The upswing in the office market in Barcelona continues. The 3rd quarter of 2019 closed with 6.4% growth, reaching a total of 328,000 m² contracted according to figures from Savills Aguirre Newman.
Associated with this trend, the availability of spaces continues to decline all over the city, standing at 4.45% in this 3rd quarter. This figure is even lower in the 22@ district, with only 2.4% of the office supply available, making it and the city center the most sought-after districts. However, the outlying areas have become the alternatives for many companies, since the availability of office space there is slightly higher: 5.9% in Fira - Plaza Europa and 10% in the Baix Llobregat.
Coworking is gaining ground and becoming an increasingly popular option given the low availability of office space. In the 3rd quarter of the year, 15% of the area contracted has been for flexible workspace rentals, such as the American company WeWork and the Diagonal 371 building owned by ALTING.
The increase in the search for flexible offices is not only occurring in Barcelona (23% of the searches) and Madrid (52%) but also expanding to other provinces in Spain, such as Valencia (6%), Vizcaya (3%) and Málaga (3%), revealing the maturity of this market.