Have hybrid models changed the way we work? Yes, but there is one thing we cannot lose sight of, and that is that the office is still the fundamental pillar for any company that wants to thrive in this new era. Obviously, we are talking about a pillar that varies according to geographies, ages, positions, functions and more, and that also transforms, evolves, and even rehabilitates itself.
In addition to changing the tools we use in our daily lives that make our work easier, the hybrid model, this new way of working and doing things, has also led office owners and occupants to rethink the spaces where they are located. Companies are increasingly looking for quality spaces that not only attract, attract and retain talent, but also comply with the latest legislation and environmental standards, as well as wellness and digital connectivity.
Along these lines, offices that fall below a certain level of energy performance are now under threat of legal obsolescence, which is why landlords are being urged to act now to mitigate the impact on their portfolios. According to a study by Cushman & Wakefield, nearly 80% of Europe's office stock will be obsolete by 2030. This means that more than three-quarters of Europe's office buildings are at risk of becoming obsolete unless their owners invest in upgrades or find new alternative uses for them. Applying this data to our city, if we have six million square meters of office space in Barcelona, four million square meters would be obsolete by 2030.
Similarly, from this study we can easily draw the conclusion that the vast majority of companies are in offices with an expiration date, in buildings that have become obsolete, located in the city center, in Passeig de Gracia, Diagonal or Consell de Cent, which are not prepared for the evolution that the sector is undergoing and the challenges that it will have to face in the coming years. The companies located in these buildings will have to relocate to new or renovated buildings, following models that meet the needs of the market. This context puts pressure on office tenants and owners from regulators and stakeholders, in a context where ESG, wellbeing and motivation are key factors in attracting and retaining talent in companies.
For the users of these offices, we will have to seriously consider where we are going. And we will have to be careful, because there are many options, but there are very few buildings that meet the requirements that will be imperative in 2030. So, part of the debate is: and then, what will happen to those buildings that do not meet these requirements? Well, we will have to work to reposition them and avoid their obsolescence. In Barcelona we have buildings that, when they have been rehabilitated, have managed to attract large companies and generate quality stock in the city, such as the arrival of Porsche Digital in the Wittiwood building, the first building entirely built with wood in Spain.
The demand in Barcelona behaves with this selective criterion, and we have been able to observe that more and more companies are thinking along these lines and making decisions along these lines. We have a high demand for offices and, despite the fact that the availability rate seems to have risen, we have little quality product to meet this demand which, little by little, is understanding that the building it occupies does not meet the necessary requirements.
Offices are a fundamental part of Barcelona's economic, social and cultural fabric; they are centers of collaboration, creativity and sustainability that play an essential role in maintaining a tangible connection between the city, its people and its commitment to a sustainable future. Today the office continues to offer a series of benefits that remote work does not provide; it is a central axis in any business culture: a space where different learning models converge, where the feeling of belonging to the company is exalted, where relationships emerge and are consolidated, where cross-selling between areas is taken advantage of... the office is an axis that, above all, continues to be fundamental for Barcelona. That is why, in order to enable and develop the great potential that our city has, we need to find ways to reposition those office buildings that are obsolete and work to further promote sustainability in providing physical workspaces that encourage human interaction and collaboration and respect for the planet.
