By the end of 2023, 27% of the total office space in Madrid and 26% in Barcelona had BREEAM and LEED sustainability certification, representing a quarter of the market in both cities. According to data provided by Savills, in recent years, the importance of sustainability certifications in the office market has increased. Since 2020, the number of certified buildings has doubled in Madrid and tripled in Barcelona. This increase is attributed to increasing regulatory pressure in Europe to decarbonise buildings, the sector's need to demonstrate alignment with the Taxonomy of Sustainable Activities, and the effects of the pandemic on the safety and quality of buildings' interior spaces.
Demand for BREEAM (Building Research Establishment Environmental Assessment Method) and LEED (Leadership in Energy and Environmental Design) certifications has continued to increase despite unfavourable macroeconomic conditions for the investment sector. The certifications provide clear guidance for the construction and operation of sustainable buildings, addressing aspects such as energy efficiency, use of sustainable materials, indoor air quality and impact on the environment and local communities.
In Madrid, the certified surface area reaches 3.8 million square metres, which represents an increase of 0.4% compared to 2022. 58% of this surface area and 48% of the sustainable buildings are located in the most active submarkets, with the Paus in the north of the city standing out, representing 12% of the total certified surface area in Madrid. Furthermore, 65% of this certified surface area in Madrid corresponds to buildings that periodically renew their certification (LEED OM + BREEAM EU).
In Barcelona, the certified surface area at the end of 2023 reached 1.7 million square metres, representing 26% of the total and an increase of 1.7% compared to 2022. Sustainable surface area continues to grow in all submarkets, especially in the City Centre and in the New Business Areas (NBA). 61% of this certified surface area corresponds to buildings that periodically renew their certification.
Contracting and availability
Sustainable buildings outperform the overall market on average. Since 2016, the average deal size in certified buildings in Madrid has been larger than those without any seal, as has the average rent.
Specifically, the average size of rental transactions in certified buildings has been 1,342 sqm in the historical series, compared to 925 sqm in the rest of the office market. In terms of rent, certified buildings reach 21.81€/sqm/month, while properties without energy certification have an average rent of 17.53€/sqm/month.
In Barcelona, the average surface area of sustainable buildings is 975 square metres, compared to 687 square metres in the rest of the market, and rents can be up to 45.5% higher in some areas, such as the City Centre.
Currently, the two areas with the highest percentage of sustainable office space in relation to total availability in Madrid are Prime (51%) and Zona Norte (49%), while in Barcelona, sustainable office space available is mainly concentrated in Zona Prime and NBA.
Future supply
According to the consultancy's data, the sustainable office market is expected to maintain its dynamism in the coming years. In Madrid, 707,865 square metres of floor space is expected to be certified. Among the LEED certifications, Torres Colón (20,276 square metres), which is already fully pre-let, and the emblematic Torre Emperador, already built, with a surface area of 65,141 square metres, certified under the BREEAM standard, stand out.
In Barcelona, 250,343 square metres of sustainable surface area will be added. Among the most noteworthy certified projects are Vilanova 12, with a surface area of 33,440 square metres and already built (LEED), and the new Torre Diagonal Mar (BREEAM), with a surface area of 21,780 square metres.
The increase in the number of sustainable buildings not only represents a significant change in the commitment of the sector, but also redefines the urban landscape and the conception and use of office space. Savills notes that while office and logistics are the most advanced segments in sustainability certifications, demand is increasingly growing in other assets such as retail, hospitality, residential and healthcare.
