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Office leasing in Barcelona grew by 52.5% year-on-year in the third quarter of 2024. These figures, highlighted in the latest report we have prepared at Forcadell for this period, indicate that 61,000 m² of office space were leased. They also reflect an annual cumulative growth of 46%.
These numbers were driven by significant transactions, such as the Diputació de Barcelona’s lease of 6,300 m² and Qiagen’s 7,800 m² at Campus Esplugues. Forcadell’s report also notes that, during this third quarter, 45 leasing transactions were completed, with 30% of them for spaces over 1,000 m², 20% more than the previous year.
Evaluating these figures, Manel de Bes, director of Forcadell’s Office Department, remarked that “the office market in Barcelona is showing a positive trend.” However, he explained that the figures could have been even better if it weren’t for the postponement of some major deals that were supposed to be signed during this period and will now be completed in the last three months of the year.
Analyzing the leasing activity by number of transactions, the Central Area and the Periphery recorded the highest number of deals, both accounting for 25%. They were followed by the 22@ area (23%), the CBD (15%), and NBA+Fira District (12%). Additionally, the Periphery (34%) and the tech district of 22@ (32%) accounted for 66% of the total leased square meters this quarter.
As noted in the previous quarter, office availability has started to decline after a long period of sustained growth. Currently, the available stock in the city remains below one million square meters. The availability rate in Barcelona now stands at 13.9%, with a slight variation of -0.02% compared to the previous quarter.
By areas, availability has continued to be led by the 22@ district, which concentrates 38% of the total stock. On the other hand, the CBD (Central Business District) has the lowest supply, with only 5.2% of spaces available. In the Periphery, availability remains high, reaching 24.5%. Toward the end of 2024, some major transactions are expected to materialize, which would likely result in a reduction of this indicator.
Regarding rental prices, Forcadell’s data reflects stability, indicating a balanced office market between supply and demand. In areas like the 22@, incentives are more significant, with rent-free periods ranging from 6 to 9 months, along with cash contributions between €100 and €200/m², making negotiations easier for tenants. Meanwhile, in the CBD, the city’s most prestigious financial and business hub, conditions are stricter, with shorter rent-free periods and lower cash contributions than those mentioned.
As in previous reports, demand for office spaces has continued to show interest in plug-and-play spaces, which has kept increasing in the third quarter. These ready-to-use spaces have gained popularity, especially in areas like the 22@ and the Periphery of Barcelona.
In the 22@, plug-and-play transactions accounted for 55% of deals during the third quarter (5 out of 9 transactions). This percentage holds steady in the year-to-date total, with 24 out of 43 transactions closed under this model. In the Periphery, plug-and-play deals represented 60% of third-quarter transactions (6 out of 10). Year-to-date, these numbers rise to 63% (17 out of 27 deals). These figures confirm the growing preference for fully equipped spaces in these areas.
