Already in 2014, investment in this segment of Barcelona has been a very good performance, reaching 844 million euros, 139% more than in 2013. In total we have closed 19 transactions (up 31%) and have managed to transact over 340,000 m2, 112% more than in the previous year, confirming that the investor appetite for this type of asset is again at pre-crisis levels.
A occupancy level, in 2014 a total of 258,000 m2 of offices, the best figure since the start of the crisis and close to the annual average of the past 10 years, with new business areas (Plaza Europa, 22 @ were hired ) concentrating the 45% and recovering the role opposite the center of the city.
An important factor to consider is the progressive decline in stock at the center of the city, which resulted in 90,000 m² less office in 2014. The main reason is due to the change of use to hotel, as has happened with the Agbar Tower or the former headquarters of Cuatrecasas, and the search by the tenant spaces of higher quality and efficiency.
The high demand and lack of product quality have compressed the required return a faster way than expected, from 6% in the fourth quarter of 2013 to 5.25% in the same period of 2014. Indeed, this lack of quality supply will cause the unemployment rate to remain stable at around 15%, with a downward trend. Rents continue at lower levels of the past 15 years, making for 2015 has great potential revaluation of assets.
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