IP03

2017 / iberian.propery // 73

ISSUE: TOP IBERIAN cities //dossier

OFFICES

This segment had a positive performance in the 1st semester, with the

vacancy rate decreasing compared with the 9% registered last year, and

take-up growing 39% compared with the same period the previous year,

standing at 208.000 m². There was also a notable increase in rents, with

the prime rent currently at around 22.5 €/m² per month, in other words,

7% above the values practised a year ago.

208

208.000 m² take-up |

41% of this area represents

expansions and the entry of new companies to the

city. Demand should continue to evolve favourably

this semester, and Aguirre Newman predicts that

2017 will close with a take-up of around 390.000 m².

Residual growth in supply

| The increase in stock

was residual in the 1st semester, which is currently

around 5.967.703 m². Since the beginning of the year,

only one new building has entered the market (Torre

Marina, in the BCN Fira District) measuring 20.800 m².

This rate is expected to maintain at least until 2019,

since no new buildings are due to be completed

in this market until then, except for the occasional

regeneration of smaller buildings.

485

485.000 m² | Available Stock

at the end of the 2nd

quarter of 2017, 45.000 m² less (-9%) than the same

quarter last year

,2%

8.2% Vacancy Rate

| After reaching a maximum

of more than 14% in 2010, over the last years, this

indicator dropped more than five points, with the

decrease in available supply reflecting not only

healthy take-up levels, but also the lack of new

stock entering the market. In certain zones, such as

the Passeig de Gràcia / Diagonal axis and in the city

centre, the vacancy rate is currently below 3% and

4%, respectively.

22.5€ /m²/month |

the prime rent in the Barcelona

market (Passeig de Gracia / Diagonal axis), at the

end of the 1st semester of 2017, representing a 7%

growth compared with the same period last year. The

upward tendency extended across virtually every

market zone.

Rents increase 35% in 4 years |

Rents have been

evolving positively, on a course sustained by the rise

in demand and decrease in available quality supply.

Since 2013, when rents reached a record low of 17.7

€/m², until the end of the 1st semester of 2017, prime

rents (Passeig de Gràcia & Diagonal) have already

recovered by approximately 35%, although they have

yet to reach the record high of 27€/m².

HIGH STREET RETAIL

Benefitting from tourism, Barcelona continues to position itself as one of

the principal international destinations for luxury shopping. This, combined

with a growing economy and consumption, has driven the performance of

high street retail. Proof of this is the rapid rate at which demand for shops

has been growing throughout 2017, both for rental and investment product.

+ 27%

increase in demand for high street shops in

Barcelona in the 1st semester of 2017, compared with

the same period last year

Prime axes:

Passeig de Gràcia, Portl d l’Ángel

Demand |

shops with areas up to 200 m² are the

product in highest demand on the city’s principal

retail arteries

Supply |

Great demand, both by major international

operators keen to find large spaces, and by national

operators and small retailers, has led to remarkable

take-up levels, currently making it difficult to find

vacant quality spaces not only on prime streets, but

also in surrounding areas with a heavy footfall

The «

capital

» of municipal markets |

Barcelona has

the largest network of food / fresh produce markets

in Continental Europe. The municipal markets, which

total more than 260.941 m² in area and 2.442 points of

purchase, are today a fundamental element for the

city’s retail model, given their economic and social

relevance for the different neighbourhoods

280

280 €/m²/month |

This is the highest rent for

high street retail in the city, practised in the Portal

d’Àngel zone. It is followed by Passeig de Gràcia, with

average rents around 240 €/m² per month