Offices in Madrid and Barcelona attract €1.500M during 3Q

Offices in Madrid and Barcelona attract €1.500M during 3Q

Starting in July, operations gained a new dynamic in these cities, especially core and core+ operations. Madrid concentrated most of the investment with 65%, and Barcelona attracted the remaining 35%. In the Catalan capital, the 525 million euro invested represents a new «historical record», pointed out Savills Aguirre Newman.

Foreign investors were responsible for the most investment and, according to the consultant, there will be more investment, since there is a lot of «off-market» activity. On this subject, Hipólito Sánchez, Savills Aguirre Newman’s office division’s executive director, advanced that «Barcelona and Madrid have pipelines of 700 million euro and 1 billion euro, respectively, which are being negotiated so that we might close the year with investment levels between 2 and 3 billion euro, which is not a bad number if we take into account the situation we’re living».

In terms of office space contracting, the consultant revealed that «Madrid showed signs of recovery between July and September and the potential demand in Barcelona has shown signs of more activity». During the third quarter, contracting reached more than 96.000 sqm in Madrid and 35.000 sqm in Barcelona. Rents remain stable and at levels similar to those registered at the beginning of the year, with the exception of some small adjustments.

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