Office take up in Madrid reached 88,700 m2 in the third quarter

Office take up in Madrid reached 88,700 m2 in the third quarter

The number of contracts signed during the third quarter of 2017 amounted to 83. Although it represents a fall, in relation to the first two quarters of the year (111 in the first quarter and 114 in the second), due to the seasonal effect, in cumulative terms it remains at levels similar to the previous year, with an average of 103 operations per month, compared to the 109 of 2016.  

The most important operation of the quarter was the rental of an office with 5,455 m2 by WeWork, in the financial heart of Madrid, which will be dedicated entirely to the co-working, confirming the adaptation in which is immersed the market of occupancy of office space in the Community of Madrid, in order to seek efficiency and cost reduction that companies demand, in search of an increase in operations, within the workplace strategy that involves optimization, flexibility, creation of synergies, cross selling, open spaces, hot desking, etc.

Prime rent increased by 12%, year-on-year, and is now at € 32.5 / m² / month (€ 29.0 / m² / month in the third quarter of 2016).

The available area is still compressed in the Madrid office market, where the availability rate was reduced to 10.5% at the end of September.

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