Despite the current sanitary crisis, the office market is being rebooted in Barcelona. The office vacancy rate in Barcelona’s prime area is less than 2%, according to Cat Real Estate. According to the consultant, activity will continue growing during 2021 and not just on the office segment, but also on investment operations, since the real estate market is consolidating itself as a haven for investment.
The increase in rental demand (around 10% within the prime area) is making investors more confident in this real estate segment once again and boosting the office investment market, with a demanded yield of 5% within the city centre. As such, the forecasts of a meltdown are not confirmed.
The company also noticed that the office demand has changed. Now, tenants seek new spaces which can better adapt to new reality and prefer wider buildings with better lighting which comply with the safety measures.