this Office investment in Spain Reached 1,164 million Euros in the first half of 2022. This represents more than half of the total amount generated during the past year; According to the report Office Property TelescopePrepared by EY consulting firm. In 2021, national and international funds invested a total of 2,200 million in this segment of the real estate sector.
Funds, insurers, family properties, and other types of investors 6,121 million euros for the purchase of new office buildings: 1.558 million in the short term, 2.755 million in the medium term and 664 million in the long term. This potential trading volume will bear fruit in the event of economic uncertainties plaguing the Old Continent, i.e. trade declines as a result of higher interest rates in the euro area or the invasion of Ukraine.
The largest office operation ever this year was carried out by Solarpack founder José Galíndez and the Ybarra Careaga family. Both ‘family offices’ paid 175 million in Angelo Gordon fund for Torre BizkaiaBBVA’s historic headquarters in Bilbao. This property is 9,500 square feet and has been recently renovated. It is currently leased to the fashion company Primark and the Bizkaia Provincial Council.
EuropeMiddle East and Africa (EMEA) accounts for 28% of all office transactions globally a total of 37,000 million euros. Total payouts are lower than reported for all of America and all of Asia.
rents increase
The rent for a ‘first class’ office building in Madrid is 32 euros per square metre.1% higher than mid-2021. The unemployment rate in the capital is 9.5%. Average rent for top quality properties in Barcelona It was the fourth European city with the highest increase in office rents at 25 euros per square metre, up 5.3% year on year. Ciudad Condal’s unemployment rate is 8.5%.
It leads the list of countries with the highest increase in office rents. Paris, with an annual increase of 9.7%; it is followed by Luxembourg with 6.1% and Helsinki with 5.7%. At the end of the list, rents were reduced only in Amsterdam, Warsaw, Dublin, Oslo and Stockholm.
In the first six months, commitment reached 244,000 square meters Madrid and 175,000 in Barcelona. That’s 43% and 33% more, respectively, compared to the same period last year. The 22@ district in Barcelona made up 24% of the citywide contracted area. In this area, more than half a million square meters of new offices will be launched by 2025.
new trends
Offices have undergone a transformation since the outbreak of the health crisis. According to the EY report, corporate headquarters of companies will remain, but take up less space and for important events such as client meetings, report presentations or team building activities. large North American tech companies such as Meta, Google or Airbnb; they are already adapting to new demands
Traditional offices in locations importantwill have high and inelastic incomes hubs more decentralized, lower income and more flexibility given to the worker. The consultant states: 50% of the company headquarters will be reserved for meeting rooms and 20% will be reserved for individual areas. ray. Currently, Barcelona has 2.6% of the total office supply in flexible spaces, compared to 1.3 in the city of Madrid.
In this transition The new office will also change the relationship between landlords and tenants.. The fixed income received by the tenants will be reduced to 70% and will be completed by renting flexible areas, selling products and services, and making advertisements.