Rental market - offices

Barcelona – Rental Market

Take-up in the office market of Barcelona was 112,000 sqm in the first half of 2021, +42% above the figure of the same period of the previous year. This figure sets the beginning of the recovery after the COVID-19 crisis even though this figure is still 33% below the average for first half average of the 2016-2020 period. The CBD and 22@ areas have captured 40% and 32%, respectively, of the total demand for offices in Barcelona. The overall vacancy rate continued to rise, whilst in the CBD, it stood at 5.1%. Likewise, Grade A office supply remains at low levels, below 2%. Prime rents remained stable, due to a lack of quality spaces, standing at €27/sqm/month.

Madrid– Rental Market

In the office market of Madrid, 160,000 sqm were signed during the first half of 2021, +7% higher than the same period of the previous year, although still 24% below the first half average for the period 2016-2020. Both the technology and the food and leisure sectors represented 53% of the demand, in particular for large office spaces. The overall vacancy rate of the market remained stable, and the vacancy rate in the CBD reached 6.3%. Prime rents maintained stable in line with previous quarters with prime rents in Madrid standing at €36/sqm/month.

Paris – Rental Market

In the office market in Paris, take-up in the first half of 2021 was 765,000 sqm, although continues to be significantly lower than the levels of 2019, shows a clear trend of recovery, improving the figure of the first half of 2020 by +14%. In the CBD the recovery of the activity is set with take-up level +30% higher than the same period of the previous year. In the CBD, the vacancy rate stood at 4.3% even though with Grade A vacancy almost inexistent. Prime rents in Paris stand at €920/sqm/year.