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Investment in offices reaches €1.150M in Spain

The newest report of Aguirre Newman points out that during the first semester of 2017, the volume of office investment has surpassed the €1.150M in the two core markets, Madrid and Barcelona.  It have also been carried out investment transactions in secondary markets as Valencia, Málaga, Sevilla and Granada.

The investment volume reached during the first semester of 2017 was split almost evenly between Madrid and Barcelona. This is an unusual situation representing Barcelona market, in the last semesters, with 30% of the total volume facing the 70% represented by Madrid. The investment activity in the market of Barcelona has reached, in the period under consideration, its higher level from the last 10 years.

The report prepared by the consultant note that the number of transactions made has slightly decreased when compared to the same period from the last two years. In fact, in the last six months there were 26 investment transaction, representing the sale of 37 offices buildings and a business park. The most representative were the acquisition made by Merlin Properties of Torre Agbar, renamed as Torre Glories, in Barcelona; the sale by BBVA of the Portfolio Boston consisting in 14 buildings, eight of them located in Barcelona, five in Madrid and one in Málaga, and the purchase by Tristán Capital and Zaphir Asset Management of the building complex Isla Chamartín, located at Calle Manoteras 20, in Madrid.

As usual, the most active investors were the investment Funds and Socimis, both in total volume invested and in number of transactions. In the case of Socimis, it has been seen an increased activity during the first semester regarding the same period last year, within the current purchase policy based in the selection of strategic assets.

The consultant considers that the high correlation between the evolution of PIB and the behavior of offices market is very positive, in relation with the evolution of investment market, at least until the end of 2018. Even the rents are intensifying their growth, mainly in the Business District, the potential growth is very high, just to get closer of peak levels. In this context, Aguirre Newman believes that the Spanish real estate market will maintain a good position, from the capital’ geographical allocation perspective, by the investors specialized in the real state sector.