Barcelona – Rental Market
Take-up in the office market in Barcelona continues to show a strong recovery, standing at 332,000 sqm for 2021, a figure +240% higher than 2020. Likewise, it should be mentioned that the demand in the fourth quarter of 2021 reached 99,000 sqm, +38% higher than the last quarter of 2019 (pre-pandemic). Clients show a preference for the city centre and the 22@, receiving more than 85% of the demand and are looking particularly for Grade A and B+ offices. The vacancy rate in the CBD stood at 6.1%, however, the availability of Grade A product is very limited. Prime rents once again reached an all-time high over the last decade, due to the lack of quality spaces, standing at €27.5/sqm/month.
Madrid– Rental Market
The office market in Madrid continues to recover, closing 2021 with a demand of 412,000 sqm, a figure +22% higher than the previous year. Increased dynamism was seen in the fourth quarter of 2021, in which 131,000 sqm were signed, almost double the figure registered in the same quarter of 2020. In 2021, the CBD and the city centre continue to be the most sought-after areas, making up close to 40% of the demand. The quality of the assets continues to be the main selling point for companies, as 61% of the demand was signed on Grade A and Grade B+ buildings. The vacancy rate of the CBD increased due to the entry into operation of new product, reaching 7.4%. However, the vacancy of Grade A product in the CBD stood at 3.6%. Prime rents remained stable at €36.5/sqm/month.
Paris – Rental Market
In the office market in Paris, take-up increased +49% compared to the figure of 2020. Likewise, the CBD recovered the same level of demand as 2019 (pre-pandemic record year) reaching 426,000 sqm, exceeding the 2020 figure by +55%. The vacancy rate in the CBD in Paris decreased from 3.9% in the third quarter of 2021 to 3.1%. This lack of prime product meant prime rents increased up to €930/sqm/year.