occupational trends and flexible offices have become a notable feature of the real estate market. A recent CBRE report, with data updated through September, shows that in the third quarter nearly 4,600 new lease agreements were signed for flexible workplaces. If space is calculated at 10 square meters per worker, this equates to about 46,000 square meters of newly utilized area. The distribution is almost even between Madrid and Barcelona, with 2,060 and 2,035 hires respectively, illustrating high demand in both capitals.
The consultancy notes that demand for flexible office space is also reflected in rising occupancy. During the third quarter, a period typically quieter due to the summer lull, the regional market recorded higher occupancy in flexible spaces. The average occupancy across the analyzed cities stands at 82%, a 2% rise from the previous quarter, according to Salvador Aguilar, head of Agile Practice at CBRE Spain.
The report describes the flexible office sector as an ever‑expanding segment, highlighting the excellent quality of life and the concentration of key urban centers where companies and employees prefer to locate. In many cases, given the strong occupancy and limited supply, demand for space in some markets remains unmet even as some operators scale up.
In contrast to flexible spaces, traditional office buildings have seen rents decline. CBRE reports an 11% drop in rents during July, August and September, with 109,000 square meters signed over the quarter and a year‑to‑date fall of 15%. The firm notes that this decline aligns with long‑standing seasonal patterns and historical averages.
Madrid and Barcelona: leading markets for flexible offices
Madrid and Barcelona continue to lead in flexible offices as well as other asset classes. The average occupancy in Madrid runs around 84%, while Barcelona reports about 79%. Both figures sit above and below the national average, illustrating strong activity in both cities.
In Madrid, CBRE observes a slower pace of new flex space openings compared to the same period last year, even as the total number of flex spaces keeps climbing. There are currently more than 24,000 positions, totaling approximately 242,000 square meters, about a thousand more than a year earlier. In Barcelona, the market shows roughly 22,370 positions, up from 21,200 in 2022.
Relative to the overall office stock, flexible spaces represent 3.4% of Barcelona’s available square meters and 1.8% in Madrid, indicating a growing but uneven distribution of flexible space across the two leading markets.
Occupation trends in Malaga, Valencia and Alicante
Malaga stands out with an exceptionally high occupancy rate of 98%, approaching full utilization. In the last quarter, occupancy rose by 6%, setting new all-time highs. The city currently reports 87 flexible jobs signed in the third quarter, with a total of 568 people employed in these properties, and a stock around 5,800 square meters. The limited availability of suitable spaces, typically exceeding 1,500 square meters, has positioned Malaga as a prime expansion site for the country’s largest operators looking to grow their footprint.
The sector’s growth is not confined to Andalusia; Seville records the second‑highest occupancy among regional cities at 85%, with 140 positions signed in the third quarter. Valencia shows 199 hires, though Turia’s capital noted occupancy at 78%, lower than Seville. Across these markets, major firms are attempting to expand while facing challenges in locating well‑located space in city centers. In Seville, the Cartuja area remains the most viable option identified by CBRE. Alicante, while not among the top markets, occupies a meaningful position with an occupancy rate near 69% and 45 flexible jobs signed in the last quarter, marking it as the sixth most important market in this segment.
The flexible office sector continues to gain market share over recent years, as observed by CBRE. This trend reflects a broader shift in how modern workspaces are used and perceived, driven by the need for agility, collaboration, and cost control. (CBRE, 2024)