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Office take up in Barcelona up 10% in 2017, according to CBRE

Take up of offices in Barcelona will increase 10% in 2017 compared to last year, according to the report from CBRE presented in the VIII Seminario Tendencias Capital Markets, organised with the Real Estate Club ESADE Alumni and Urban Land Institute.

According to CBRE, the highest levels of take up in the Barcelona office market are due, above all, to the prediction that the growth in employment brings with it increased demand for office space in the city of 3%. On the other hand, another factor influencing future growth of this segment will be the way that Brexit proceeds. Although it is certain that today various scenarios are possible, it is likely that many firms will seek alternative locations to operate within the European Union. In this sense, Barcelona is among the main locations for this alternative.  

Today, there is a total area of 170,000 m² of office space in Barcelona, practically all newly developed, of which 72,000 m² will be available mainly in the New Business Areas (NBA). In fact, except for 1,100 m², this entire area is contained in the submarket of NBA, among which can be highlighted the Torre Marina; the second of the towers of the BCN Fira District complex, property of Iberdrola, in el Paseo de la Zona Franca; and the Parque Empresarial Luxa, in Glòries. Torre Mapfre in la Vila Olímpica is the most striking example of refurbishment.

As regards office rents in Barcelona, throughout 2016 they rose to 21.25 €/m²/month, some buildings exceeding these levels. This upward trend of prime rent levels, which CBRE predicts will continue during 2017, is due to the scarcity of large quality space in the most sought after zones. Boosted by a recovery cycle more advanced than in Madrid, it is hoped that in Barcelona the prime rent of the Barcelona market will end 2017 with an increase of 11% compared to the previous year. In fact, Barcelona is the fourth highest European city for the prediction of growth in rents, with an annual average of 3.2% until 2021.