Offices. Regeneration: towards a more sustainable sector

The Spanish office real estate market enjoyed a year of recovery in 2022, posting very strong take-up rates - approaching pre-pandemic levels - with combined take-up for Madrid and Barcelona standing at over 840,000 sqm.

Despite economic uncertainty, the consolidation of new ways of working and the impact of the Ukraine war, take-up levels remained healthy and stable throughout the year. In the last two quarters of the year we began to see a comeback in the large-scale transactions that have been visible by their absence for the last two years, particularly in the Madrid market.

This strong performance by the office market has been driven largely by an increase in transactions in the CBD and on buildings with excellent quality standards in the Periphery. Companies have changed the way they work and need spaces that suit their new requirements, tending to prefer higher quality offices in better-located, sustainable buildings. As they seek excellence and experience in their workspaces, prioritizing quality over quantity, companies are choosing to relocate to spaces where employee comfort, collaborative workspaces, technology, and sustainability take centre stage.