Office space take-up in Barcelona increased by 64% in the first quarter compared to the same period last year (when the pandemic had not yet broken out), while in Madrid it fell by 38%, according to data from real estate consultancy Cushman & Wakefield published on Thursday. 60 deals were registered in the Barcelona office market in the first quarter with a total volume of 82,000 sq m.
The contracting of office space in Barcelona increased by 64% in the first quarter compared to the same period last year (when the pandemic had not yet broken out), while in Madrid it fell by 38%, according to data from the real estate consultancy Cushman & Wakefield published on Thursday.
In the Barcelona office market, 60 deals were registered in the first quarter with a total volume of 82,000 sq m, while in the rolling year (from 1 April 2020 to 31 March 2020) the volume reached 209,200 sq m under contract.
The average transaction in Barcelona up to March was 1,100 sq m, which is 20% higher than the average volume recorded over the last five years.
According to Cushman & Wakefield, there are 400,000 sq m under construction in Barcelona that will be delivered before 2023, with 214,000 sq m expected to come on the market in 2021.
The office market in Madrid has recovered by 21% if we compare the number of transactions closed in the first three months of the year (52), with the average recorded in the previous three quarters, all of which were already hit by the COVID-19 pandemic.
The firm says that, despite having noticed a decline in the area per transaction in the Spanish capital, companies are beginning to unfreeze their movement plans and strategic plans.
The availability rate of office space in Madrid increased to 10.4%, up from 9.3% in the same quarter a year ago, with 93,800 sq m delivered up to March between new and refurbished buildings.
