Between July and September 2022, Barcelona’s office market added five buildings (three new developments and two refurbishments) summing up c.40,000 sq.m.. For the second consecutive quarter, the new office supply was mainly located in the 22@ district, thus ensuring availability in one of the city’s most demanded business areas.

At the end of Q3 2022, total available space exceeded 600,000 sq.m., bringing the availability rate to c.9.9% of the stock. Over the next 15 months (4Q 2022 and FY2023), 355,000 sq.m. are expected to be incorporated, of which 16% are already committed.

Regarding rent levels, stability continues to be the general trend in the Barcelona office market, except for the periphery, which underwent a slight adjustment in Q2- Q3 2022. In the year-on-year comparison, Prime CBD’s €27.50/sq.m./month grew by c. 2%. Periphery, on the other hand, adjusted down c. 2% – 4% to €12.75/sq.m./month. Centro Ciudad and Prime NBA (the area around Glories) remained stable at remained stable at 23 €/sq.m./month.

Barcelona’s investment market continues to gain traction. In Q3 2022, €460 million were registered, representing 55% of the total accumulated amount transacted since January (€835 million). The share in the national framework returned to usual levels (c.30% in the historical series), after it attracted almost 70% of the investment volume in 2021 due to the scarcity of product available in the Madrid office market. The Glovo HQ deal (+€200 million) significantly boosted the cumulative investment figure in Barcelona, which increased the average deal size (in volume terms) from €37.5 million in H1 2022 to €71 million in Q3 2022, but even excluding this Glovo HQ deal, the average ticket for the quarter improved by c. 11%.

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