A record total of €1.02 billion worth of office investment transactions were completed in the first half of 2006 in Barcelona, which is higher than the annual total in some previous years. This was reported by CB Richard Ellis yesterday.
Activity has been mostly dominated by domestic investors. Despite the high levels of investment, the prime yield remained unchanged at 4.50%. Occupier demand this quarter was mainly focused in the Periphery and New Business Areas of the city, where nearly 70% of the vacant space in the city is located. Strong take-up this quarter has seen vacancy fall within these submarkets and the overall city vacancy rate fell again this quarter to 5.2%, a fall of 180 basis points since Q2 2005. Prime rents remained unchanged at 24.50 /m²/month.
Source: CB Richard Ellis