After a flying start to the year, take-up in the Barcelona office market dipped during the third quarter. Close to 45,000 sqm was signed during Q3, taking the YTD total to 272,000 sqm, up 14% y-o-y.
For the second consecutive quarter, the 22@ and Front Marítim submarket topped the table for take-up thanks to the increased number of pre-lets signed in the area.
The quarter’s standout letting deal was also in this submarket, with the American firm WeWork pre-letting the entire Luxa Gold building, comprising 6,500 sqm (currently under construction).
Reduced take-up in Q3 was offset by the lack of new supply entering the market, meaning the vacancy rate only dropped from 11.7% to 11.4% q-o-q. Available office space currently stands at 643,000 sqm, with supply falling across all submarkets except for the Periphery.
The prime rent edged up once again in Q3, to €23.25 per sqm/month, up 8% y-o-y.
Investment in the Barcelona office market reached €191 million in Q3 2017, bringing the YTD total up to €664 million.