The trend that began in 2024 has been consolidated, with areas inside the M-30 emerging as the most sought-after locations among companies. Occupiers prioritise high-quality buildings, prime locations and urban environments where economic and social activity is concentrated, in line with the pursuit of higher productivity levels and employee well-being. In this context, the CBD has been the most active submarket, accounting for 32% of the leased surface area and 33% of the total number of transactions.
Strong interest in central locations has pushed rents up inside the M-30, which has recorded the largest increases of the year. Madrid closes 2025 with a prime rent of €43.00/m²/month, representing an increase of more than 10% since 2023. Low availability in this submarket and limited future supply mean that availability is mainly driven by turnover processes, which will generate further upward pressure on rents, with expectations that current levels may be exceeded in the coming years.
Outside the M-30, quality office hubs have also gained prominence. Some micromarkets in decentralized areas have recorded activity levels not seen for years, a trend expected to continue consolidating in 2026.
The vacancy rate in the Madrid office market stands at 8% and is expected to remain stable throughout 2026.
New Business Areas such as 22@ Lead Office Leasing in Barcelona
In Barcelona, office leasing during the fourth quarter of 2025 reached 47,000 m² across 63 transactions, following an exceptional previous quarter that exceeded 120,000 m². This performance confirms the market’s solidity.
The total volume leased throughout 2025 amounted to 317,000 m², 10% more than the previous year, reflecting sustained activity with a clear preference for modern, well-located assets. During the year, two large transactions were completed, both exceeding 14,000 m²: one in the Aura building, located in the CBD, and another in the Diagrame building, in the 22@ district.
Demand was mainly concentrated in the New Business Areas, which accounted for 50% of the total leased surface area, followed by the City Centre and the CBD, both with 20%, and the Periphery, with 10%. In the latter, absorption rates have progressively accelerated, driven by growing interest from the industrial sector.
Space quality remains a key factor in decision-making in Barcelona. In 2025, 80% of the leased surface area corresponded to buildings classified as A or B+, confirming companies’ preference for efficient, sustainable spaces adapted to new ways of working. By sector, technology continues to lead demand, accounting for 22% of the leased area, followed by the professional sector (17%) and services (15%).
Prime rent in Barcelona currently stands at €31.50/m²/month, representing a 5% increase year-on-year and an 11% increase since 2023, driven by the limited availability of high-quality space in areas such as Passeig de Gràcia and Diagonal. This upward trend is expected to continue in the coming months, particularly in the city centre and the CBD, where supply remains limited.
During 2025, 167,000 m² of new office space were delivered, with 40% already pre-let to end users, reflecting developers’ forward-looking strategies. Looking ahead to 2026, an additional 122,000 m² is expected to be delivered, of which 60% already has an end user secured, significantly limiting its impact on availability. The current vacancy rate stands at 9.6%, maintaining the downward trend observed in previous quarters.
In this context, Alfredo Collar, Partner and Head of the Spain Offices Agency at Cushman & Wakefield, notes:
“In the short and medium term, the limited availability of high-quality stock in urban centres is emerging as one of the main challenges facing the market. This shortage will not only continue to drive rents upward, but will also act as a catalyst for new dynamics, encouraging occupiers to move towards buildings better suited to their needs, the repositioning of existing assets—particularly in Barcelona—and the activation of investment transactions aimed at creating high-quality products.”
