Madrid Class A vacancy is 8.6% with the market trending rising — pipeline visibility matters more than headline vacancy.

• Headline vacancy: 8.6%; trend rising.
• Trophy submarket (Castellana & AZCA) typically clears at half headline vacancy.
• New construction lead time is 36–60 months — pipeline is largely fixed for the next cycle.
• Pre-let activity dominates the new-build pipeline.

TL;DR

• Headline vacancy: 8.6%; trend rising.
• Trophy submarket (Castellana & AZCA) typically clears at half headline vacancy.
• New construction lead time is 36–60 months — pipeline is largely fixed for the next cycle.
• Pre-let activity dominates the new-build pipeline.

Headline vs trophy availability

Headline Madrid Class A vacancy of 8.6% includes a long tail of older, less-amenitised stock. The trophy tier in Castellana & AZCA typically clears at materially below headline.

Pipeline visibility

Construction lead times of 36–60 months mean the next cycle's supply is already largely visible. Tracked pipeline includes 3 notable assets in Madrid.

Key facts

Frequently asked questions

Is Madrid Class A office tight right now?

Headline vacancy is 8.6%. Trophy is materially tighter; older Class A and Class B carry the long tail.

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

• CBRE Marketview reports — CBRE
• JLL Office Insight — JLL
• Cushman & Wakefield Marketbeat — Cushman & Wakefield
• Savills World Research — Savills
• Colliers Global Office Outlook — Colliers

Full sources index · Submit a correction

Related topics

• Trophy Asset Selection — How to identify and evaluate trophy Class A assets for a flagship requirement.