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

Zriser Sells Building On Paseo de Ruzafa In Valencia

21 November 2016 – Real Estate Press

Grupo Zriser, the investment firm owned by the siblings Ana and Pablo Serratosa, has sold a property on Paseo de Ruzafa, 18, six months after buying it.

The property has a surface area of more than 2,200 m2 spread over the basement, ground- and mezzanine-level retail premises, as well as four additional floors measuring 400 m2 each.

The retail premises used to be occupied by Bershka, until it opened its flagship store on Calle Colon 32, in January this year.

The store is located on the section of the street that connects Plaza del Ayuntamiento with Colón and its extension along Calle Ruzafa runs as far as the new retail space, measuring more than 7,000 m2, where Primark is due to open a new store after Christmas.

A few months ago, Grupo Zriser also sold the Generali building, located at number 29 on Plaza del Ayuntamiento in Valencia, to the businessman Juan Luis Gómez-Trenor, founder of the now extinct firm Colebega and shareholder of Coca Cola Iberian Partner.

Zriser acquired the building, which it has sold to a Valencian family office, in an operation advised and brokered by Olivares Consultores, who are also marketing the rental of the property, through the second fund managed by the group owned by the Serratosa siblings, with significant Valencian investors.

Original story: Real Estate Press

Translation: Carmel Drake

German Firm Buys Building In Valencia To Convert Into Hotel

10 November 2016 – Real Estate Press

Realzia, the real estate consultancy firm, has advised on the sale of a building on Calle María Cristina, 8 in Valencia, located between the Central Market and the Plaza del Ayuntamiento, which has been acquired by a German property developer.

The property has a surface area of 1,723 m2, distributed over nine above ground floors and one basement level. It overlooks both Calle María Cristina, as well as the pedestrianised Calle San Fernando. The asset used to belong to Unicaja, but because of the complex urban planning rules associated with it, has been in disuse since 2008.

Following several months of urban planning work, the Town Hall of Valencia recently granted permission for the building to be used as a hotel, which has resulted in this purchase by the German property development company.

As such, within the next 18 months, Valencia will have a new and exclusive 35-room boutique hotel and restaurant, with a terrace on the ground floor, right in the heart of the city.

Realzia specialises in the sale of tertiary-commercial assets and urban land, for both residential and tertiary use. The company currently owns one of the most important portfolios in the city containing buildable land and buildings that need to be renovated, with almost a hundred assets in total in Valencia capital alone.

Original story: Real Estate Press

Translation: Carmel Drake