Another relevant project is building number 28 Ribera Del Loira, which is currently being fully refurbished by REIT Colonial and should have 23.200 sqm made available this year.

As an example, project Méndez Álvaro Campus also from Spanish REIT Colonial, with 90.000 sqm in office spaces, should be delivered in 2020.

Spain is the 11th country with more sustainable offices

The consultant also revealed that in terms of Leed Certified (by agency Usgbc - US Green Building Council) office buildings Spain was 11th with 5.81 million sqm of certified gross areas, corresponding to 299 projects.

The United States of America took the first place in this ranking, with more than 441.6 million sqm of sustainable gross areas, spread across 33.632 projects. China came in second with 68.83 million sqm and 1494 projects, followed by Canada in third with more projects than China – 3.254 –, but with less sustainable gross areas – just 46.81 million sqm.

This green trend is proving to be an important point, especially for listed companies. BNP Paribas explained, within the same document that «listed companies (on Ibex or on the Mercado Alternativo Bursátil) have a special interest in having their buildings certified by international bodies (such as Breeam and Well), since it is a guarantee for the shareholders in any country both in terms of quality and in terms of commitment to the environment».