18.12.2024 
The Office Real Estate Market in Spain in 2025: Overview and Prospects
As of early 2025, Spain’s office real estate market continues to show stable growth following a dynamic 2024. Despite economic fluctuations, demand for high-quality office spaces in the country’s major business centers remains strong. In this article, we analyze key trends, investment opportunities, and forecasts for 2025.
2024 Recap: What Has Changed?
Madrid
According to BNP Paribas Real Estate, office absorption in Madrid reached over 500,000 m² by the end of 2024. Rental prices increased by 8.1% throughout the year, with an average rate of €22/m² per month. Decentralized areas remained the most in-demand, accounting for 51% of all transactions.
The vacancy rate in the capital dropped to 9.5% by year-end, indicating sustained demand. Despite a decrease in the average leased office size, the total number of contracts increased, confirming continued interest in office spaces in Madrid.
Barcelona
Barcelona experienced similar growth: in 2024, over 300,000 m² of office space was leased, marking a 30% increase compared to 2023. Rental prices also rose, and the vacancy rate reached 13.3% by the end of the year.
The 22@ district solidified its position as an innovation hub, attracting startups and tech firms. It accounted for 29% of all transactions. Central areas of the city also remained highly attractive to tenants.
Key Trends in the Office Market for 2025
As we analyze the market at the beginning of 2025, several key trends emerge:
- Growth of flexible workspaces: companies continue to prefer coworking spaces and modular offices.
- Technology integration: increasing demand for offices equipped with advanced digital solutions and space management systems.
- Sustainability: tenants prioritize buildings with high energy efficiency and environmental certifications.
- Increased investment: the office real estate sector remains attractive to international investors due to its stability.
Office Market Outlook for 2025
Experts predict that in the second half of 2025, the market will continue to strengthen. Madrid and Barcelona will maintain high demand, particularly for modern and eco-friendly office buildings.
Factors such as declining inflation and stabilized interest rates will enhance the investment appeal of the sector. Currently, there is a strong pace of new office construction, indicating long-term growth potential.
Buying or Renting: What’s More Beneficial in 2025?
With increasing demand and rising property values, many companies are considering purchasing office spaces. However, renting remains a popular choice due to its flexibility.
Companies planning for long-term market presence may consider buying office properties. Meanwhile, renting continues to be the best option for businesses that require mobility and adaptability.
How to Choose an Office in Spain in 2025?
When selecting an office space this year, it’s essential to consider:
- Location: accessibility to transportation infrastructure and strategic business areas.
- Technological infrastructure: offices with advanced connectivity and integrated technology.
- Sustainability: growing preference for energy-efficient buildings with green certifications.
- Flexible lease terms: ability to adapt the space to the company’s needs.
- Cost: careful budget planning is crucial amid rising prices.
Conclusion
As of early 2025, the office real estate market in Spain remains stable and continues to grow. Major cities are still at the heart of business activity, and investment in office properties is on the rise. It’s crucial to follow market trends and choose office spaces that align with business needs and long-term goals.
