offices Market News: Spanish Real Estate Intelligence

Supply Lags Demand in Lisbon’s Office Market
13 March 2019 The take-up volume in the office market fell once again in February in Lisbon, this time by 39% compared to the same period in 2018 and 45% compared to the month before. The steep fall accentuated the fears that Lisbon's office market is unable to keep up with the pace of demand, leading to a fall in transactional activity. There were nine operations in February, four fewer operations than in the same month of 2018, down 31%. Rodrigo Canas, of Savills Portugal, stated that "These figures ​​are not at all surprising and reflect forecasts from the end of 2018,” noting that the lack of high-quality office spaces is limiting market growth. In total, the take-up volume in January and February 2019 fell by 34% compared to the same period in 2018, with the number of transactions also falling by 32%. While Lisbon’s zones 1 (Prime CBD) and 2 (CBD) saw increases of 17.5% and 30% in their take-up volumes, the city’s remaining areas saw decreases. Original Story: Diário Imobiliário Summary / Translation: Richard Turner  
Explorer to Sell Five Buildings for an Expected €50 Million
11 March 2019 Explorer Investments, which recently sold the Penha Longa resort, is set to sell another five properties in Lisbon, just two years after having acquired them, in a deal potentially valued at 50 million euros. The assets have a total area of ​​18,000 square meters, with an array of well-known tenants including Starbucks and CUF. The five properties on sale consist of Building E, in Alfrapark (Alfragide), the Visconde de Alvalade (see photo), the CUF Alvalade Clínica (Alvalade), the Smart Building in Parque das Nações and a bank branch in Madeira. Explorer, an asset management firm, first acquired the properties in 2017 as part of a portfolio of 14 properties for approximately 150 million euros.  The assets included in the sale included Alvaláxia, Holmes Place, the Liberty building on Avenida Fontes Pereira de Melo, and the former headquarters of the Jornal Expresso on Avenida Duque de Palmela. Original Story: Economia Online Photo: CBRE Summary / Translation: Richard Turner  
Portuguese Government Plans to Sell Almada Nascente for €2MM
6 March 2019 The Portuguese state is considering plans to sell the Cidade da Água - Almada Nascente, Margueira for two million euros. The project, which is managed by Baía do Tejo, a state-owned firm, has attracted the interest of a number of foreign investors even has doubts have surfaced regarding the sales prices since the project will still face elevated costs with infrastructure and development. The Cidade da Água - Almada Nascente, along with Quimiparque, in Barreiro, and Siderurgia, in Seixal, consist of industrial areas included in the Arco Ribeirinho Sul project, whereby the government is looking to redevelop the region, planning hotels, offices, shops, cultural venues, a marina and an intermodal river terminal.  Baía do Tejo, which is owned by Parpública, is in charge of developing plans for the area, called Lisbon South Bay. Original Story: Publituris Summary / Translation: Richard Turner