Flexible space operators, both in Madrid and Barcelona, have resumed their expansion plans that they had contained at the beginning of the pandemic. This is clear from the 'Flexible Offices' report prepared by Cushman & Wakefield, together with the association of flexible workspaces ProWorkSpaces.
The study observes a trend towards recovery based on the new impulse in hiring these spaces, but above all on the expansion of the surface of this type of space by operators in both cities.
The fact that shows the resurgence of the sector and the future prospects in a post-pandemic scenario is that today there is more flexible space in Spain than ever. Coworking spaces in Madrid already represent 1.26% of the total stock of offices, and in Barcelona the figure rises to 2.57%. Both figures mark a record in the two cities, surpassing those of the last best year, 2019, when the stock of flexible spaces in Madrid was at 1.20% and that of Barcelona at 2.36%.
Regarding the hiring during these first nine months of the year, in the case of Madrid a total of 8,680 sqm have been hired, which represents 4% compared to the total area hired at the office level and an increase of 256% compared to throughout the year 2020. In the case of Barcelona, the figure reaches 10,925 sqm, which is equivalent to 4.7% of the total contracted from January to September 2021, and represents an increase of 126% compared to 2020.
Regarding the areas most in demand for this type of space, in the Madrid office market it is still the CBD, but as of 2016 a greater share of other areas, such as the Central Zone or some more decentralized areas, has begun to be observed. In Barcelona, the hiring of this type of space has traditionally been concentrated in new business areas, especially in 22 @, but in recent years there have also been demands in other areas, especially in the City Center.
According to Javier Bernades, head of Business Space at Cushman & Wakefield in Spain, "shared spaces are no longer exclusively focused on technology companies or startups, but also on large companies that had not previously been users of these spaces."
Bernades pointed out that the upward trend will consolidate in the coming years due to "the need for corporations to respond to new ways of working, as well as to be able to quickly adapt the size of their office portfolio to constant change".
