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Investment in office space in Barcelona during the third quarter enables year-end closing with over €800M
- In September, the hiring accumulated reached 308,000 m2, 90% of the total for 2017
- Barcelona can complete 2018 as its third best year of the historic series
Investment in office space in Barcelona will surpass €800M at this 2018-end closing, according to real estate consultancy Savills, Aguirre & Newman, as described in detail in its last report “Market in Minutes-Oficinas Barcelona”. This report confirms that investment reached €520M in September, after intensification of the demand since July.
In this sense, the hiring of space reached 308,000 m2, a figure that represents already 90% of the total recorded for 2017. Between July and September 100,000 m2 were reached, data which doubles the amount for last year’s third quarter. Savills, Aguirre & Newman forecast surpassing 400,000 m2 by the end of 2018. Therefore, Barcelona could complete 2018 being its third best year from the historic series, only surpassed in 2005 and 2015.
According to the report, at the end of the third quarter 405 operations had been closed at the Catalan capital, 25 more than during 2017’s same quarter. The reduction on office space for hiring entails a current availability of 360,000 m2, standing out the 18% reduction at the new business areas, where many companies move to to hired offices.
According to the consultancy firm, the sale of the Planeta publishing group headquarters to Blackstone under the method of ‘sale and lease back’ for over €200M stands out among the most relevant operations. The same applies to Everis, with almost 25,000 m2, or Criteo, with 8,500 m2, as well as to Deloitte or Netsuite-Oracle.
Due to the lack of space, Barcelona’s market plans to incorporate 210,000 m2 during the next 15 months. The reactivation of the developing activity will enable to increase the stock in some 170,000 m2 of new developments, 90% of which are already reserved. The most important growths will take place at the Fair surroundings and the [email protected] district, were 70% of the space will be new, although 65% of it is already pre-hired.
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