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Marketbeat Spain Offices

Office Marketbeat is a summary of the Spain office property sector in key cities, providing comment on recent trends as well as market data and analysis.

Download Q3 2025 report

Key Takeaways
  • Office take-up in Madrid exceeded expectations again in 2025, supported by solid demand across prime locations.
  • In Barcelona, activity strengthened in Q3, with take-up reaching 116,700 sqm and vacancy trending down.
  • Demand prioritises high-quality space (Grade A/B+), with very limited availability in central submarkets in both cities.
  • Vacancy continues to fall in prime areas: within Madrid’s M-30, space is nearing full occupancy; in Barcelona, CBD and City Centre remain the most sought-after.
  • The investment market shows signs of stabilisation, with yields holding firm despite a slower macro context.

ECONOMIC CONTEXT

Spain maintains steady economic momentum in 2025, supported by cooling inflation and continued ECB rate cuts. GDP is expected to surpass 2% this year, sustaining business confidence and corporate expansion plans in Madrid and Barcelona.

DEMAND OVERVIEW

Madrid posted strong take-up, exceeding 104,000 sqm in Q3 and heading toward another year above 400,000 sqm. In Barcelona, Q3 take-up reached 116,700 sqm, up 27% vs the five-year average. Most demand is concentrated in Grade A/B+ assets, with limited availability: CBD vacancy stands at 2.19% in Madrid and 3.56% in Barcelona. Key operators continue to focus on prime, central submarkets with strong transport connections.

INVESTMENT MARKET

Investment activity remains moderate but stable, supported by unchanged prime yields (Madrid CBD 4.25%, Barcelona CBD 4.50%). Investor interest is gradually returning, with signs of improvement expected toward late 2025.
 
Q3 Spain Office Marketbeat
Access Q3 2025 commercial real estate results for the offices sector.
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