The former Telefónica headquarters, abandoned for over a decade, now houses nearly 2,000 employees. This influx of international professionals has spurred the opening of new businesses such as Honest Greens and Planet Fitness, filling previously vacant commercial spaces.
According to real estate agency Busquets Gálvez, local shop rents have jumped from 15-25 euros per square meter by an additional 20% to 40%. This price hike is also being felt in local restaurants, where employees have noted increased menu prices since January.
“"If in this area they were around 15-25 euros/sqm, they have skyrocketed by 20-40%."
In the residential market, Idealista reported a 1.4% price increase in October, the highest monthly rise of the year for the district. Experts suggest that high-earning international staff are driving up demand, forcing some local workers to relocate to nearby cities like Sabadell or Sitges.
