¿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.
