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Transparency 22@ Barcelona

For the fifth consecutive year, 22@ played the leading role in the demand for office space in Barcelona in 2022, both on the user side and in terms of developers and investors.

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¿What has happened in the Innovation District during the last year?

Some 20% of the total floor area transacted in Barcelona in 2023 (246,000 sq m) corresponded to 22@. The year closed with total take-up of 47,000 sq m, some 48% below the figure for 2022 (a year including three major deals that together amounted to more than 20,000 sq m).

Demand remains committed to quality. 85% of the floorspace transacted was situated in buildings rated A and B+. The availability of these types of properties is key to maintaining the attractiveness of this sub-market.

The acute scarcity of available floor space noted between 2018 and 2019, with vacancy rates hitting all-time lows, drove investors to take up positions in every micro-market within the district. This was particularly true in terms of the North, where building activity continued to be registered even during the pandemic. This has translated into a rise in the total vacancy rate, going from 2.53% in 2019 to the current 22.5 %.

The district currently possesses 109,000 square metres under construction (including refurbishments), of which 54,000 sq m is located in the North and 55,000 sq m in the South. Some 1% of the floor area under construction is already pre-let. Refurbishments play a key role, amounting to more than 18,000 sq m within the district. A total of 12 new or refurbished projects will be added to stock up to December 2025.

Although prime rent in the area stands at €23.00/sq m/month (Q4 2023), lease deals for specific assets continue to be recorded at above this level. Outliers at up to €28.00/sq m/month have been witnessed in recent months, corresponding to new buildings boasting exclusive locations or characteristics.

Despite being a year marked by a lack of investment activity, 22@ cornered some 41% of the total volume in offices in Barcelona with a total of €117m.

 

Read more. Download Transparency 22@ Barcelona.

 

 

Meet the Team

Carlos Pueyo
Carlos Pueyo

Head of Project & Development Services Iberia
Barcelona, Spain


+34 93 467 27 33

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Marta Esclapes
Marta Esclapés

Head of Research Iberia
Barcelona, Spain


+34 93 487 59 06

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Javier Bernades
Javier Bernades

International Partner, Head of Business Space Office
Barcelona, Spain


+34 93 272 16 67

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CW_banner_transparency_22arroba_2024_photo
Insights

Transparency 22@ Barcelona

For the fifth consecutive year, 22@ played the leading role in the demand for office space in Barcelona in 2022, both on the user side and in terms of developers and investors.
Marta Esclapés • 13/03/2023

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