Tag: Mas Blau industrial estate

CBRE: 76,000 m2 of Office Space was Leased in Barcelona in Q1

10 April 2018 – El Periódico

During the first three months of the year, 76,000 m2 of office space was leased in Barcelona. That volume, which represents an increase of 4% with respect to previous quarters, is the highest seen in the last nine months, which means that, despite the political tensions, activity in the city’s office market is performing well. According to a report from CBRE, “companies are moving for very specific reasons and the appeal of Barcelona means that activity remains high. Currently, several large companies are evaluating new locations for their offices, which means that the forecast in the short and medium term for leasing remains good”, said Lindy Garber, Head of the Office Area at the real estate consultancy firm.

The most notable operations recorded during the first quarter include the rental of 6,500 m2 of office space by the Property Registrars in the BCN Fira District complex on Paseo de la Zona Franca; the move by the company Norwegian Air to Nike’s former offices on the Mas Blau industrial estate, where it is going to occupy 5,400 m2; as well as Pepsico Iberia’s move to its new offices spanning 4,900 m2 in the WTC Almeda Park complex. Like in most large cities, Barcelona is seeing an increase in demand from companies offering co-working space.

The volume of surface area available in the market continues to be low for another quarter. In the last year, the availability rate has decreased from 12.5% to 10.3%, and there is a shortage of large, high-quality spaces. Although several projects have been handed over in recent quarters, they have not been added to the new supply, since they were pre-leased before they even came onto the market. This practice is gaining ground due to the lack of available product in the market. On the other hand, the entry onto the market of Torre Glòries added around 27,000 m2 of available space in one of the most sought-after areas of the city, the 22@ district. Prime rents, which have risen by 35% since 2014, are continuing their upward trajectory, and now amount to €24/m2/month. Although that figure is still well below the peak of €28/m2/month reached in 2008, the rising trend is expected to continue in the medium term.

Investment market

During the first three months of the year, the office market recorded an investment volume of €121 million thanks, above all, to the purchase of Axiare by Colonial. This represents an increase with respect to the previous quarter when the investment volume amounted to €66.5 million. Nevertheless, despite the improvement in the investment figure with respect to the previous quarter thanks to the aforementioned operation, the political uncertainty is undoubtedly having an impact on the investment market.

Xavier Güell, Director of this area in Barcelona for CBRE, said that “during the last quarter of last year, investors suspended operations that they had underway because of that uncertainty; many returned to their purchase processes at the beginning of this year, but they remain cautious. Given that these processes require a certain amount of consolidation time, the operations will not be reflected in investment volumes until the second or third quarters”. Prime yields remain stable at around 4.25%.

Original story: El Periódico (by Max Jiménez Botías)

Translation: Carmel Drake

Núñez y Navarro Leases La Rotonda Offices To Nike

6 June 2017 – Eje Prime

The office market is alive and kicking in Barcelona. The property developer and construction company Núñez y Navarro has leased the La Rotonda building to the US sportswear group Nike, where it will open its headquarters in Barcelona. The operation has been brokered by CBRE.

The building, located at number 51 on Paseo San Gervasio, has a surface area of 4,300 m2. The US firm is following in the footsteps of other large groups with its decision to settle in the centre of the city, as it seeks to be closer to consumers and offer a better service. For more than ten years, Nike’s offices have been located on the Mas Blau industrial estate in El Prat de Llobregat.

The sports brand will now open its office in the modernist building, which dates back to the beginning of the 20th century. The property was recently renovated and already houses the headquarters of Accenture.

“With this move, Nike is moving from more traditional offices on the outskirts of the Catalan capital to a ground-breaking new office in one of the best areas of Barcelona” – explains Sandra Muñoz, from CBRE – “This move echoes a global trend, given that increasingly more companies are using their corporate headquarters to strengthen their brand image, as well as a differentiating element when it comes to attracting and retaining talent”.

Original story: Eje Prime

Translation: Carmel Drake