Vips, Cepsa & Axa Give Impulse to RE Market

5/09/2014 – Expansion

Over the last months, real estate movements in Spains capital intensified, especially in the office segment, bringing another proof of recovery. In total, according to CBRE, year-to-date almost 200.000 square meters have been included in rental contracts.

Among the most noteworthy operations, there is the move of Vips which decided to get together all its offices in Madrid and locate them in front of the Cuatro Torres Business Area in a building at 278 Paseo de la Castellana street. Prior to the relocation, the firms team was divided between the Maria de Molina and Mirasierra areas. Vips rented around 6.000 square meters inside one of the properties in the Navalis complex belonging to Metrovacesa.

Before, the office complex housed Repsol which moved to its business campus in Mendez Alvaro at the beginning of 2013.

Another 2014 top operation was conducted by insurance company Axa which rented an over 23.000 square meter office building situated at 81 Avenida de America street from Torre Rioja. The 5-storey property offers jointly 480 parking spaces (380 underground and 100 above the ground level). This rental agreement has been proclaimed one of the three biggest in the past five years, CBRE says.

According to JLL, availability rate of offices for rent in Madrid posts 12.17%, about 1% less than in the first quarter of 2013.

Next significant move has been done by Alstom. The railway manufacturer signed a rental contract on a nearly 6.000 square meter office complex with Colonial. The property is located at 49 Martínez Villergas street and a part of it has been serving Iberia as headquarters since 2013.

In turn, last year Cepsa negotiated on rental conditions of its new offices, however the move-in took place this year. The oil company has rented a skyscraper designed by Norman Foster included in the Cuatro Torres towers from Bankia which will still occupy five floors of it. The iconic tower is presently up for sale.

When it comes to the city of Barcelona, the most notable is the move of Agbar that sold its tower and relocated to new offices on the Paseo de la Zona Franca street. The well-known bullet-shape tower overlooking Barcelona will be converted into a Hyatt hotel. It was acquired by Emin Capital for €150 million.


Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE