Business · Markets · 2 hrs ago
Investment in Spanish offices rises 21% as demand shifts to quality spaces
Madrid and Barcelona attracted €1.962 billion in office investment from January to September, 21% more than in the same period last year.
The total was the best for those nine months since 2019 and was already more than 90% of all office investment in 2025.
The rise comes as companies increasingly seek office space, following a gradual shift back from the remote work that grew during the pandemic.
Demand is strongest for high-quality buildings in established locations, while other parts of the market face tougher conditions.
The two cities recorded 574,000 square metres of office leasing, 7% less than in the unusually strong same period of 2025.
Madrid accounted for more than 90% of third-quarter investment, while Barcelona had been more active in the first half of the year.
Investment in Spanish office properties reached €1.962 billion in Madrid and Barcelona from January to September, up 21% from the same period a year earlier.
The figure was the strongest for that period since 2019 and already exceeded 90% of all office investment recorded in 2025.
Including purchases for own use and deals linked to changes of use, total investment in office assets topped €2.5 billion in the first nine months of the year.
Office take-up in Madrid and Barcelona totalled 574,000 square metres, 7% below the “extraordinary volume” recorded in the same period of 2025.
Demand is increasingly focused on high-quality, well-located buildings, while other parts of the market face tougher conditions.
- Who
- Investors and companies seeking office space in Spain. CBRE provided the figures.
- What
- Investment in office properties in Madrid and Barcelona rose 21% year on year to €1.962 billion.
- When
- January to September 2026.
- Where
- Madrid and Barcelona, Spain.
- Why
- Companies are seeking high-quality, well-located offices, and investors are showing growing interest in the best-positioned assets.
This story does not have two clearly opposing sides.
Remote work surged, followed over time by a gradual return to in-person work.
Office investment in Madrid and Barcelona reached €1.962 billion, up 21% from the same period a year earlier.
Madrid accounted for more than 90% of investment activity, with €313 million; Barcelona recorded few significant deals after a busy first half.
- Investment, January–September
- €1.962 billion in Madrid and Barcelona
- Year-on-year change
- 21% increase
- Office take-up
- 574,000 square metres
- Investment including own-use and change-of-use deals
- More than €2.5 billion
- Madrid investment, third quarter
- €313 million
What people are saying
The office market continues to be characterised by strong polarisation. Demand remains healthy, but is increasingly concentrated in the highest-quality buildings and the most established locations, while the rest of the market faces a more demanding environment.
The reduction in availability in the most sought-after areas and renewed investor interest reflect solid fundamentals, although performance varies greatly depending on location and asset quality.