The office market in Spain continues being concentrated in Madrid and Barcelona, cities that absorb 44% and 25% of the total searches, respectively, as extracted from the Quarterly report of MisOficinas.es.

On the global level in Spain, the mean surface area of office searches has grown by 18% with respect to the first quarter of the past year, going from 720 m² to 850 m². If we look at the rent, the average rent has gone down 2%, being €13.78/m² in the first quarter of the year.

In the case of Barcelona, however, the mean surface area was situated below the overall average, being 681 m² at an average price of €12.04/m². All of this in the first quarter, which has closed with more than 140,000 m² contracted in Barcelona, achieving the highest level of office contracting corresponding to the first quarter of the year.

Also in Barcelona, the so-called CBD (Center Business District) accounts for more than 51% of the searches. But, as has been occurring in recent years, there is little offer available in the Prime Area and center of the City, for which reason the availability is transferred to the new business areas and the periphery of Barcelona. In this regard, the fact that District 22@ accumulates up to 33% of the Barcelona office market can be highlighted.

Source: Mis Oficinas (Report of Office Searches Q1 2019)