Madrid's office occupier market closed out the year well over the psychological take-up level of 500,000 sq m, thereby bringing the market back to healthier figures.
As was the case in previous quarters, various mega-deals (>10,000 sq m), significantly inflated annual take-up, even if these are disregarded from the analysis, one can still see a y-o-y increase.
Good take-up figures and the lack of new developments on the market have meant that the vacancy rate has continued to fall. Madrid registered its fourth consecutive decrease and at the close of 2015 the vacancy rate stood at 12%.
Source : Savills