The financial sector absorbed 20% of the total space contracted in Madrid, while technology 37% in Barcelona, respectively.
By Concepcion Nunez
Published: 07 April 2021
Finance and technology were the two sectors that led the hiring of offices in 2020 in Madrid and Barcelona, Spain. The financial sector absorbed 20% of the total space contracted in Madrid, while technology 37% in Barcelona.
JLL data indicated that hiring fell 42% in Madrid, to 334,000 square meters (m2); in Barcelona, it fell by 64%, to 140,000 m2, although in this case low availability also influenced.
“For 2021 the forecasts are encouraging, since a strong rebound in hiring is expected, which will be around 50% in Barcelona and close to 20% in Madrid”, JLL said in its March report.
The analysis indicated that in Madrid, the sector that absorbed the most m2 was financial (20.3%), technology (16.5%), distribution and consumption (10.3%), professional services (10.3%) and telecommunications and media (9.8%).
In Barcelona, the technology sector led the absorption (37.4%), followed by professional services (15.6%), real estate (5.8%), energy and natural resources (5.6%) and telecommunications and media (5.1%).
The analysis of the consulting firm highlighted that the impact of teleworking in the office market will be limited in the long term, although it will favor the flexibility of spaces, according to a publication by Eje Prime.