offices Market News: Spanish Real Estate Intelligence

As the last quarter of the year begins, there have been some important moves in the capital's office sector, with investment funds and companies starring in various operations involving both the purchase of assets and the rental of offices.

The investment firm led by Javier Botín has switched its offices next to Nuevos Ministerios for a small palace that it has acquired from Juan Antonio Roca for 19.1 million euros.

The bank is going to vacate two properties that it has been renting in Sant Cugat along with another two in Alicante; it will also vacate a floor of offices in the City of London, all to reduce costs.

The company will occupy 4,400 m2 of the property's total surface area of 6,000 m2 and will lease out the rest. Sareb estimates that this move will generate savings of more than 14 million euros by 2027.

Funds such as Ardian, GLP, EQT, Nuveen, Primonial, M Capital and various opportunist entities have decided to bet on the fashionable sectors, such as logistics and build to rent, as well as on possible discounted operations in the hotel, retail and office segments.

The fund Global Realty Capital (GRC) has closed its first purchase operation in Spain, a market where it aspires to become a leading investment firm in the coming years.

In the district with the second most affordable average house prices inside the M-30, prices are already doubling and companies are moving into new offices.

The volume of real estate transactions carried out between July and September reached 1.439 billion euros, down by 65% in interannual terms, with the office segment leading the charge.

The property, which was acquired during lockdown, is located at number 67 Calle Serrano and includes an underground floor with parking spaces.

The private investment firm is launching its real estate activity in Spain and will start by investing in offices in Madrid and Barcelona, markets that it considers are solid and resilient.