In a global business environment in full reconfiguration, Madrid and Barcelona are positioned as two of the most attractive - and affordable - European capitals for high-end corporate offices. According to the latest reports from the tertiary real estate sector, both cities offer excellent value for money when compared to other major financial centres on the continent such as London, Paris, Frankfurt and Amsterdam.
Operating costs competitive with international standards
In terms of occupancy costs (including rent, rates and taxes), Madrid and Barcelona are up to 40% lower than cities such as London or Zurich, and between 20-25% lower than Frankfurt or Paris. This makes both Spanish cities particularly competitive destinations for multinational companies seeking to optimise their cost structure without sacrificing a strategic location or high quality working environments.
In Madrid, for example, the average prime office rental cost in areas such as Castellana or AZCA is around 35 €/m²/month, while in Barcelona, in areas such as 22@ or Diagonal, prices range between 30 and 33 €/m²/month. Compared to the more than 60 €/m²/month that similar locations in other European capitals can reach, the difference is clear.
Talent, connectivity and quality of life: the other key factors
Beyond price, both Madrid and Barcelona offer a very favourable ecosystem for business development. First-rate technological infrastructure, excellent air connectivity, a wide range of qualified talent and a lifestyle that attracts both managers and international teams, are all strong arguments that more and more companies value when choosing their base of operations in southern Europe.
In addition, the rise of hybrid working has driven demand for flexible spaces and sustainable office buildings. In this area, both cities have experienced significant progress in asset refurbishment, improvement in environmental certifications (such as BREEAM or LEED) and the offer of premium coworking spaces that complement the rigidity of the traditional model.
Investment with a long way to go
The attractiveness of Madrid and Barcelona is not only limited to their competitiveness as operational headquarters: they also represent an opportunity for institutional investors. Despite the increase in demand, prices are still below their historical ceiling, which opens up room for revaluation for investors who bet on well-located assets adapted to the new ESG requirements of the corporate market.
At aProperties, we observe a sustained growth in demand for prime office space in both cities, both from technology companies and from legal, financial and corporate firms.