2026 ranges by delivery level
In a mid-cost area, values per built m²:
| Level | Content | Indicative range 2026 |
|---|---|---|
| Shell and core | Structure, façade, roof, cores, general services up to each floor | €700 – 1,000/m² PEM |
| Building with base fit-out (cat A) | Adds raised floors, ceilings, distributed climate systems, general lighting | €1,000 – 1,600/m² PEM |
| Occupier fit-out | Layout, finishes, meeting rooms, fixed furniture, audiovisual | €500 – 1,200/m² additional |
As a market reference on fit-out, specialised office fit-out guides place the average cost of a complete fit-out at around €1,080/m² in Madrid and €1,140/m² in Barcelona, average values covering everything from functional layouts to high-specification spaces. Refurbishing existing offices without structural change sits in lower ranges, usually between €400 and €900/m².
The variables that move the ratio
Climate systems and ventilation. This is the differential chapter of offices versus residential: primary air flows per occupant, zoning, heat recovery and controls. Between a basic system and a high-efficiency one with zone control there are several hundred euros per m² of difference, partially recoverable in operation.
The façade. Curtain walls and façades with high acoustic and thermal performance concentrate much of the premium of high-end office buildings. The ratio between façade area and floor area (compactness) is, as in residential, an early predictor of the final ratio.
Certifications. Sustainability and wellbeing labels require additional items (monitoring, air quality, certified materials) and verification processes. Their direct premium is usually moderate in projects already designed with efficiency criteria, but can be significant when added late to a project.
Clear heights and loads. Open floors with long spans, generous clear heights and high imposed loads make the structure more expensive than residential, in exchange for the flexibility that the rental market demands.
The developer's reading and the occupier's reading
The developer reasons in building cost (shell and core or cat A) against expected rents; the occupier reasons in fit-out cost per workstation. Both budgets meet in the negotiation of landlord contributions to the fit-out, common in the office rental market. For budget analysis, the consequence is direct: no office figure can be interpreted without specifying the delivery level and who bears each block. The general mechanics of budget levels are developed in from PEM to total cost.
The essentials
Offices in 2026 cost between €700 and €1,000/m² PEM in shell and core, between €1,000 and €1,600/m² with base fit-out, and the occupier fit-out adds between €500 and €1,200/m² depending on specification. Climate systems, the façade and flexibility requirements explain most of the differences between projects. Before comparing two figures: same delivery level, same services scope, same treatment of indirect costs.
Note: indicative ranges for Spain in 2026, variable by region, project and market.