西班牙办公室2025年第四季度快照

The sector indicators are compiled quarterly from a detailed andexhaustive study prepared by experts in the Knight Frank Spain officeand are based on real data and market trends. Q42025 knightfrank.com/research 2025 marks the consolidation of anew cycle in the office market ofMadrid and Barcelona Madrid Over the past two years (2024 and 2025), the new officemodel has been established with the widespread adoptionand stabilization of remote work, both in Madrid andBarcelona. Takeup Q4 2025 147,500sqm(111,700sqmQ42024) MERCADO DE USUARIOS. Top 3 occupancy deals Q4 2025 MADRID 15,093sqmIE |Pºde la Castellana, 278Letting Take-up in the Madrid market in2025 was around 530,000 m², inline with the forecasts made at thebeginning of the year. Five years after the Covid-19 shock, anew cycle in the office market hasbecome established. Remote work hasbeen adopted bythe vast majority ofcompanies (and the public sector), but onaverage, in-person attendance still holdsgreater weight in the remote work–officebalance. 12,841sqmICEX | Av. de Manoteras, 28Letting Leasing activity has been moreprominent outside the M-30,accounting for 55% of the total. 8,789sqmConfidential| Av. de Castilla, 2, JapónBuild.San Fernando de HenaresLetting The prime rent closes the year at€43/sqm/month and is expected tocontinue rising throughout 2026due to the scarcity of high-qualitysupply. Moreover, office space absorptionfigures in Madrid for 2024 and 2025 showvolumes in line with the years 2017–2019(pre-Covid-19). % Take-up by surface area andmaximum rent by macro zones. Q4 2025 IN ORDER OFTAKE-UP OutofTown 22%ofthetake-up16.25 INVESTMENT MARKETMADRID AND BARCELONA The volume of officeinvestment in Spain during 2025was around€2.4 billion. Madrid accounted for 67% ofthis volume, and Barcelona 28%. Of the total invested in officesnationwide, nearly€500 millionwas spent on the purchase ofoffice buildings for conversion toresidential or tourism use, withthe majority of this (87%) locatedin Madrid. Of the€1.6 billion invested inthe Madrid office market, almost80% was within the M-30. This investment trend isexpected to follow theabsorption dynamics, withincreased capital movementoutside the M-30. In Barcelona,€680 millionwas invested in offices, withmost of this activityconcentrated in the city center. For 2026, office sectorinvestment activity is expectedto continue, particularly inMadrid and Barcelona. We like questions, if you’ve got one about ourresearch, or would like some property advice,we would love to hear from you. Bernardo Gómez-Arroyo,Director/HeadofOffices+34 600 919 162bernardo.gomez@es.knightfrank.com Raúl Vicente Associate, Head of Office Agency+34 600 919 023raul.vicente@es.knightfrank.com Daniel CaprarinHead of Research, Marketing & PR+34 600 919 087Daniel.caprarin@es.knightfrank.com Source: Knight Frank Research