Of the 5.4-million-square-foot pipeline for 2010, only 2.5 million square feet will be realized, of which 36% is pre-let. This correction will prevent significant rises in the vacancy rate of 10.2%, a level not recorded since 1996. Following handover of new developments in mid 2010, office rents, which have been falling for six quarters and stands now at $2.73 per square foot, will stabilise as the market absorbs stock that will not grow in a significant form until at least 2012. Eusebi Carles, head of Savills Barcelona, says, "The year 2009 has been dominated by unheard of levels of economic uncertainty, a factor which without doubt has influenced many business decisions in the real estate market. 2010 should bring greater levels of certainty, which in turn should contribute to improved performance of markets in all facets."

Office take-up in the Catalonian capital fell by 30% in 2009 over 2008. The first quarter in 2009 recorded the weakest performance, but take-up improved thereafter reaching a peak of about one million square feet in the fourth quarter, which accounted for 40% of the annual total area leased in the year. New districts such as Plaza Europa have already signed tenants, alongside out-of-town locations, and are popular with firms trying to cut costs. The year closed with $854 million total office investments, a 40% decline from 2008. Scarcity of secure product has resulted in investors looking at alternative locations.

If Spanish activity is picking up, also outside the main office location of Madrid, this is a strong sign that recovery is on track throughout western Europe. Most specialists see the nation's deep economic problems, in particular residential overbuilding last decade, as taking some time longer to be durably overcome. Spanish banks are expected to exit a number of property portfolios this year.