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January 19, 2017

In 2018 in the center of Barcelona will be no offices

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If during the crisis the demand of offices in Barcelona did not correspond to the excess supply of commercial spaces after the so-called real estate boom in Spain, so in 2018 this situation is expected to change to the opposite. This situation, according to the experts, is explained, on the one hand, by the cessation of construction activity in Spain in recent years, and also by the lack of new projects that include office buildings. In addition, many residential or hotel projects are offered for restauration, which makes difficult the construction of new offices in the Catalan capital. Experts from real estate agencies in Barcelona have explained why exactly it will be tough to find the quality offices in the city of Barcelona in 2018.

According to Oriol Barrachina, the general manager of C&W in Spain, in Barcelona "there is an offer of only 40,000 m2 of new offices", which means a lack of office space for the Catalan capital. The demand for offices is approximately by 350,000 m2 per year, while in the last quarter of 2016 there was registered a stock of 733,500 m2 in the main areas and business centers of the city. Before the crisis, Barcelona had 220,000 m2 of office spaces per year, but by 2018, according to real estate experts, the city will not be able to meet demand, which will lead to higher prices.

In 2013, the office market in Barcelona experienced an increase that was caused by the improvement of the country's macroeconomic situation, which led to a rise in rents from their historical lows. In addition, Barrachina notes that the office real estate sector in Spain is "slow, since no new building can appear in the 22@ district, or in Plaza de Europa", two main business districts of Barcelona, ​​where most of the office buildings in the city are concentrated. "Therefore, if demand continues to grow at the same rate, then in 2018 in Barcelona it will be a serious problem to find a high quality office space."

At the same time, according to data from the statistics of this sector, in 2016 was invested eight times more than in 2011 in office buildings in Barcelona, ​​or about 860 million euros. Currently, the cost of one square meter of commercial space is equal to 21 euros / m2, well above the cost of 17 euros / m2 during the economic crisis, but still far from 28 euros per m2, which the tenants paid before the crisis. According to the same Oriol Barrachina, this price can even reach 24 euros per m2 in 2017, which is also confirmed by the forecasts of the CEO of the company CBRE, Enrique Martinez. "The prices of the 22@ district and Plaza Europa are almost equal to the prices on Paseo de Gracia and Avenida Diagonal," noted Martinez. In addition, experts from real estate agencies in Barcelona stress that the office buildings and premises, most demanded in the Catalan capital, must be of high quality and have the information technologies of the 21st century.

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