The office market in the central area of Barcelona is gaining strength and expects to add more than 100,000 sqm of new projects in the coming years, according to CBRE.
The 2021 financial year closed with 12,000 sqm delivered in the area, 30,000 sqm under construction and another 17,000 m2 more pending start. To these 47,000 sqm pending delivery, the consultant adds the 50,000 sqm of the Estel building, currently in the design phase, to add almost 100,000 new sqm.
"The complexity of proposing other uses, the good performance of the office market and the interest of international companies in locating their headquarters or expanding operations in Barcelona, has driven the reactivation of the office market in the downtown area. Despite the fact that many tenants have opted for 22@ or Plaza Europa, others have preferred to opt for the center for the ease it entails in terms of mobility and the benefits of the area", says Lindy Garber, director of office advisory & leasing at CBRE Barcelona.
The consultant recalls that, between 2015 and 2017, some 75,000 sqm of offices were destroyed and used for other uses, such as hotels or homes. This lack of availability of offices caused a drop in deliveries during the following years, with figures slightly above 1,500 sqm per year on average.
With the reactivation of the office market in the city center, CBRE ensures that rents in the area will also increase, reaching 15.25 euros/m2 in 2021.
"Until now, the evolution of rent has been positive in all the Barcelona office submarkets, but it has been slower in the city center due to the lack of quality stock. With the expected delivery of repositioned buildings we will see the greatest growth income in recent years," Garber concludes.
