Office, market data – Figures first quarter 2026 Spain

The office market in Spain has started the year with a two-pronged trend: stable leasing activity in the main markets and a strong rebound in investment, driven by the return of capital to core assets. In Madrid, take-up reached 102,000 square meters in the first quarter, slightly below the previous year (-2%), reflecting a cautious start to the year, though in line with market normalization following years of high volatility.

 

In Barcelona, performance was more dynamic, with take-up exceeding 85,000 square meters and a year-over-year increase of more than 40%. The 22@ district continues to lead activity, while the CBD maintains its appeal for corporate and administrative transactions.

 

Vacancy rates continue to tighten in both markets, particularly in the most central areas. In Madrid, the rate stands at around 10.3%, with significantly lower levels within the M-30 ring road (3.5%), where the shortage of high-quality space is becoming increasingly evident. In Barcelona, availability also continues to decline, with a particularly tight market in the CBD, where it barely reaches 4.3% and drops to 1.6% for Grade A assets.

 

Investment market shows strong recovery

 

The office segment has recorded one of the most significant growth rates within the real estate sector. Direct investment reached 869 million euros in the first quarter, a ninefold increase from the same period last year.

 

When transactions for owner-occupancy and repositioning are included, the total volume exceeds €1.05 billion, demonstrating the return of investor interest in the sector.

 

Yields and Outlook

 

Following the compression process that began in 2025, prime yields have undergone a final, slight adjustment to reach stable levels. In Madrid, they stand at 4.50%, while in Barcelona they reach 4.65%, reflecting growing interest in quality assets in established locations.

 

Looking ahead to the coming months, the office market faces 2026 with moderately positive prospects: stable demand, limited supply of prime properties, and an investment environment that is picking up again. All of this points to a gradual consolidation of the sector, with the best-positioned assets playing a leading role.