Madrid Seeks To Attract Companies Leaving UK Post-Brexit

3 May 2017 – Mis Oficinas

Madrid hopes to fill 80,000 m2 of office space following the United Kingdom’s exit from the European Union.

According to eleconomista.es, the capital of Spain is positioning itself as one of the possible destinations for companies deciding to abandon the United Kingdom due to Brexit. To this end, the Spanish real estate sector is optimistic, given that Madrid has available office space amounting to more than 60,000 m2 (thanks to buildings such as BBVA’s former headquarters) and in turn, is planning to increase the volume of office space on Paseo de la Castellana.

Spain offers a significant advantage in terms of the competitiveness of its rents, given that the costs of its offices, as well as its shared expenses, are some of the lowest in Europe, alongside Luxembourg and The Netherlands, which, due to their size, do not have sufficient office space available.

Despite this, many companies argue that Spain needs to improve its administrative arrangements if it wants to attract large businesses. According to them, the Government should accelerate the granting of licences to expedite the construction of offices and increase tax credits to facilitate the launch of companies in the country.

Spain is sixth in the ranking of the most attractive countries in the world to invest large fortunes. The ranking is led by the United Kingdom, the USA and Germany. This is the first time that Spain has featured in the Top Ten, which could influence the decision of these companies.

Original story: Mis Oficinas

Translation: Carmel Drake

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