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Barcelona records a take up of 315,000m2 in offices in 2016

In Barcelona and its sphere of influence, gross take up in the office market totalled 80,000m² in the last trimester of 2016, which, when added to surface area taken up in the first nine months of the year, reaches a total of 315,000 m².

Compared to 2015, there has been a decrease of 73,000 m². BNP Paribas Real Estate point out that it must be understood that 2015 was an exceptional year with a take up of 388,000 m² thanks to the dealings of Generalitat and Cuatreases, which came to 67,000 m².

Although take up was less than the previous year, entrepreneurial activity in the city is robust, which is reflected in the dynamics of contract agreements, affirms the Chief Economist of BNP Paribas Real Estate. In the last trimester 112 transactions have been closed, way above the 2007-2015 average, with the establishment of 66 monthly contracts. In total, a record number of completed agreements has been achieved in 2016, with 400 recorded transactions, 20 more than in 2015

Available office space continues to decrease, and the availability rate is at about 11.5%, very different to the 17.4% reached in summer, 2013. The Central Business District (CBD) of the Avinguda Diagonal and Passeig de Gràcia, have a vacancy rate of 3.9%, which was the average availability rate for the years 2003-2007.

At these moments, firms which need areas of more than 4,000 m² need to move out of the Barcelona CBD due to the non-existence of availability of space of this size.

As for the supply of new office space, for 2017 it is expected that 30,000 m² will enter the market”, comments Daniel Caprarin, Chief Economist at BNP Paribas Real Estate.

Rents are being pushed up in all zones, with more force in the Prime zone.  2016 ended with an average rent in Barcelona of 14.5 €/m²/month, 20% more than recorded at the end of 2015. The prime rent, which in the third trimester of 2016 went from 20 a 21 €/m²/month, ended the year at 21,5 €/m²/month.