Flexible Workspaces in Spain

This 2019 market report examined the growth, geographic distribution and outlook of flexible workspaces in Spain, with detailed analysis of Madrid and Barcelona. Cushman & Wakefield and ProWorkSpaces described how pure operators and hybrid owner-operators had expanded their footprints, entered new locations and increasingly leased entire buildings. The report reviewed office take-up between 2006 and the third quarter of 2019, mapped flexible-workspace leasing activity, and compared the sector’s share of office stock across European cities. It reported that Madrid operators leased 56,200 sq m during the first nine months of 2019, while flexible workspaces represented 11.2% of the city’s total office take-up. In Barcelona, the report linked rapid growth to new market entrants and demand in the 22@ technology district, the seafront area and the city centre. Flexible workspaces accounted for 1.2% of Madrid’s office stock and 2.0% of Barcelona’s at the end of the third quarter of 2019. The report also projected stock shares of 1.9% in Madrid and 3.4% in Barcelona by 2022. Its concluding discussion addressed space efficiency, specialist workplace areas, building data, workforce uncertainty and user experience.

Key findings

• Madrid operators leased 56,200 sq m in the first nine months of 2019, equal to 11.2% of the city’s total office take-up.
• Barcelona’s flexible-workspace share of office take-up rose from 5% in 2017 to 12% in 2018 and 16% during the first three quarters of 2019.
• Flexible workspaces represented 1.2% of Madrid’s office stock and 2.0% of Barcelona’s at the end of the third quarter of 2019.
• The report projected flexible-workspace stock shares of 1.9% in Madrid and 3.4% in Barcelona by 2022.

Published by Cushman & Wakefield and ProWorkSpaces, 2019