Limehome has announced the expansion of its presence in Madrid with the opening of a new building at Calle Juan Hurtado de Mendoza 3, in the Chamartín district. This project involves the conversion of a former office building into tourist flats. The property, which is expected to open in November 2024, features 41 fully-equipped studios, including kitchens, and is located close to the Santiago Bernabéu Stadium and the city's financial district.
The company notes that this development reflects a growing trend in Madrid and other European cities to adapt vacant or underutilised offices to meet the new demands of the tourism sector. The pandemic and the rise of teleworking have contributed to the obsolescence of many office spaces, creating new opportunities for the hotel sector. Limehome has implemented similar projects in other cities such as Berlin and Munich.
Ricardo Fernández, managing director of limehome in Spain and Portugal, says: "We are experiencing exponential growth in Spain's major cities, with double-digit growth year on year. The conversion of office buildings into tourist flats is an ideal solution to revitalise spaces that no longer fulfil their original function. In Madrid, where the demand for accommodation continues to grow, especially in areas as attractive as Chamartín, this type of project allows us to offer a premium experience to our guests and at the same time collaborate in the efficient reuse of the properties".
This new project, the first of several planned, adds to the 14 buildings that limehome already operates in the capital, bringing the total number of flats in Madrid to 342 by the end of 2024. The company plans to continue expanding its model in the city with more openings planned for 2025.
The reuse of office space also reflects the macro trends in the commercial and residential real estate markets, especially in cities such as Madrid and Barcelona, where the potential for redevelopment in the face of a shortage of residential space is highlighted.