Spain

Portfolio picker

List view
  • All
  • Collado Villalba
  • Madrid
Spain
  • Portfolio

    In Spain Wereldhave focuses on offices in the Madrid region. The portfolio currently amounts to € 135.9 mln, of which 57% relates to three office buildings in Madrid. The redevelopment of the retail and leisure centre Planetocio in Collado Villalba will be completed in the middle of 2012.

  • The Spanish economy

    The Spanish economy started the year on a positive note, but after the summer growth evaporated and the final quarter of 2011 showed economic decline. Three and a half years of diminishing house values, topped by severe public austerity measures have reduced consumer confidence and trimmed disposable incomes. Stagnant consumption, stalling investment volumes and lower government expenditures were only just compensated by export growth. Employment continued to decline and consumer spending will remain low for the time being.

  • The Madrid office market

    Demand for office space remained sluggish in 2011. Tenants favour rent reviews over relocating in order to avoid the cost of moving. Office take-up reached 340,000 m2, which is only half the normal level. It is expected that take-up will stay low for some time ahead.

    One third of office take-up took place in the Central Business District (CBD), where office space had become some 40% cheaper than before the crisis. This drove CBD vacancy rates down at the expense of peripheral locations. This trend may reverse next year, as several CBD-occupiers have signed pre-lease agreements for a combined total of 140,000 m2 of new office space in the periphery. With vacancy rising, office rents continued to decline and rent concessions remained high throughout the year.

  • Contact

    Wereldhave Management Spain S.L.
    c/Fernando el Santo, 15 – Bajo – dcha
    E-28010 Madrid
    Spain
    T:   +34 91 310 38 27
    F:   +34 91 319 46 16

    Leasing information
    M. Janet (managing director)

Market value property

More information about the market value and annual rent of the Spanish portfolio until 31 December 2011.