Since the corona pandemic, the way we work has changed, and especially the place where we work. The market is recovering well and the demand for flexible workplaces is growing very quickly. Not only Madrid and Barcelona, but also three other Spanish cities are very popular.
The market has been steadily recovering since the pandemic and this can be seen in the successful growth of the number of flexible workplaces. Real estate managers see the sharp increase in demand and are only too happy to convert this into supply. However, they face some challenges in this area.
Madrid and Barcelona have the largest selection of flexible workplaces
Initially, there was a lot of interest in flexible workplaces and offices in Madrid and Barcelona. This is again apparent this year from data from real estate trader CBRE. In the first quarter of 2023, no less than 2,400 new flexible workplaces have been allocated in the Spanish capital. Madrid currently offers 23,460 workplaces of which 84% are occupied, 2% more than in the same period last year. In Barcelona, over 2,100 more flexible workplaces out of a total of 22,300 spaces were again rented out in the past quarter, representing an occupancy rate of 81% compared to 78% in Q1 2022.
Valencia wants to expand flexible workplaces, but is running into limited suitable space
However, since this year there has also been increasing interest in flexible workplaces in Valencia, Seville and Málaga. For example, although Valencia currently offers 600 flexible workplaces, the occupancy rate is currently 98%. Many expansion plans are currently being made in Valencia to offer even more flexible workplaces, but the available space is rather limited, especially in the city centre. Property managers want their offices to be as central as possible, but also want to focus on sustainability.
Málaga is growing the fastest in all of Spain in terms of flexible workplaces
Málaga currently has an occupancy rate of 90%. In terms of the number of flexible workplaces, this city grew the fastest in the whole of Spain in the first quarter, but here too property dealers are facing a lack of attractive and suitable space. Ideally, property managers would like to be able to offer at least an additional 1,500 square metres of flexible offices this year.
Great international interest in Seville
In Seville, the occupancy rate is currently 86%. Seville has 10,500 square metres of flexible offices, which translates into 1,050 flexible workplaces. In addition to Spanish companies, many international organisations are also interested in setting up flexible offices in the southern Spanish city. Yet here too, companies and investors struggle to find suitable premises in the centre of the city.