offices Market News: Spanish Real Estate Intelligence

Barcelona's municipal government has signed a pact with the ERC group to boost the 22@ technology district by modifying the General Metropolitan Plan (PGM).

Royal I.S. AG has acquired a building comprising offices and commercial premises located on Las Ramblas, 124, in the centre of Barcelona from KKH Property.

The rental of office space fell to 131,000 square metres in Madrid and 86,000 square metres in Barcelona during the first half of the year due to Covid-19.

The Socimi is making the services of its coworking subsidiary LOOM more flexible and so is offering the rental of its offices and other facilities by the hour.

The fund managed by Josep Maria Xercavins has acquired a recently-renovated office building in Madrid, which spans an area of 3,000 square metres.

Between 15-20% of the office space leased in the Spanish capital houses technology companies and start-ups, compared to more than 30% in Barcelona.

Real estate investment amounted to 1,060 million euros in the second quarter of the year, down by 65% due to the impact of Covid-19, to reach 2014 levels, according to BNP Paribas RE.

The fund has purchased the Icon building from Naropa Capital, the investment company in which the Valladolid-based Fermoselle family, owners of the now defunct Parquesol, holds a stake.

GMP Property, the company owned by the Montoro family, points to its strong cash position to explain its desire to buy assets over the coming months following the sale of the jewel in its crown, the Castellana Norte business park.

The Socimi has reported that the impact of the coronavirus crisis on its balance sheet will be limited and that the decrease in annual income will be less than 2%.