Contracts for offices in Madrid and Barcelona increases in 2021
Javier Bernades • 04/01/2022
• Compared to 2020, the demand for offices in Madrid increased by 20%, having contracted 362,000 m2 in the entire 2021 financial year. The distribution of the contracting of spaces during 2021 maintained the same trend as in 2020, 61% of the take-up was located outside the M-30.
• Hiring Q4 2021: 106,000 m2, 32% above the quarterly average recorded in the last 4 quarters.
• The total number of operations also increases (+46%) compared to 2020, 285 contracts have been signed during 2021.
• The quality of the buildings continues to be the main attraction for companies: 61% of the demand this year has been signed in grade A and B+ buildings, that is, buildings of good and very good quality.
• The global availability rate is around 10.5% at the end of 2021 in Madrid.
• There have been minor adjustments in rents compared to the same period of the previous year.
• The total demand for offices in Barcelona in 2021 was 86% higher than that registered in 2020, with a total of 332,000 m2 having been contracted. In terms of areas, 40% of this demand has opted for the 22@ district, following the trend of previous years. This continues to be the submarket that accumulates the greatest demand from the end user as well as from the main investment groups.
• Hiring Q4 2021: 99,000 m2, 40% higher than the quarterly average of the last 4 quarters and 38% higher than the last quarter of 2019 (pre-pandemic).
• Regarding the number of operations: 264 contracts have been signed during 2021, 38% more than in 2020.
• 60% of the demand is registered in grade A and B+ buildings, the quality of the buildings continues to be key in decision-making.
• Two large operations have been closed in Barcelona, Webhelp and Glovo, with a total of nearly 50,000 pre-rented m2 in 22@ (representing 15% of Barcelona's annual demand).
• The global availability rate stands at around 7.5% at the end of 2021. The controlled increase in this variable is mainly due to the deliveries of new space and rehabilitated space available, in addition to the second-hand supply returning to the market.
According to Javier Bernades, head of the Business Space team at Cushman & Wakefield Spain, “despite the fact that instability is still present, companies have returned to the path of decision-making and the market has reactivated. We expect more activity in 2022."
Read more about our insight
The Berlin IHIF is the perfect opportunity to share ideas with leaders in the hotel sector and gain first-hand knowledge of the trends and strategies that we will see in the coming months. Questex is the event organiser for the forum, held at Berlin’s InterContinental hotel as in previous years. This year will also see the return of Adjacent Spaces at The Pullman Hotel. This pop-up event will analyse alternative proposals and trends in the industry, including hostels, co-working, co-living spaces and serviced apartments.