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Real estate sector in Barcelona returns to same volume of investment as 2007
- The total volume of investment could hit 1.6 billion euros by the end of 2015
- Demand for retail premises has returned to the same level as in 2007 and demand for office space is through the roof
2015 will be the best year the real estate sector in Barcelona has seen since 2007, hitting investment levels not recorded since then. Data and previsions from various real estate consultancies all coincide in this conclusion. Based on the provisional data they are analyzing, the total volume of investment could hit 1.6 billion euros.
Moreover, this is occurring in a context in which, according to the sector, there isn’t enough stock to meet demand for real estate investment in office space and hotels, pushing investors towards the logistics segment, with record-breaking investment levels in 2015.
In this regard, sources from consultancy Cushman&Wakefield highlight that this situation coincides with a shift in the profile of investors. While the main investments in previous years came from opportunistic funds looking for high return, now they are from funds looking for a longer-term investment with more conservative return.
Demand for retail space reactivated in main shopping areas of Barcelona
Furthermore, according to a report from real estate consultancy Forcadell, the improved economy has led to a substantial increase in demand for retail space in the city, primarily along main shopping streets. The estimated growth for the retail sector this year is 5%.
Office leases in Barcelona through the roof, back to levels from 2007
The amount of office space being rented in Barcelona has shot up this year, by the end of 2015 returning to levels of 2007 according to consultancy JLL. Cumulative leasing of office space through the third quarter of this year was 315,000 m2, up 12% from the 2014 total of 281,000 m2.
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