Barcelona – Rental Market
Take-up in the Barcelona office market stood at 331,000 sqm in 2022, in line with the last 10-year average. Demand polarization for city centre products has decreased the CBD vacancy rate to 5.4%. Demand continues to be led by technology and professional services sector, capturing 50% of the market. Prime rents remained at a high of €28/sqm/month.
Madrid– Rental Market
In the office market in Madrid, 507,000 sqm were signed in 2022, up +23% compared to the previous year. More than 50% of the contracts were signed on assets in city centre locations, within the M-30. This dynamic has reduced the vacancy rate to 11.3% (12.3% in December 2021). The vacancy rate in the CBD decreased to 5.5% and for Grade A product it was down to 1.9%. This high volume and number of letting transactions in the CBD has settled prime rents at €37/sqm/month in 2022.
Paris – Rental Market
In the Paris office market, take-up in 2022 reached 2,108,300 sqm, an increase of +10% compared to 2021. Demand in the city centre leads the growth, increasing +19% compared to the previous year. The vacancy rate in the CBD remains low levels at 2.5% and Grade A availability is stable at 0.4%. In 2022 prime rents increased to €1,000/sqm/year.
