Property Times

Madrid : Higher take-up due to a few large operations - Q4 2013

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Total take-up rose significantly in the fourth quarter (118,000 sq m) in comparison with the previous quarter. Take-up for the whole year exceeded that of 2012 and 2011 propelled by the strong first and fourth quarters.

The five largest transactions of 2013 represent almost 32% of the total annual take-up volume. While many market observers are noting the increase in take-up as a definitive sign of a re-animating market, it is important to recognise that while the outlook is positive, the occupier market has yet to move significantly towards recovery.

The largest transaction this quarter was for Cepsa, who moved into the Foster tower in the CBD area of Madrid. Cepsa’s offices will occupy an area of approximately 40,000 sq m, which is almost the GLA of the entire tower with the exception of five floors.

Office vacancy has slid back slightly in Q4 after reaching a crisis period peak in the third quarter.

Rents in all areas have continued to fall against the previous year. Rents have been generally declining at a steady pace since 2010. The largest year on year decline was in the outskirts area, which fell 11.3% against Q4 2012.

Source : DTZ (Groupe UGL)

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Mots-clés : DTZ

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