Office take-up has declined this quarter to 55,000 sq m. This represents a decrease of 3.4% compared with the previous quarter but a 34% increase on the fourth quarter of 2012.
While the economic outlook for Barcelona and Spain in general is improving, the office occupier market has yet to turn a corner. Along with the positive outlook for the Spanish economy, there are current expectations of new occupiers entering the market in 2014.
The vacancy rate for offices in Barcelona has increased to approximately 15.4%. With relatively low take-up and the delivery of the Cornerstone project in 22@, the overall market vacancy has increased.
There is higher availability in the Periphery such as in Sant Cugat and to a lesser extent in the New Business Areas such as Plaza Europa, in L’Hospitalet de Llobregat or 22@. Most of the recently delivered developments have been completed in the peripheral decentralized areas, contributing to their higher vacancy rates.
This year´s supply is forecasted to exceed that of 2013; however this could easily be revised in the coming months as projects get delayed or stalled.
Average rental values have fallen this quarter in all areas except in the City Centre area where rents remain flat.
Source : DTZ (Groupe UGL)