The data from the final quarter of 2022 is clear: Barcelona’s office market matched the total leasing volume of 2021, with approximately 320,000 m² of office space leased. In terms of stock, 2022 recorded the highest year-on-year growth of the last decade, at +3%, while development activity is picking up pace, with an additional 293,000 m² projected for 2023.
For context, despite a socio-economic environment marked by uncertainty, Spain not only avoided recession, but achieved one of the strongest economic growth rates in the European Union—nearly 5%, twice the EU average.
22@, the great protagonist
While maintaining solid leasing figures, the last quarter of 2022 was marked by the absence of large-scale transactions, unlike in previous years. In 2021, just three deals accounted for a quarter of the total volume. In 2022, the average deal size settled at 850 m², reflecting a balanced and steady market in the Catalan capital. In fact, mid-size transactions (<500 m²) continued to dominate, making up 55% of the activity—though this figure has dropped from a historical average of 70%. At the same time, larger transactions have gained ground, with deals between 1,000 m² and 3,000 m² increasing from 14% to 21%.
A third of all deals took place in the city’s new business areas (NBAs), with 22@ leading the way, accounting for approximately 81,000 m². Also noteworthy is the prime CBD (central business district), which captured 12% of total volume and 16% of transactions in 2022. With a +49% year-on-year increase in leasing volume, the central zone has gained relevance—especially in the post-pandemic context.
Finally, regarding asset type, sustainability is playing an increasingly important role. Energy efficiency, sustainable mobility, circular economy, and quality standards are now central to decision-making. Beyond location, companies and users are placing more value on how office spaces are designed and operated. Key factors include the layout, availability of communal areas (terraces, open spaces, shared leisure zones), and overall comfort. In terms of data, Grade A buildings accounted for 44% of total leased volume (+21% vs. 2021) and 26% of transactions (+53% vs. 2021).
A final note on one of Barcelona’s standout assets: flex space. In 2022, flex deals represented 10% of total leasing activity, more than doubling the volume of 2021, and accounting for 3% of the city’s total office stock. For all these reasons, flex space in areas like 22@ is expected to remain a key pillar of Barcelona’s office market in 2023.
