ECONOMIC CONTEXT
Following a turbulent 2023 and a challenging 2024, 2025 begins with a similar level of uncertainty, largely influenced by geopolitical factors. Inflation in the Eurozone has remained within expected levels, and the ECB continues its interest rate cuts. In Spain, GDP outperformed forecasts with 3.3% growth in 2024 and is projected to exceed 2% in 2025, positioning the country as one of the key economic drivers in the region.
DEMAND OVERVIEW
- In 2024, office take-up in Madrid exceeded expectations, surpassing 570,000 m², and the positive momentum continues into 2025.
- The education and public sectors are driving demand, alongside the return of large corporate transactions in prime locations.
- Demand is focused on high-quality assets (Grade A/B+), with prime rents on the rise and extremely limited availability within the M-30 area.
- In Barcelona, office take-up during the first half of 2025 increased by 40% compared to the five-year average, confirming a strong upward trend in demand.
- 36% of the newly delivered space in Barcelona during H1 2025 was pre-let, indicating active occupier interest.
- Availability rates have declined due to a slowdown in new developments and sustained leasing activity.
- Most of the space scheduled for delivery in the second half of the year is already committed, with notable projects in the 22@ district and refurbished assets in the city center.
INVESTMENT MARKET
Investment volumes are showing signs of progressive recovery, particularly in Madrid and Barcelona, with a notable acceleration during the second quarter of 2025.
