In comparison with the slight lift in take-up in the first quarter, the second quarter has failed to maintain that momentum. Total take-up for the second quarter was approximately 50,000 sq m, down almost 16% against the previous quarter.
While we expect 2014 to have a higher annual take-up than in 2013, we forecast it to remain closer to the levels seen in 2011 than a complete breakaway.
The vacancy rate for offices in Barcelona has increased slightly, to approximately 15.44%. Take-up was weak this quarter and relatively few transactions were for new space.
The only project to reach completion this quarter was the new headquarters of Puig which has 15,000 sq m. The new headquarter is located in the New Business Areas.
There is a growing consensus that rents have generally bottomed out and while there still may be slight adjustments for specific areas with high availability, we currently forecast a plateau in rents followed by slow growth in most areas.
Source : DTZ (Groupe UGL)