2026-05-20-莱坊-Spain_Offices_Snapshot_Q1_2026_2页_554kb

Offices Snapshot Summary - Q1 2026

Core Content

This summary presents key insights from the Knight Frank Spain office market report for Q1 2026, focusing on the occupier and investment markets in Madrid and Barcelona.

Occupier Market Overview - Madrid

• Total Take-Up: 96,000 sq m in Q1 2026, compared to 136,361 sq m in Q1 2025.
• Market Trends:
  • Demand for high-quality space in prime locations remains strong.
  • Take-up is slightly higher within the M-30 than outside, driven by Renfe's relocation from Chamartín to Méndez Álvaro.
  • Prime rents have reached €43.5/sq m/month and are expected to rise to €44/sq m/month by year-end 2026.
  • CBD vacancy rate for Grade A space is below 1.5%, indicating a clear shortage of available office space.
• Sector Contribution:
  • The education sector is a key driver of take-up, increasing its share from 3% pre-pandemic to 23% in Q1 2026.
  • It is expected to continue gaining prominence in the coming quarters.
• Top Occupier Transactions:
  • RENFE: 13,687 sq m (Retama, 3)
  • TAI Escuela Universitaria: 8,548 sq m (Camino Cerro de los Gamos, 1)
  • Red Eléctrica: 7,321 sq m (Anabel Segura, 7)

Take-Up by Macro Zones

Investment Market Overview

• Total Investment Volume in Spain: €965 million in Q1 2026, with equal investment split between Madrid and Barcelona.
• Madrid Investment:
  • Total investment: €480 million.
  • Over half of the investment was concentrated within the M-30.
  • No significant change-of-use transactions were recorded in contrast to previous months.
• Barcelona Investment:
  • Total investment: €480 million.
  • The Estel building was acquired by Inmocaixa for €385 million, making it the largest office building in Barcelona with an area exceeding 50,000 sq m.
• Office Investment Trends:
  • From 2013 to 2025, investment in the office sector fluctuated, with a notable increase in 2014 to 2015 and a decline in 2020.
  • Since 2024, the methodology has been updated to include office assets with use changes.
  • In Q1 2026, Madrid's investment in office use reached €450 million, while Barcelona's investment was €480 million.

Prime Yields

• Madrid: Prime yields are at 4.50% in Q1 2026.
• Barcelona: Prime yields are at 4.75% in Q1 2026.
• European Comparison:
  • London (City): 5.25%
  • Prague: 5.00%
  • Dublin: 5.00%
  • Brussels: 5.25%
  • Berlin: 4.80%
  • Munich: 4.30%

Key Contacts

• Bernardo Gómez-Arroyo: Director/Head of Offices
  • Email: bernardo.gomez@es.knightfrank.com
  • Phone: +34 600 919 162
• Raúl Vicente: Associate, Head of Office Agency
  • Email: raul.vicente@es.knightfrank.com
  • Phone: +34 600 919 023
• Daniel Caprarin: Head of Research
  • Email: Daniel.caprarin@es.knightfrank.com
  • Phone: +34 600 919 087

Summary of Key Points

• Education Sector Growth: The education sector is becoming a major driver in the Madrid office market, significantly increasing its take-up share.
• Prime Location Demand: High demand for prime office spaces within the M-30 continues, with limited availability leading to rising rents.
• Investment Activity: Office investment in Spain has seen a balanced split between Madrid and Barcelona, with notable transactions such as the Oria Innovation Campus in Madrid and the Estel building in Barcelona.
• Yield Trends: Prime yields in Madrid and Barcelona remain competitive compared to other European cities, reflecting strong market conditions.