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Barcelona’s office market has started 2025 with restrained leasing activity, mainly due to delays in transactions that were expected to close during this period. As a result, the total leased area in the first quarter of 2025 reached 54,000 m², representing a 50% drop compared to the same period last year, according to the Barcelona Office Market Report presented by FORCADELL.
This decline is driven by multiple factors, including prolonged decision-making times by companies, the current resilience phase of the office market, and global economic uncertainty.
However, as Manel de Bes, Director of the Office Department at FORCADELL, points out, “forecasts for the full year remain in line with the previous year, and a correction is expected in the coming quarters to help balance this percentage deviation.” For Q2, significant transactions are expected to close, which would considerably boost leasing volumes.
Barcelona’s tech district, 22@, accounted for nearly 50% of the leasing activity, underscoring its importance and consolidation as one of the most attractive areas for companies. This preference is due to the availability of Class A buildings, offering high quality standards and a wide range of services for employees.
The city center also remains a key attraction hub, concentrating 38% of leasing activity during the quarter.
In terms of leading sectors, tech continues to dominate corporate space leasing, accounting for 50% of the total, followed by the education sector, which posted a notable 19.39% share.
Furthermore, as noted in previous reports, FORCADELL’s study confirms a clear trend toward leasing already fitted-out offices. In the 22@ district, 44% of signed deals were for pre-furnished offices, and in peripheral areas, this figure reaches 50%.
According to the report, this preference for fitted-out spaces is expected to persist throughout the year, especially while high availability in areas like these allows companies to move in quickly with lower upfront investment.
Office availability in Barcelona has remained stable for the second consecutive quarter, with a vacancy rate of 13.8%. This stability is partly due to space being released by some companies and the completion of new developments, helping to balance demand and supply.
However, FORCADELL’s report notes that market behavior varies depending on the location of the assets. As seen in previous quarters, the 22@ district holds the largest share of available space—44% of the city’s total—though this figure has slightly decreased compared to the last quarter.
The periphery ranks as the second-highest availability zone (22%), while the city center maintains a stable rate of 19%, consistent with previous quarters. This figure is influenced by several large-scale projects that have not yet been absorbed by the market, including the Estel Building, Aura Building, Monumento, Provença 206, and Diagonal Vertical, which together offer over 60,000 m² of available space in this area. However, a significant portion of this is expected to be absorbed throughout the current year.
Lastly, it’s worth noting that the CBD (Central Business District) maintains very limited availability (3%), with no new completions or supply increases expected in the short to medium term.
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