Investment volume in the Spanish office sector in FY22 reached c.€2.8 billion. Madrid ended the year with c.€1.2 billion (+30.7% vs. FY21)closedand in Barcelona, by contrast, investment figures decreased to c.€1.0 billion compared to an outstanding 2021 (-38.0% vs FY21)closed.

In relation to office leasing market, FY22 has been very positive for both Madrid and Barcelona,with a c.500,000 sq.m. take up in Madrid (+c.20% vs. 2021)and c.300,000 sq.m. in Barcelona (+c.1.5% vs. 2021).

Prime rents in both cities have shown an increase, reaching €39.0/sq.m./month and €28/sq.m./month, respectively. Pre-pandemic levels have been reached or even surpassed with an 8.8% increase in Madrid and 1.9% in Barcelona.

Yields have been adjusted as a result of the hike in interest rates, with increases between 75-125 bps, being more pronounced depending on each office micro-market.

There is a preference among investors and tenants for new or refurbished and ESG-compliant office buildings. More than 50% of 2022 take-up took place in buildings with some form of ESG certification and 70% of Grade A buildings delivered in 2022 had occupancy rates above 80% at their handover dates.

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