The Spanish offices market, in this first quarter of the year, have gotten back on track, with volume of operations up, according to the Savills “España Research – 1T 2022” report.
In Madrid, the volume of operations for the first quarter topped figures for the previous three years, with the average for 22Q1 up 66% and 46% year-on-year.
The market in Barcelona posted a year-on-year increase of 21%, with the third best Q1 figures ever.
Plus, they closed the quarter with a vacancy rate of roughly 9.5% in Madrid and 6% in Barcelona.
Towards a hybrid model with sustainable offices
It is worth noting that the average size of the offices in these operations in the first quarter of the year was over 860 m² in Barcelona (above the historical average of 641 m²) and 990 m² in Madrid.
This figure reflects how office space remains key to carrying out corporate business, with companies looking for more flexible, pleasant spaces for their employees after the pandemic.
On a European level, 72% of companies (compared to 55% in 2021) say they are moving towards a hybrid working model, according to a study conducted by CBRE. In this regard, spaces that easily adapt to changing needs are important to three in four companies surveyed.
Plus, according to the JLL Work Dynamics Pulse on trends for 2022, 61% of workers prefer a flexible hybrid job that allows them to work from the office 2-3 days a week, encouraging teamwork and a sense of belonging, and to telecommute the other days.
Most in-demand areas: back to the center
In terms of the most in-demand areas, the trend of returning to the center of cities is back.
In Barcelona, users of flex spaces choose the areas in the center of the Catalan capital (like Avinguda Diagonal and Plaça Catalunya), while tech companies mainly opt for the 22@ District, a benchmark for national and international technology firms.
And in Madrid, companies are clearly most interested in the area inside the M-30 ring road, confirming the importance of centrality in the search for new locations.
The business, financial, technology and professional services sectors are driving rent up.
With the changing global economic situation, the new cycle of interest rates and data from the second quarter, we’ll see whether these are short- or long-term trends in the offices market.