Economic Context
The Spanish economy continues to outperform many of Europe's leading economies, supported by strong domestic demand, investment growth, and a resilient labour market. Despite ongoing geopolitical uncertainty and a still-challenging financing environment, the country's economic resilience continues to underpin both occupier activity and investment in the office market.
Demand Evolution
Office take-up remains robust in both Madrid and Barcelona, although activity is increasingly constrained by the limited availability of high-quality space. Demand continues to focus on Grade A and B+ buildings, while the shortage of prime office stock is encouraging a gradual shift towards decentralised locations and emerging business districts offering strong transport links and a wide range of amenities.
