Economic Context
The start of 2026 is accompanied by signs of economic stabilisation across the Eurozone and a more predictable financial environment. In this context, Spain stands out for its economic dynamism, with strong domestic demand and a resilient labour market continuing to support activity in the office segment.
Demand Evolution
In Madrid, leasing activity is increasingly constrained by the lack of available space in central locations, pushing part of demand towards well-connected submarkets outside the M-30. Barcelona, meanwhile, shows a clear recovery in activity, driven by larger transactions and the growing role of the New Business Areas. In both markets, the shortage of quality product continues to set the pace.
