Office investment in Spain reached €1,614 million during the first half of 2026, 37% more than in the same period the previous year and virtually in line with pre-pandemic levels, when the market recorded €1,655 million in the first six months of 2019, according to CBRE data.
The cumulative volume between January and June also exceeds the total investment recorded for the whole of 2024, when the figure stood at €1,597 million, and that of 2023, a year in which the market closed at €1,242 million.
If office transactions for owner-occupancy and acquisitions intended for change of use are included – which amount to around a further €400 million – investment in this segment has already exceeded €2,000 million in the first half of the year.
The recovery of the Spanish market also stands out in the European context. According to the consultancy firm, investment in offices in Spain has grown by 142% year-on-year, exceeding the European average of 13% and that of other major markets such as France (+12%), the United Kingdom (+10%) and Germany (+5%).
Activity has been underpinned by the availability of finance, existing market liquidity and demand for high-quality assets, although the scarcity of available properties is limiting the final volume of transactions, particularly for properties in prime locations and with the highest technical standards.
CBRE has advised on the seven largest investment transactions of the half-year, all of which were worth over €80 million and totalled €1,200 million. These transactions include the acquisition of the Estel complex in Barcelona, the Oria Innovation Campus development in Madrid, the sale of Torre Sevilla and GMP’s purchase of Puerto Somport 21-23.
“Investment volumes reflect investors’ confidence in the fundamentals of the office sector in Spain. We are seeing a very favourable combination of liquidity, access to finance and demand for quality assets, while the availability of properties remains limited”, said Diego Contreras, Senior Director of Office Capital Markets at CBRE.
The consultancy firm expects investment activity to remain buoyant during the second half of the year, although it considers it unlikely that the volume recorded between January and June will be matched. In any case, its forecasts suggest that 2026 will close well above the figures for recent years.
The upturn in investment coincides with increased activity in the lettings market, where office take-up exceeded 360,000 sqm during the first half of the year, according to preliminary data from CBRE, driven by large-scale transactions and companies’ preference for high-quality buildings in strategic locations.
In Madrid and Barcelona, vacancy rates remain low in the main office districts, which continues to put pressure on rents and bolsters investor interest in a segment that is regaining momentum after several years of adjustment.
