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Spain Marketbeats

Marta Esclapés • 23/01/2023
Cushman & Wakefield MarketBeat reports analyse quarterly Spain commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.


Madrid. Office take-up remains strong.

2022 have accumulated a total of 519,500 sqm of office space in the Madrid market, which represents an increase of 33% compared with 2021. This figure has been driven by 5 operations above 10,000 sqm with a total volume of 70,000 sqm. In 2021, only 2 transactions of this magnitude were registered, and the sum was 31,000 sqm. Additionally, in 2022, 30,000 sqm have been absorbed by the education sector, maintaining the inertia of 2021 when 40,000 sqm were contracted in this sector.

Barcelona. Quality remains the priority requirement.

This final quarter of 2022 has seen the take-up of office floorspace in Barcelona grow to around 81,000 sq m in around 87 deals. This figure is some 8% above the average for the past 5 years and 12% greater than that for the same period in 2019 (prior to the pandemic). In annual terms, take-up in Barcelona in 2022 amounted to 331,000 sq m, representing a fall of 1% on the same period the previous year.


E-commerce continues to drive the logistics market

The latest published data (June 2022) shows that e-commerce turnover increased by 33% in the second quarter of 2022 compared to the same quarter of 2021. In monetary terms, the volume of e-commerce business reached 18.178 million euros between April and June 2022.

Barcelona. E-commerce continues to drive logistics.

The most recent published data (June 2022) on e-commerce shows that total turnover increased by 33% in the second quarter of 2022 compared with the
same period in 2021.


The third quarter of 2022 closes with total investment of €12.7 billion in Spain.

2022 closed with an aggregate figure of €13.2 billion in terms of investment deals in Spain, some 10% above the figure recorded the preceding year. Activity was primarily led by the retail (32%) and offices (20%) sectors, followed by residential (19%) and hotels (18%). The investor pro fil e is in line with that which dominated the market prior to Covid 19: overseas buyers continue to swallow the lion’s share of investment, although domestic investment h as grown in importance over the past year.


Madrid, maintains the good general dynamic.

At the end of 2022, the vacancy rate of commercial surface was 5.5% for high streets unit located in the Prime and SuperPrime of Madrid.

Barcelona, maintains the vacancy rate.

The fast return to normality has activated the return of foreign tourists. Spain has experienced a very dynamic tourist season, recovering the 90% of foreign tourists during July and August 2022, compared to the same months of 2019.

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