Office
Madrid. Take up trending upwards with one quarter of 2023 to go
The third quarter of 2023 saw take up of around 131,400 sq m, slightly below the figure for the same period in 2022. The aggrega te total for 2023 (381,212 sq m) is some 3% down on the three first quarters of 2022 (392,929 sq m). Despite the softening, this demonstrates stability in the take up of office space in Madrid.
Barcelona. Demand prioritising asset quality and location
The third quarter of 2023 has seen the take up of office floorspace in Barcelona grow to approximately 39,000 sq m in around 70 transactions. Turning to districts, the New Business Areas and City Centre remain highly sought after by companies, cornering some 61% of the total. Demand continues to seek out quality. Some 54% of the floorspace transacted this quarter corresponded to A/B+.
Industrial
Madrid. Well on the way to a third consecutive year with more than one million square metres transacted
Following a second quarter in 2023 in which the demand for logistics spaces softened, take up of 306,588 sq m was recorded for t he third quarter, representing a rise of 120% on the preceding quarter. This equates to an increase of 29% in take up in comparison with the same period in 2022.
Barcelona. Quality and location as key factors
In line with recent years, the take up of logistics floorspace in the Barcelona market reached close to 410,000 sq m during the first nine months of 2023, representing a total of 45 deals. Although the figure for the number of deals grew by some 27% this third quarter, take up amounted to around 70,000 sqm, a figure around 60% below that corresponding to the same period the preceding year.
Retail
Madrid, minimum available space
The overall vacancy rate by area of retail premises located in the prime and super prime areas of Madrid's main shopping streets stood at 4.5% at the end of June 2023, below the level of vacancy in the pre Covid19 era (5.3% in Q1 2020).
Barcelona, downward trend in vacancy rate
The global vacancy rate by area at the end of June 2023 in the prime and super prime of the main shopping streets in Barcelona is a 5.2% (2.8% before Covid)
Hospitality
Spain, one of the most active hotel investment markets in Europe
Spain remains one of the most active hotel investment markets in Europe, with €1.7Bn transacted during H1 2023, a 4.8% increase relative to H1 2022. Investors primariy focused on quality assets in prime urban and leisure destinations, with sovereign funds and other players with less reliance on debt driving the activity. From H2 onwards, we expect further growth, with the return of family offices and hotel chains, driven by the good performance of the Spanish hospitality sector.
If you want to know more about industry trends in EMEA, read our reports: Hospitality Outlook 2023, European Market Beat 2023 Q1 and European Operator Beat 2023 H1 – Initial Findings
