Spain Office Fit Out Cost Guide

Spain stands out as one of the most attractive markets for workplace fit-outs, thanks to its combination of competitive costs and sustained demand for high-quality office spaces. In Madrid, average fit-out costs stand at €1,083/m², while Barcelona presents slightly higher figures, with an average cost of €1,138/m². Compared to other European countries, fit-out costs in Spain remain relatively affordable. For example, in France, the average cost in Paris is €1,161/m², whereas in Germany, prices are significantly higher, reaching €2,333/m² in Berlin and €2,408/m² in Frankfurt. In the United Kingdom, costs are even higher, with London recording an average cost of €2,671/m², while in Manchester and Birmingham, the average costs stand at €2,311/m² and €2,199/m², respectively.

The report indicates that fit-out costs across Europe have increased by 3% to 4% year-on-year, despite the economic conditions of 2024, the Spanish office market remained resilient. The reduction in interest rates in the second half of 2024 boosted business confidence, leading to the leasing of 10.3 million square meters of office space across Europe, a 5% increase compared to the previous year.

Demand remains strongest for Grade A buildings, which now account for 50% of all leasing activity, compared to 40% in 2019. In both Madrid and Barcelona, high-quality office space leasing has been a key driver of market stability, becoming one of the most important decision-making factors. Over the past year, 75% of the office space leased in Madrid has been in Grade A and B+ buildings, reflecting a clear preference for premium spaces. In Barcelona, this trend remains strong, with 70% of leasing activity concentrated in high-quality properties.