The most active investors have been the international funds, followed by the socimis and the private investors. Of the total investment in Madrid, more than 55% belongs to cross-border investors, although the historical average of this type of investors represents 30%.
During the first six months of the year, there was an 11% reduction in the level of surface contracting, in Madrid. Specifically, the absorption of the offices segment in Madrid stands at 273,000 m2, so the availability rate is at 10.1% when the city has 1.34 million m2 of immediate available offer.
According the anticipated by Savills Aguirre Newman, Madrid accumulates investment projects in the office market for about €2,000 million pending materialization during the second half of the year.
The reactivation of the promoter activity will increase the supply of quality. In fact, Savills Aguirre Newman foresees that 260,000 speculative m2 will enter the market until 2019 (77% of the total under construction or in the process of renewal), so the availability rate could increase in the coming months.
Barcelona accumulates investment projects in the office market for nearly €700 million pending materialization during the second half of the year. Specifically, the Catalan capital has a dozen transactions with a high probability of closing until the end of the year, according the projections of Savills Aguirre Newman.