22@, The Innovation District
27% of the total floor area transacted in Barcelona (331,000 sq m) is situated in 22@. The year closed with some 91.000 sq m transacted, a drop of 26% on the figure for 2021 (in which two major deals were recorded: the pre-letting of 30,000 sq m by Glovoin the Mile 22@ Business Campus and the 21,000 sq m by Webhelpin Selvam@r). Excluding the two foregoing transactions, total demand in 2022 exceeds the office floorspace transacted the preceding year by 28%.
Demand continues seek out quality. 85% of the floorspace transacted corresponding to buildings rated A/B+. The availability of these types of properties is key to maintaining the attractiveness of this sub-market.
The acute scarcity of available floor space noted between 2018 and 2019, with vacancy rates bottoming out at 2.53%, drove investors to take up positions in every micro-market within the district. This was particularly true in terms of the North, where building activity continued to be registered even during the pandemic.
Some 213,000 sq m are currently under construction (including renovations and refurbishments), of which 115,000 sq m are to be found in the north and 98,000 sq m in the south. Of the total floor area under construction, some 12% is already pre-let. Refurbishments play a key role, amounting to more than 23,000 sq m within the district. A total of 28 new or refurbished projects will be added to stock up to December 2024: 201,000 sq m of additional quality floorspace ensuring a supply of offerings that is in keeping with business demands. 8% of this new floorspace is already committed.
Although prime rent in the area stands at €23.50/sq m/month, letting deals for specific assets continue to be recorded at above this level.
The volume of office investment is also highly significant, amounting to a total of €695m. Some 52% of office investment in Barcelona corresponds to District 22@.