Barcelona – Rental Market
The take-up in the Barcelona offices market was 122,000 sqm in the first half of 2023. The locations with the strongest demand continue to be in the city centre and the 22@ district, where 73% of the total market absorption is concentrated. The total market vacancy decreased to 10.21% (12.2% in December 2022), while in the CBD, the vacancy rate decreased to 4.5%. The prime rents were at €28/sqm/month.
Madrid– Rental Market
The demand in the Madrid offices market reached 240,000 sqm in the first half of 2023. The quality of the buildings continues to be one of the main drivers in office take up. Accordingly, it is worth highlighting that 80% of the transactions with a surface area equal to or above 1,000 sqm were signed on grade A buildings. It is important to underline the market polarization; the scarcity of high-quality space in the CBD continues to push up prime rental prices, increasing in the second quarter of 2023 from €37/sqm/month to €37.50/sqm/month. The vacancy rate in the CBD decreased to 4.8%.
Paris – Rental Market
In the Paris office market, take-up in the first half of 2023 reached 421,000 sqm, a figure slightly higher than the figure obtained in the first quarter of 2023. Out of the total take-up, 25% of the market demand was concentrated in the CBD (30% more than the 5-year average). The vacancy rate in the CBD remains low at 2.6% and Grade A availability remains at 0.4%. Prime rents for the best buildings in the CBD, stood at €1,000/sqm/year.