Savills forecasts Spain’s office investment will rise to €3bn in 2026 after €2.626bn in 2025; Madrid and Barcelona lead recovery amid tight supply and strong leasing.
Spain’s office market is staging a clear recovery, with consultancy Savills forecasting that investment in offices will reach €3,000 million in 2026 — a level consistent with long‑term averages and signaling renewed investor confidence.
According to Savills’ latest Office Pulse, 2025 closed with total office investment of €2,626 million (€2,107 million when excluding changes of use). The consultancy describes the market as approaching the stabilised phase that follows the disruption caused by rising interest rates, noting “positive dynamics from both the point of view of the user and the investor, who are once again looking at the offices with interest in a favourable macroeconomic context and with solid demand fundamentals.”
Madrid and Barcelona driving the recovery
Madrid led the way in 2025, allocating €1,346 million to pure office transactions — double the level of the previous year — plus another €461 million linked to changes of use. Much of the activity was concentrated in the city centre, but almost half of the deals took place outside the M-30 ring, a sign that liquidity is improving across multiple submarkets.
Barcelona also posted a strong year, with office investment reaching €721 million — up 47% on 2024 and nearing the city’s historical average of roughly €800 million per year. One large ‘mega‑operation’ (the Garden building) accounted for about 27% of Barcelona’s total, while Savills highlights a shift toward larger, core and core‑plus transactions. Notably, the 22@ district recovered strongly: five operations in the area accounted for 85% of activity in new business zones after an almost dormant 2024.
Leasing demand remains healthy but supply is tight
The recovery in investment has been underpinned by a solid user market. Madrid recorded more than 550,000 square metres of office leasing in 2025, exceeding historical averages and nearly matching last year’s gross absorption. However, strong demand is colliding with a scarcity of quality product in prime urban locations — availability within the M-30 fell to an all‑time low of 2.43%.
Barcelona’s leasing market also strengthened, with 323,000 square metres transacted in 2025, up 12% year‑on‑year and above its historical average. The 22@ innovation district was particularly dynamic, accounting for 132,000 square metres or 42% of the city’s absorption. “22@ has been the star of the year, reaching 2019 levels,” said Natalia Montal, associate director of leasing offices at Savills Barcelona, warning that reduced development activity could drive availability down faster than expected. Tech companies, training institutions and even the public sector led several large deals in the district.
Investor profile and outlook
Savills notes a renewed investor appetite for office assets, especially higher‑quality, well‑located and well‑serviced buildings — a trend toward core and core‑plus profiles and larger transactions. With demand stable and distributed evenly across the year, the consultancy expects open sales processes to resume more broadly as liquidity becomes clearer.
If forecasts hold, the jump to €3 billion in 2026 will mark a consolidation of the sector’s recovery and signal that offices remain a core part of institutional portfolios in Spain. That said, the biggest near‑term challenge is on the supply side: strong occupier demand and constrained prime stock could keep rents supported and put a premium on high‑quality office space, especially inside Madrid’s M‑30 and in Barcelona’s 22@.
