7 November 2017 – Eje Prime
The office business in Cataluña is not all about Barcelona. Sant Cugat del Vallès has become the most sought-after office sub-market on the periphery of the Catalan capital, not only for users but also for investors and property developers. More than 130,000 m2 of space has been leased there in the last three years, according to the Marketshot report, compiled by the real estate consultancy firm Cushman & Wakefield.
In 2015, more than 75,000 m2 of office space was leased in this Barcelona town. Sant Cugat del Vallès has always played an important role in Barcelona’s office space leasing figures. In the years 2015 and 2016, 54 rental operations were closed in Sant Cugat covering a surface area of 104,000 m2 (27% of the total signed in Barcelona as a whole).
The most important operations, including turnkey projects, in terms of size in recent years have been: Stradivarius (with 26,400 m2), Laboratorios Echevarne (with 12,000 m2), Mapfre (with 10,000 m2) and Natura Bissé Internacional (with 9,200 m2).
“Although the sub-market is maintaining the tone, the volume of absorption in 2017 has not exceeded 18,000 m2 (7% of the total leased in Barcelona)” – explain sources at the consultancy firm – “Nevertheless, we are not surprised to see fewer operations, given that the supply has been decreasing and the limited space that is still available is very fragmented”.
There is more than 115,000 m2 of potential office space in Sant Cugat, of which 100,000 m2 is located on buildable land. The potential for stock growth in the area is significant and, if all the projects come to fruition, the office park in this sub-market could increase by 22%.
As a result, the plots of land have great potential to respond to the lack of space in the area. “The Can Sant Joan and Can Ametller areas stand out for being home to the most iconic projects. Moreover, they are very well connected through their access to both public and private transport”, explain sources at the consultancy firm.
The increase in activity in the office market in Barcelona, the appeal of different business areas, other than the CBD and the city centre, added to the pre-leasing formula, which is present in the Barcelona market again for the first time since 2008, are all driving up rents. In the last year, the maximum rent in the peripheral areas rose by 7.5%; the minimum had been maintained between 2013 and the first quarter of 2017, but then the first significant increases started to be seen.
Original story: Eje Prime
Translation: Carmel Drake