Spring 2009
Barcelona Office Market
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- Despite the current economic situation, the letting market has maintained relative stability, mainly due to the completion of several owner-occupier purchase deals and large turn-key transactions.
- The delivery of new projects has increased the city’s office stock by 193,000 sqm, 80% of which has been incorporated into the market as available stock, mainly within the Decentralised areas and the 22@ district.
- The 1.5 point rise in vacancy rate during the last quarter has not directly impacted on any given region, however large differences can still be observed between sub areas.
- Until now, the decrease in rental values has been contained, experiencing an average 4.5% q-o-q decrease. The future fall in demand and the rise in office vacancy will put further downward pressure on rents.
- In 2008 the total volume of investment reached 1,056 million euros, representing a 46% decrease with regards to 2007 figures. Lack of finance, negative growth forecasts for the Spanish economy and high seller expectations are preventing confidence growth and the completion of deals.
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