Madrid’s office market maintains stable and selective activity

Madrid’s office market maintained stable activity during the second quarter of 2026, although it was marked by greater caution in decision-making and increasing selectivity among companies.

During the second quarter, 90,000 sqm of office space was taken up, a figure in line with the previous quarter. In the first half of the year as a whole, take-up reached 180,000 sqm, compared with 280,000 sqm during the same period in 2025, representing a year-on-year change of –35.7%. This decline was mainly due to the lower number of large transactions and the postponement of some corporate decisions.

The City Centre led activity, accounting for 49.37% of the total space taken up, followed by decentralised areas, with 32.60%. The Periphery accounted for 10.01% and the CBD for 8.02%.

Transactions of up to 500 sqm represented 50% of the total, while those between 500 and 1,200 sqm accounted for 29% and transactions above 1,200 sqm represented 21%. These figures confirm the prominence of small and medium-sized demand, although corporate activity linked to relocations, consolidations and new occupancies remains present.

“Madrid’s office market continues to see active demand, although companies are assessing each transaction more carefully. Building quality, energy efficiency, connectivity and the flexibility of spaces are becoming increasingly decisive factors in decision-making,” says Manel de Bes, Director of Offices at FORCADELL.

Availability falls slightly

The availability rate stood at 8.5%, compared with 8.7% in the previous quarter. Decentralised areas and the Periphery jointly account for more than 80% of the available supply, with 57.80% and 23.88%, respectively.

Supply is more limited in the most central areas. The City Centre accounts for 12.54% of availability, while the CBD and Prime areas jointly represent less than 6%, reflecting the scarcity of suitable space in the market’s most exclusive locations.

The market’s average rent reached €17.82/sqm/month, although there are significant differences depending on location and property quality. Prime records the highest average rent, at €31.01/sqm/month, followed by the CBD at €27.07/sqm/month and the City Centre at €24.71/sqm/month. Decentralised areas stand at €15.89/sqm/month, while the Periphery records €14.50/sqm/month.

Madrid’s office market continues to show positive momentum, although it is becoming increasingly selective. Looking ahead to the second half of the year, activity is expected to remain stable, with a growing preference for efficient, well-connected buildings with immediate availability.