The office market in Spain is at a pivotal moment. After years of adjustments and transformations in work models, cities like Madrid and Barcelona are once again showing dynamism. However, this growth is far from uniform: demand is clearly concentrated on high-quality offices, while outdated spaces are losing their appeal.
The question is no longer whether companies want to return to the office, but what type of office they are willing to lease in 2026. The answer is clear: prime, efficient, flexible offices aligned with ESG criteria.
Buildings that do not meet these standards are experiencing greater availability, lower demand, and downward pressure on rents.
Madrid and Barcelona: two active markets, but increasingly polarized
Recent data from the Madrid and Barcelona office markets confirm a clear trend: quality is the determining factor in leasing activity.
- Madrid: solid activity and more demanding demand
Although office leasing in Madrid has moderated slightly, the volume remains high. Companies are prioritizing buildings that reinforce culture, productivity, and employer brand, putting much of the secondary stock at a disadvantage.
Madrid continues to lead the demand for prime office space, especially in strategic areas like Castellana, AZCA, and Salamanca.
- Barcelona: remarkable growth driven by 22@
Barcelona has registered an 84% increase in office leasing, driven primarily by the 22@ district, where the supply of modern and sustainable buildings is concentrated.
New-generation buildings act as magnets for technology companies, creative corporations, and international firms seeking efficient and well-located spaces.
The major market gap: quality offices vs. outdated offices
JLL forecasts indicate that a significant portion of Spain's office stock will become obsolete if it is not modernized.
Office renovation is no longer optional: it is a necessary condition for competing in today's market. Key aspects of office modernization:
• Energy efficiency and sustainable certifications (LEED, BREEAM).
• Flexible spaces prepared for hybrid models.
• Integrated technology: IoT, sensors, smart access.
• Design focused on employee well-being and experience.
• Services and amenities that transform the office into a destination, not just a bureaucratic process.
What happens to offices that don't adapt?
• Reduced interest from large corporations
• Longer vacancy periodd
• Lower rent adjustments
• Increased regulatory pressure, especially regarding energy efficiency.
Meanwhile, modern buildings maintain robust demand, drive up prime rents, and reduce their availability.
Supporting the transformation of the office market
Modernizing the office stock in Spain is a strategic necessity that will shape the sector's evolution in the coming years.
For companies, it means having spaces that attract talent and strengthen corporate culture. For investors, it means protecting asset profitability and maintaining competitiveness.
For the market, it means raising standards of quality, sustainability, and efficiency.
All indications are that 2026 will accentuate this gap: modern and efficient offices will concentrate demand, while outdated spaces will lose competitiveness if they don't adapt to new ESG and technological criteria.
At Aproperties, we support companies, owners, and investors in this transformation process. We help identify opportunities, reposition assets, and select quality offices that meet the needs of the new work model. Our specialized office team continuously analyzes the market to offer strategic advice with a long-term vision.