The office segment ends the first half of the year on the rise

Segment Offices ends the first half of 2024 on an upward trajectory, according to the real estate consultancy’s latest Office Pulse report. Savills. IN Madridhiring increased by 4% in the first semester, and in Barcelona increased by 49%.

Hipolito SanchezExecutive Director of the Offices Division Savills Spainsaid that “the evolution in the first half of the year was at double speed: with differences between the center and the periphery, between the consumer market and the investment market, and finally between quality products and those that are not. They still have ESG standards.”

IN MadridThe first semester ended with a contract for 268,000 square meters for a total of 265 operations. Angel EstebarantzNational Director of Offices Savillsstressed that, although there were more large transactions than last year, the number of contracts with an area of ​​less than 1,000 m2 also stands out, with the most common agreements being between 300 and 600 m2.

Development activity in the capital remains subdued, with forecasts of 290,000 square metres being added to the current stock over the next 18 months.

Unemployment fell at its fastest pace since 2019, to 9.2%, although with a large imbalance between the periphery, where it exceeds 12.6%, and within the country. M-30where it is 3.6%. Incomes, in turn, maintained their upward trend.

Barcelona

IN Barcelonahiring increased 49% in the first half of the year to 170,000 square meters. New business districts regained their share compared to the city center thanks to larger operations. 22@ It accounts for 32% of activity, with an area of ​​54,000 m2, which already exceeds the total volume concluded last year.

The development of the flexible segment was “particularly good”, with six operations covering 15,000 square metres, representing 9% of the total floor area for the semester, most of which is located in the city centre.

Development activity, with 77,000 square meters of housing expected to be completed this year, remains focused mainly on rehabilitation. Unemployment remains at 12.1%.

Other markets

In this issue, the consulting firm’s analysis focuses on markets that are seeing “notable growth” in demand in Offices: Valencia And Andalusia. IN ValenciaSince 2020, hiring has been growing at 5% per year and only 4% of shares are available. Ignacio OlivasDirector Savills V Valenciacommented: “We estimate that there is 30,000 square meters of latent demand that cannot find space.”

IN Andalusiaso much Seville How Malaga They also note a “significant shortage” of quality supply, more acute in the second city, where inventory stands at 500,000 square meters and only 5% is available, while Seville It has a stock of over one million m2 and an availability of 12.5%.