Office investment has seen a clear upturn in the Spanish real estate market throughout the first half of 2026. During the first half of 2026, investment activity in this asset class stood well above its usual levels, consolidating the improving trend already seen in previous quarters.

Between January and June, €1,634 million was invested in offices, 58% above the average recorded over the past five years and 34% above the average of the last decade. This performance stands in contrast to the rest of Europe, where the same indicator remains at just 55% of its historical average, positioning Spain as one of the best-performing markets on the continent in this segment. With these figures, offices now account for 13% of all real estate investment transacted in Spain during the half-year.

International capital remains the main driver of this recovery, accounting for 77% of all acquisitions during the half-year. Within that capital, investment funds concentrate the bulk of transactions, at around four out of every ten euros, while specialised investment vehicles, REITs and family offices share the remainder in a more balanced way.

By market, Barcelona has emerged as the standout performer of the half-year, with €853 million transacted, representing 52% of total office investment, supported by deals in the 22@ district and other established urban markets. The vacancy rate in the city now stands at 9.3%, while prime rents reach €31.5/m²/month. Madrid ranks second, with €727 million invested, a lower volume than Barcelona’s.However, it shows tighter availability (8.2% versus Barcelona’s 9.3%) and higher prime rents, at €39.8/m²/month compared to Barcelona’s €31.5.

Looking ahead to the second half of the year, the combination of greater liquidity, stable demand and the growing role of international capital suggests the Spanish office market will maintain solid performance, reinforcing its appeal relative to the rest of Europe.

At CG Capital Europe, we work hand in hand with international funds, institutional investors, and corporates to identify, structure, and execute real estate investment opportunities across all asset classes, including offices, retail, living, hospitality and logistics. We have privileged access to global capital and deep expertise in corporate finance applied to real estate, offering strategic advisory services and driving value creation for our Clients. CG Capital Europe has positioned itself as the trusted partner of reference for capturing the most attractive opportunities in one of Europe’s most dynamic real estate markets.

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