Office Leasing in Barcelona Grows by Nearly 24% in 2024

Office leasing in Barcelona recorded an annual growth rate of 23.95% in 2024, reaching 295,000 m² leased during the year, compared to 238,000 m² in 2023, according to the latest FORCADELL report on Q4 2024, which includes annual summary figures.

Regarding geographic distribution, 46% of the m² leased in 2024 were concentrated in the city center (42.24%) and the CBD (4.19%). Meanwhile, almost 40% was distributed between the 22@ district (27.27%) and the Plaza Europa – Fira District (12.49%).

The sector achieved these figures, reflecting a notable recovery, despite the fact that the fourth quarter of the year was less positive than expected, with total office leasing in Barcelona reaching 55,000 m², representing a 23.61% drop compared to the same period in 2023.

Manel de Bes, Director of Offices at FORCADELL, highlighted the overall performance of the sector over the past year, “whose growth demonstrates the resilience and dynamism of the office market in the city of Barcelona.” He also emphasized the clear recovery seen in 2024 compared to 2023 and noted that “the outlook for 2025 points to another positive year, consolidating the trend.”

Office Availability Remains Stable

In terms of availability, it remained stable in the last quarter of 2024, staying below one million m², as noted in previous reports. Currently, the percentage of available stock in Barcelona stands at 13.8%.

In this context, the FORCADELL report highlights differences in market behavior based on location. While availability in the CBD remains practically non-existent, with a rate of just 2.81%, reflecting the high demand in this highly sought-after area, the periphery continues to show an increase in vacancies, accounting for nearly 45% of the city’s total availability, equivalent to approximately 500,000 m² available in the Barcelona metropolitan area.

Emerging business areas like the 22@ district (19.65% availability) and Plaza Europa – Fira District (13.93%) collectively account for 33.58% of availability. However, both areas show a gradual decrease in their vacancy rates quarter by quarter, solidifying their positions as key zones for business activity.

In the city center, various operations involving companies relocating to other areas or reducing their office space within the same area have contributed to an increase in availability to 18.82%.

According to Manel de Bes, “these figures highlight the heterogeneous dynamics of the real estate market in Barcelona, with differentiated trends across areas, reinforcing the appeal of emerging business areas as growth pillars.”

Active Demand Balances Availability

In terms of rental prices, FORCADELL’s data reflects stability throughout 2024, with active demand balancing the high supply. In areas like the 22@ and Plaza Europa – Fira District, companies have been encouraged to enter with economic incentives of up to €200/m² and rent-free periods of up to 12 months, while maintaining steady asking rents. Meanwhile, in the periphery, with higher availability, longer rent-free periods are offered, and rents vary depending on the building’s quality. On the other hand, the city’s most prestigious financial and business hub, the CBD, has maintained strong rental rates.

Except for the CBD, the market has continued to show interest in Plug & Play offices (ready-to-use). In areas like the periphery and the 22@ district, Plug & Play transactions accounted for 60% of the deals closed in 2024.