Not only is Barcelona an important trading hub, but it is one of the most lucrative commercial centres within Europe. This is why businesses need to appreciate the current office vacancy rates as well as what we might witness in the near future.
Current vacancy rates in 2020
It is first important to mention that 2020 is not yet over. Therefore, the vacancy rates mentioned here are likely to change in the coming months. Please note that these current figures might not fully represent the impact of the new coronavirus outbreak in relation to business opportunities. However, recent statistics highlight that the rates within the central business district (CBD) are at an all-time low of only 1.9 per cent. This is due to a pronounced lack of supply as well as the number of businesses which have chosen to relocate to the city over the past few years.
Prime office locations
The location of the property in question is also quite important. Some of the primary business hubs within Barcelona include these districts:
- The port of Barcelona
- Les Corts
- The immediate area surrounding Plaza Europa
As these areas are all prime locations for businesses due to the presence of mass transit hubs as well as their proximity to high-income communities, the associated vacancy rates may be even lower when compared to outlying locations.
While there is indeed a significant amount of construction taking place within the Barcelona CBD, the future rates are not as clear as they were during Q4 2019. This arises from the fact that the coronavirus outbreak is likely to take a heavy economic toll on businesses. Therefore, predicting what the future may hold is not as easy. If we instead choose to take historical trends into account, the rates should nonetheless hover somewhere between three and four per cent (due to increased demand counterbalancing the growth of CBD office construction). Either way, there is no doubt that Barcelona represents an excellent business opportunity if you have been hoping to expand your operations.