offices Market News: Spanish Real Estate Intelligence

The CEO of the large Socimi that specialises in offices has been speaking to brainsre.news to explain the company's plans for 2021 after it sold assets worth 240 million euros in the middle of the pandemic.

The property, known as the Aries Building, spans an area of more than 3,400 square metres and its main tenant is the Junta de Andalucía.

The building is 80% occupied by multinationals such as SGS and Vodafone, which have recently renewed their long-term contracts.

The founders of Prosegur and the owner of Grifols are the latest to back the real estate sector through their family offices, which manage between 150 and 750 million euros in Spain.

The building, which will be 180 metres high and comprise 35 floors, with 50,000 m2 of space and 7,000 m2 of green areas, will have the capacity to house 6,000 students from the Instituto de Empresa.

Málaga is the province that is sparking the most interest amongst foreign multinationals, specifically those in the technology sector, and domestic companies, according to Savills Aguirre Newman.

In 2021, 260,000 square metres of office space will be added to the existing supply in the Catalan capital; whilst in 2022, another 328,000 square metres will come on the market.

Alberto Muñoz, CEO of Inmobiliaria Espacio has explained to brainsre.news, how his firm managed to come through a year overshadowed by Covid with a strong level of sales and without stopping its projects, such as Caleido in Madrid.

Over the next 12 months, the Spanish capital will add 157,000 square metres of office space to its current stock; whilst the Catalan capital will increase its supply by 210,000 square metres.

The property, which is leased to Caixabank, is going on the market for 8.5 million euros.