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Contracts for offices in Madrid and Barcelona increases in 2021

Javier Bernades • 04/01/2022
Cushman & Wakefield publishes the contracting data for offices in Madrid and Barcelona at the end of 2021. In Madrid it has suspected 20% (362,000 m2) compared to 2020, while in Barcelona it has done so by 86% (332,000 m2). 
MADRID

• Compared to 2020, the demand for offices in Madrid increased by 20%, having contracted 362,000 m2 in the entire 2021 financial year. The distribution of the contracting of spaces during 2021 maintained the same trend as in 2020, 61% of the take-up was located outside the M-30.

• Hiring Q4 2021: 106,000 m2, 32% above the quarterly average recorded in the last 4 quarters.

• The total number of operations also increases (+46%) compared to 2020, 285 contracts have been signed during 2021.

• The quality of the buildings continues to be the main attraction for companies: 61% of the demand this year has been signed in grade A and B+ buildings, that is, buildings of good and very good quality.

• The global availability rate is around 10.5% at the end of 2021 in Madrid.

• There have been minor adjustments in rents compared to the same period of the previous year.

BARCELONA


• The total demand for offices in Barcelona in 2021 was 86% higher than that registered in 2020, with a total of 332,000 m2 having been contracted. In terms of areas, 40% of this demand has opted for the 22@ district, following the trend of previous years. This continues to be the submarket that accumulates the greatest demand from the end user as well as from the main investment groups.

• Hiring Q4 2021: 99,000 m2, 40% higher than the quarterly average of the last 4 quarters and 38% higher than the last quarter of 2019 (pre-pandemic).

• Regarding the number of operations: 264 contracts have been signed during 2021, 38% more than in 2020.

• 60% of the demand is registered in grade A and B+ buildings, the quality of the buildings continues to be key in decision-making.
• Two large operations have been closed in Barcelona, Webhelp and Glovo, with a total of nearly 50,000 pre-rented m2 in 22@ (representing 15% of Barcelona's annual demand).

• The global availability rate stands at around 7.5% at the end of 2021. The controlled increase in this variable is mainly due to the deliveries of new space and rehabilitated space available, in addition to the second-hand supply returning to the market.

According to Javier Bernades, head of the Business Space team at Cushman & Wakefield Spain, “despite the fact that instability is still present, companies have returned to the path of decision-making and the market has reactivated. We expect more activity in 2022."

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contacts

Bruno Hallé
Bruno Hallé

Partner, Co – Head of Hospitality
Barcelona, Spain


+34 93 467 21 87

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Albert Grau
Albert Grau

Partner, Co – Head of Hospitality
Barcelona, Spain


+34 93 467 50 03

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