The office space leased from January to September in the city of Barcelona has fallen 27% over the same period last year, according to data developed by Cushman & Wakefield.
This is because 2015 was a record year in which they were rented throughout the year 420,000 square meters. In fact, the 2015 Barcelona beat Madrid for the first time in history is rented. This year, however, was below the Catalan capital and have rented 238,000 square meters, 300,000 square meters for Madrid, where the reduction is 3%.
Madrid beats Barcelona offices
However, as the year has progressed, hiring has improved in Barcelona. The first half is rented 69,000 square meters, for up to 81,000 in the second quarter and the third quarter reached 88,000.
It has also influenced the reduction of the surface rented the absence of large transactions, unlike last year. The number of transactions increased by 12.5% compared to the first nine months of last year, but only 20 of the 308 closed exceeded 2,000 square meters, was 37 when in 2015 the operations these characteristics were closed until the end of the third quarter.
One factor that also influences the fall of the rented area is the lack of product. Thus, according to the consultant, in the best area of the city center, the axis forming the Paseo de Gracia and the Diagonal Avenue, the area available is only 1%.
This explains why 58% of new contracts signed during the third quarter have been called to new business areas-more distant from the center, like 22 @ square or Europe and the periphery, while only 13% are the area of Paseo de Gracia and Diagonal and 29% in the center of the city.
Upward pressure on prices
According to the consultant, rents in different parts of Barcelona are still registering some upward pressure. The rent in the best buildings in the central area is around 21 euros per square meter per month, an increase of 7.8% compared to a year ago.
In other areas of the city there have been few changes in prices, except in the periphery, where the increase of surface absorption and decreased levels of availability are located incomes of the finest buildings in about 10 euros per square meter per month, a price which is 8% above that recorded in December 2013, just before the recovery.
Despite rising prices in Barcelona are still below Madrid, which remained stable. In the state capital in the best area price rises to 29 euros per square meter per month, and in the center stood at 16.25 euros per square meter. In the decentralized price is 16 euros per square meter, while the periphery is at 12.75 euros per square meter.