OFFICE MARKET MADRID AND BARCELONA - monitorimmobiliare.it
OFFICE MARKET MADRID AND BARCELONA - monitorimmobiliare.it
OFFICE MARKET MADRID AND BARCELONA - monitorimmobiliare.it
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35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
%<br />
6 PROPERTY REPORT - <strong>OFFICE</strong> <strong>MARKET</strong> <strong>MADRID</strong> <strong>AND</strong> <strong>BARCELONA</strong> - Q3 2011<br />
Quarterly Take-up by Zone<br />
m 2<br />
350,000<br />
300,000<br />
250,000<br />
200,000<br />
150,000<br />
100,000<br />
50,000<br />
0<br />
2006 2007 2008 2009 2010 2011<br />
Number of deals by zone<br />
Vacancy rate evolution<br />
CBD Centre Decentralised Outskirts<br />
Outskirt<br />
CBD<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
Centre<br />
Decentralised<br />
CBD Centre Decentralised Outskirt Total<br />
2003 2004 2005 2006 2007 2008 2009<br />
2010 2011<br />
Source: BNP Paribas Real Estate – Research<br />
Source: BNP Paribas Real Estate Research<br />
Source: BNP Paribas Real Estate Research<br />
<strong>MADRID</strong> 2011<br />
consolidation, the problems w<strong>it</strong>h bank liquid<strong>it</strong>y and sovereign<br />
debt all pose new challenges that could restrict office take-up<br />
even more.<br />
Major rental operations Q3 2001<br />
Supply<br />
Tenant/Purchaser Zone Surface (m 2 )<br />
Ministerio de Justicia<br />
Indra Sistemas<br />
Grupo CTO Formación<br />
Bp International Ltd.<br />
Buy Vip (Amazon)<br />
Grupo Zeta<br />
Nike<br />
FCC<br />
TCS Grupo Tata<br />
CBD<br />
Decentralised<br />
Centre<br />
Outskirt<br />
Outskirt<br />
Decentralised<br />
Centre<br />
Centre<br />
Outskirt<br />
8,500<br />
8,373<br />
6,465<br />
6,065<br />
5,664<br />
4,221<br />
2,793<br />
2,000<br />
1,889<br />
During 2011 there has been a balance between the surface<br />
taken-up and the vacant space delivered. In this way, the<br />
vacancy rate has fluctuated around 13.4% between January and<br />
September. At the end of the third quarter the rate was 13.2%<br />
w<strong>it</strong>h a total of 1,550,000 m² available.<br />
This stabil<strong>it</strong>y also indicates a very lim<strong>it</strong>ed developer activ<strong>it</strong>y,<br />
which can be seen in the meagre 16,800 m² delivered during the<br />
past quarter. The new developments of the quarter were in the<br />
Decentralised zone (San Blas), and are well below the historical<br />
average in Madrid of 70,000 m² every three months. Deliveries<br />
of new construction will return once the rent levels recover,<br />
so that developers and investors will improve the return on<br />
investment.<br />
The refurbishment of buildings has gained strength from the<br />
scarc<strong>it</strong>y of new construction. At the date of this report there was<br />
close to 60,000 m² in renovation in the c<strong>it</strong>y centre, which will<br />
increase the supply of good qual<strong>it</strong>y offices in the short term in<br />
the CBD and the Centre. It is worth noting the business centre<br />
refurbishments in the pipeline:<br />
Castellana, 200<br />
Castellana, 7<br />
Castellana, 50<br />
Castellana, 43<br />
Alcalá, 65<br />
Surface<br />
area (m²)<br />
20,300<br />
16,000<br />
6,400<br />
6,000<br />
6,000<br />
Refurb. Scheduled date<br />
of delivery:<br />
New Construction<br />
Yes<br />
Yes<br />
Yes<br />
Yes<br />
Q1 2012<br />
Q4 2012<br />
Q4 2011<br />
Q3 2012<br />
Q1 2012