ECONOMIC CONTEXT
Despite ongoing geopolitical uncertainty, Spain closed 2025 with solid economic growth, supported by resilient domestic demand and moderating inflation. Business confidence remains positive, sustaining office demand in Madrid and Barcelona, particularly for well-located, high-specification buildings.
DEMAND OVERVIEW
Madrid recorded more than 517,000 sq m of office take-up in 2025, including 133,000 sq m in Q4 alone, with an increasing average deal size reflecting renewed corporate activity. Demand continues to concentrate within the M-30, where vacancy for A and B+ buildings has fallen below 2%.
Barcelona closed the year with 317,000 sq m of take-up, supported by strong activity in New Business Areas, which accounted for 50% of leased space. Quality remains a decisive factor, with 80% of transactions signed in A and B+ assets. Vacancy declined to 9.6%, while future supply remains limited, with a significant share of 2026 deliveries already pre-let.
Prime rents continue their upward trend, driven by the scarcity of high-quality space in CBD and city centre locations and growing occupier preference for modern, sustainable offices.
