WeWork Leases 2 New Office Spaces in Barcelona

4 October 2018 – Eje Prime

The US group, WeWork, is continuing its conquest of Spain and is getting ready to make its mark in the centre of Barcelona. The company, which specialises in flexible office spaces, will add a new complex to its portfolio in the Catalan capital after signing the lease on a building. The Corner, located at number 444 Avenida Diagonal, owned by Emesa. In parallel, the group is finalising the lease of the former headquarters of Banco Popular on Paseo de Gracia, in a property controlled Hines.

The building on La Diagonal is owned by Emesa, the investor group owned by Emilio Cuatrecasas, and used to house the headquarters of the law firm Cuatrecasas. The Corner, located at the intersection of La Diagonal and Paseo de Gracia has a surface area of 3,400 m2 distributed over seven floors (plus a basement), with an average surface area of 400 m2 each.

Emesa has owned the property on La Diagonal since 2017, when it paid €35 million to acquire it. The asset had been on the market since the beginning of the year after Cuatrecasas abandoned its traditional location to move to the 22@ district. Emesa had considered the possibility of leasing the building to several tenants, but in the end, it will be occupied in its entirety by WeWork.

In the meantime, the coworking giant is finalising another major operation. The company is close to signing the lease on the former headquarters of Banco Popular on Paseo de Gracia, a building that has been owned by Hines since March 2017, which paid €90 million for it.

Spaces, one of WeWork’s main rivals, expressed interest in that building in July. Nevertheless, sources at the company indicate that its operation never materialised. The building, located at number 17 Paseo de Gracia, has a surface area for offices and a retail premise, and has just been renovated by its owner.

With these moves, the US giant is taking positions in the centre of Barcelona; until now it had focused its presence on the 22@ district. In May, WeWork leased 4,500 m2 of space in the WIP building, owned by the Swiss fund Stoneweg.

That building is located next to the first complex that the group opened in Spain, in the Luxa building on Calle Tánger of the technological district. In Madrid, WeWork operates a space at number 43 Paseo de la Castellana, another at 77 on the same street, and a third at number 27 Calle Eloy Gonzalo.

Companies specialising in the management of these types of work spaces are revolutionising the office market all over the world. WeWork and Spaces are just two of the largest players on the global stage and both arrived in Spain in 2017.

Original story: Eje Prime (by Pilar Riaño & Jabier Izquierdo)

Translation: Carmel Drake

Savills: Investment in Offices in Madrid Will Amount to €2bn in H2 2018

19 July 2018 – La Vanguardia

Madrid is accumulating investment projects in the office market worth almost €2 billion, which will materialise during the second half of this year, according to the consultancy firm Savills Aguirre Newman, which estimates that the figure for Barcelona amounts to around €700 million.

In Madrid, there was an 11% reduction in the volume of office space leased during the first six months of the year, and absorption in the office segment of the capital amounted to 273,000 m2.

In Barcelona, the transacted volume amounted to 207,447 m2, and the peripheral area was where operations grew by the most during the six months to June, up by 78% YoY, to 56,030 m2.

In terms of average rents, in Madrid, the figure reached €17.70/m2/month, up by 12% compared to the first half of last year, whilst the theoretical “prime” rent in the central business district amounted to €32/m2/month, up by 10% YoY.

The report indicates that in Barcelona, the evolution of rental prices is continuing to rise, with growth of 6.2% on average over the last year.

The average price in “prime” areas in the central business district of the Catalan capital amounted to €19.35/m2/month, compared with the new business areas, which saw prices of €15.70/m2/month.

Of the operations planned for Madrid this year, the consultancy firm highlighted new developments and renovations in Vía de los Poblados (33,000 m2), Puerto de Somport (14,000 m2), Avenida de Bruselas (14,500 m2) and Príncipe de Vergara (11,400 m2), amongst others.

In terms of the main projects in the Catalan capital this year, Savills Aguirre Newman highlights the Luxa building, with a surface area of 17,000 m2, Tánger 66 (8,000 m2) and Parc Glòries (24,000 m2). In 2019, the Can Batlló project in Plaza Cerdà will be completed, with a surface area of 17,000 m2, as well the Hexagon in 22@, spanning 10,800 m2.

Original story: La Vanguardia

Translation: Carmel Drake

Amazon Negotiates Rental Of 13,000 m2 Office Space In Barcelona

27 February 2017 – Expansión

The distribution giant Amazon is preparing to make its debut in the 22@ technological district of Barcelona. The company is negotiating the rental of 13,000 m2 of office space in the future Luxa building, which is being promoted by the Castellví group. If the agreement is signed, it will represent the latest chapter in the company’s recent offensive to expand its presence in Cataluña.

Sources close to the negotiations indicate that the agreement between the two parties may be signed within the next three weeks. Meanwhile, spokespeople for Amazon and Castellví have declined to comment on the information.

The Luxa building is going to be split into two units: the main section will have a surface area of 9,920 m2, whilst the second building will add another 6,494 m2 of space. Between the two, there will be almost 17,000 m2 of office space, which means that Amazon will occupy 75% of the total.

The likely arrival of Amazon in 22@, which was revealed by the website Ejeprime, confirms the boom times that the area is enjoying. Another recent high-profile operation involved the technology company Schibsted, which last week announced its plans to move into an office building promoted by the real estate firm Colonial.

In recent months, Amazon has made a strong commitment to Cataluña. The company led by Jeff Bezos will open a 60,000 m2 logistics centre in El Prat de Llobregat (Barcelona) in the autumn, following a €200 million investment. And a few months ago, the giant inaugurated another logistics centre, measuring 28,000 m2, in Castellbisbal (Barcelona). Meanwhile, at the beginning of last year, the firm opened a collection point in el Eixample.

Original story: Expansión

Translation: Carmel Drake