Madrid Nuevo Norte boost the capital's business center

Madrid Nuevo Norte boost the capital's business center

With Madrid Nuevo Norte (Operation Chamartín) about to start up, the financial district is renewing its hotel and retail offer, while new housing developments are being developed, with average prices of 4,700 euros per sqm at the close of 2020, the highest in the city.

The Chamartín district has the highest average income, exceeding that of the municipality by nearly 40%, and is home to some of the most exclusive enclaves in Madrid, such as the El Viso urbanization. It is the second district with the largest area for city offices.

According to a report prepared by CBRE, in the Chamartín district there are 166 buildings dedicated exclusively to offices, with a stock of more than 1,067,168 sqm and an occupancy rate of 88%. The Nueva España neighborhood stands out, where occupancy is 82% due to the fact that two of its entire buildings are currently under renovation: Fray Bernardino Sahagún 24 and Juan Hurtado de Mendoza 24.

Madrid Nuevo Norte will add one million sqm of offices, including three skyscrapers, one of them over 300 meters high.

New housing construction

Currently there are 2,600 new homes underway, which will be added to the 10,500 units of the Madrid Nuevo Norte project.

The streets with the highest price, above 11,000 euros per sqm, have been Turia and Urola, both in El Viso. On the contrary, the most affordable are in Puenteareas, Luis de Salazar and Ros de Olano.

The revitalization of the Chamartín district is making itself felt in the hotel plant and in retail. In CBRE they point out that, despite not being one of the traditional areas for fashion shops and restaurants, there are several sources of intense activity for brands, such as Paseo de la Habana, especially in the section from Paseo de la Castellana to Concha Espina.

The demand for hotels in the Chamartín district, due to the number of companies it houses, has depended on business tourism, the most affected by the pandemic. In order to be able to welcome and also attract leisure tourists and with a view to the recovery of the MICE segment (events, fairs and exhibitions), the current hotel plant is taking advantage of it to renovate its facilities. “The Castellana Norte project is expected to generate a diversification of demand, with the leisure tourist gaining more weight and thus reducing the dependence of the business client”, explains Paloma Relinque, director of the CBRE Madrid office.

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