Direct investment in office assets segment has reached in 2021 pre-pandemic levels, this segment will attract operations worth c.€2,500 million by FY 2021. Precisely offices, together with logistics and hospitality assets are leading real estate investment in Europe during the present year.

In Barcelona, office assets direct investment figure is expected to reach c.€1,800 million in FY 2021, with 91% of the operations carried out by foreign investors which, on average, are predicted to have transaction sizes of c.€50 million. On the other hand, Madrid office assets direct investment could reach up to c.€700 million, a lower figure than Barcelona due to the lack of product and the present time, with an average price per operation of c.€20 million.

Take-up in Barcelona during Q3 2021 amounted 88,000 sq.m., heading national take-up levels up to c.250,000 sq.m. during Q3 2021, representing a 2% y-o-y increase. In this sense, it is interesting to note that more than 45% of operations over 1,000 sq.m. closed in 2021 in Barcelona were of new contracted spaces, representing a 14% y-o-y increase in take-up levels over the previous period. In Madrid take-up levels increased 95,000 sq.m. during this period, representing a 9% increase versus Q3 2020.

Office market in Barcelona continues at the top of the national table, with 33 deals worth c.€1,565 million. Prime yields, have suffered slight adjustments, in Madrid being 3.25% (-0.25) since June 2021 and Barcelona 3.35% (-0.15) that allows us to appreciate that the market is being quite stable as the variations are minimal.

From CG Capital Europe, we anticipate that large operations will take place in the upcoming months and during 2022, thanks to the Spanish economy going through a solid recovery from the Covid-19 crisis, providing improved economic indicators, and a disappearing generalized uncertainty that has been present during almost two years.

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