BNP Paribas: Record-Breaking 39,500 m2 of Office Space Leased in Valencia in 2017

22 March 2018 – Eje Prime

Offices are breaking records in Valencia. The leasing of office space in the Mediterranean city reached a historical high in 2017, amounting to 39,500 m2, according to a report compiled by BNP Paribas Real Estate. Moreover, the good behaviour in terms of demand led to a slight upward trend in rental prices, which are now approaching €14.50/m2/month in the most iconic buildings of the old town, around the Plaza del Ayuntamiento.

“Since the end of 2013, the final year of the economic recession, demand has behaved in a positive way”, explain sources at the consultancy firm. The activity drivers that have grown by the most in recent months have been the construction sector, together with the services and industrial sectors.

“Demand has not focused on a particular area, given that between 8,000 m2 and 12,000 m2 of office space has been leased in each of the four areas that comprise the market.” In the prime area, 8,300 m2 of space was leased, a much higher figure than the average for the area over the last ten years (3,000 m2)”, they maintain.

“The good results in terms of space leased in recent years, coupled with the lack of new build projects, are generating a considerable reduction in terms of the availability rate in the Valencian market, which, at the end of 2017, decreased to 10.4%, over a total stock of 774,000 m2, which means that currently, there is 80,546 m2 of space available in the market”, conclude the sources at BNP.

Original story: Eje Prime

Translation: Carmel Drake

C&W: 130,000 m2+ Of Office Space Leased In Sant Cugat Since 2015

7 November 2017 – Eje Prime

The office business in Cataluña is not all about Barcelona. Sant Cugat del Vallès has become the most sought-after office sub-market on the periphery of the Catalan capital, not only for users but also for investors and property developers. More than 130,000 m2 of space has been leased there in the last three years, according to the Marketshot report, compiled by the real estate consultancy firm Cushman & Wakefield.

In 2015, more than 75,000 m2 of office space was leased in this Barcelona town. Sant Cugat del Vallès has always played an important role in Barcelona’s office space leasing figures. In the years 2015 and 2016, 54 rental operations were closed in Sant Cugat covering a surface area of 104,000 m2 (27% of the total signed in Barcelona as a whole).

The most important operations, including turnkey projects, in terms of size in recent years have been: Stradivarius (with 26,400 m2), Laboratorios Echevarne (with 12,000 m2), Mapfre (with 10,000 m2) and Natura Bissé Internacional (with 9,200 m2).

“Although the sub-market is maintaining the tone, the volume of absorption in 2017 has not exceeded 18,000 m2 (7% of the total leased in Barcelona)” – explain sources at the consultancy firm – “Nevertheless, we are not surprised to see fewer operations, given that the supply has been decreasing and the limited space that is still available is very fragmented”.

There is more than 115,000 m2 of potential office space in Sant Cugat, of which 100,000 m2 is located on buildable land. The potential for stock growth in the area is significant and, if all the projects come to fruition, the office park in this sub-market could increase by 22%.

As a result, the plots of land have great potential to respond to the lack of space in the area. “The Can Sant Joan and Can Ametller areas stand out for being home to the most iconic projects. Moreover, they are very well connected through their access to both public and private transport”, explain sources at the consultancy firm.

The increase in activity in the office market in Barcelona, the appeal of different business areas, other than the CBD and the city centre, added to the pre-leasing formula, which is present in the Barcelona market again for the first time since 2008, are all driving up rents. In the last year, the maximum rent in the peripheral areas rose by 7.5%; the minimum had been maintained between 2013 and the first quarter of 2017, but then the first significant increases started to be seen.

Original story: Eje Prime

Translation: Carmel Drake

Sabadell Rents 4,800m2 Of Space From Axiare In Sant Cugats

21 July 2017 – Expansión 

Banco Sabadell is expanding its facilities in Sant Cugat (Barcelona) with the aim of accommodating the growth of its IT services and addressing the challenge associated with the technological integration of the British bank TSB.

The entity chaired by Josep Oliu has leased 4,845 m2 from the Socimi Axiare Patrimonio, owner of the ParCugat building, where it will occupy half of the available floors. Sabadell will transfer 350 employees to the property, of which 40% are employed by the bank and 60% are employed by its subsidiary Sabadell Information Systems (Sabis), the bank’s software factory, which its controls 100%.

Some of these employees used to work in the historical building in the centre of the city of Sabadell (Barcelona), where now, instead of 1,900 people, there will be 1,600 employees, dedicated to both technological functions (800 people) and other departments within the entity.

Following this operation, Sabadell will have three corporate buildings in Sant Cugat. In addition to its main headquarters, known as the CBS building, it will have the building leased from Axiare and Colonial’s offices, which it started leasing last year – and where 800 employees work – to centralise the TSB integration process and the creation of the British bank’s new technological platform, known as Proteo4UK.

In total, Sabadell has assigned a team of 1,500 people to “unplug” TSB from Lloyds’ IT system and connect it to its own network. The process is being led by Sabis, although several technology partners are participating in it, such as Accenture, Everis, Indra, GFT, IBM, HP and BT.

The big bang, i.e. the date on which the integration will culminate, is scheduled for the weekend of 4-5 November. The success of the operation is key for Sabadell, given that Lloyds will pay it GBP 450 million to finance the costs associated with the new platform.

Original story: Expansión (by S. Saborit and M. Anglés)

Translation: Carmel Drake


Leche Pascual Group Leases 11,000m2 Warehouse In Madrid

20 January 2017 – Mis Naves

ProEquity has leased 11,220 m2 of space in the Casablanca logistics platform in Torrejón de Ardoz, to the Leche Pascual Group. As such, the dairy group has become the first tenant at the site.

The operation includes offices covering 669m2, which have been adapted to suit the operator’s requirements, as well as 149 parking spaces.

The Casablanca logistics platform has been developed on a plot of land measuring 84,968m2, of which 47,500 m2 corresponds to leasable surface area. It comprises two independent warehouses and it is located in the main hub for logistics and distribution operations in Madrid, 20km from the city centre and 10km from Barajas airport.

The site has direct access to the A-2 motorway connecting Madrid and Barcelona, which represents a key factor for distribution and logistics companies.

The platform is owned by the investment fund Rockspring which, according to John Thompson, Director of the branch in Spain, is in negotiations to lease another 20,000 m2, which could result in an occupancy rate of more than 60% of the available space.

Rockspring currently manages a portfolio of logistics space amounting to €800 million across France, the UK, Germany, Spain, Sweden and The Netherlands. It also has a reserve of land with potential to develop up to 240,000 m2 of space.

Original story: Mis Naves

Translation: Carmel Drake

Emperador Wants To Completely Fill Torrespacio

19 September 2016 – Expansión

Take advantage of the improvement that the Spanish real estate sector is enjoying to increase the value of its Spanish jewel. That is the objective that the Philippine group Emperador has set itself. The company, which specialises in the sale of alcoholic drinks, erupted onto the real estate market in November with its purchase of the Torre Espacio skyscraper, measuring 235m tall and with a surface area of 60,000 sqm, located in the Cuatro Torres complex in Madrid.

Emperador fought off other candidates that have more experience in the Spanish property market, by offering Grupo Villar Mir €558 million. Ten months later, the Philippine group has launched an ambitious marketing campaign, which includes a new name (Torrespacio versus the original Torre Espacio), with the aim of achieving a 100% occupancy rate in the tower (it is currently around 85% full).

“We want to boost the campaign launched in 2015 when we saw an upturn in office rental prices in Madrid”, explains Eduardo Corral, the CEO of Torre Espacio Gestión, the company (belonging to Grupo Villar Mir) that has been responsible for managing the skyscraper since it was constructed. Its role has not changed as a result of the change in ownership. “The Emperador Group has not asked us to do anything new and although it was not included in the sale and purchase contract, our long-term management contract remains in place”, said Corral.


The managers of Torrespacio are looking for new tenants to occupy the available space, measuring 8,800 sqm, at a time when office rental prices in Madrid are experiencing a slight increase; they amount to €27.50/sqm/month in the prime office area (CBD) of the city. “We are reviewing our rents, but we are in line with market prices”, says the CEO of Torre Espacio Gestión.

The prices are well below €45/sqm/month that the first tenants paid for the same skyscraper, which is 57-storeys high. “In 2009, we started to fill the building, and we achieved a 70% occupancy rate, but in 2008, we already had preliminary rental agreements, and, despite the crisis, we have achieved an 85% occupancy rate”.

Since it was opened, the main tenant of Torrespacio has been Grupo Villar Mir, something that has not been affected by the change of owner. “Villar Mir continues its commitment to lease the property and, so do the other tenants. The next lease contract is not due to expire for three years”.


The future tenants will not only be neighbours of Villar Mir, but also of the British, Dutch, Canadian and Australian embassies, the tobacco company BAT, Red Bull, Ubi and the Emperador group itself, which has opened its Madrilenian offices on the 28th floor of the skyscraper. “They are just finishing their move”, confirms Corral. Before the arrival of Emperador, the most recent tenant to move into the tower was the Chinese group Qbao, who moved in at the beginning of the year.

Of the available space, there is just one floor left in the top third of the building (the 44th floor), four floors in the middle section (floors 31, 29, 27 and 23) and two half floors. “We have one of the best buildings in Madrid and Europe, and the companies that move in will enjoy services such as a gym, a hairdresser, facility services, three restaurants and a chapel”.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake