The main indicators of the office market (availability rate, contracting, rental income and evolution of the stock) have continued with the positive behavior, already perceived in recent years. The high economic activity registered in Spain, together with the good economic performance of the main economies of our environment, are being reflected in our two main office markets.
In Madrid, the gross contracting of office spaces during the third quarter of the year was 93,173 m2, which represents an increase of 2% compared to the same period in 2016, although, according to the report of Aguirre Newman, made 16 less operations.
The most active area has been Resto del Distrito de Negocios (RDN), in Madrid, with 31% of the total contracting. However, the report highlights that the contracting in the area of the Business District Center (CDN), with 27% of the total, and in the OUT area, with 23%, has shown an important increase, more than the double, regarding the same period of 2016.
As for rents, the highest registered in this period was €36.00 / m2 / month, while the average rent in the area of the Business District Center (CDN) has reached €28.96 / m2 / month. In the Decentralized zone, the average rent was €12.71 / m2 / month.
In Barcelona, during the third quarter of 2017, were contracted 57,000 m2 of office space, which represents a decrease of 32% compared to the same period of 2016. However, indicates the report of Aguirre Newman, in the cumulative of the year, the contracting has increased by 8% compared to the first three quarters of 2016, reaching 265,000 m2. During this quarter, 103 operations were carried out, with an average area of 562 m2, in line with the situation seen in previous periods.
According to the study by Aguirre Newman, the most significant aspect of the absorption analysis has been the excellent performance of the DEC (Decentralized) zone, which represented 57% of the total contracting. The area of the Resto de Distrito de Negocio (RDN) has shown a good performance, registering 13% of the total absorption.
Regarding rents, the upward trend continues both at the maximum levels and in the media. The maximum rent registered in this period was €23.00 / m2 / month, while the average rent in the Centro Distrito de Negocios (CDN) area reached €18.25 / m2 / month. In the Decentralized Zone (DEC) has been reached an average rent of €14,01 / m2 / month.
Aguirre Newman's report states that the availability rate has continued to be adjusted. This has been reduced to 7.7%, in the market as a whole, as a result of the good behavior that continues to show demand and the shortage of new projects, with available area, which are entering the market.