The real effects of the pandemic crisis appear very clearly on the second quarter’s results. The office segment in Iberia saw its y-o-y investment drop 83%, equivalent to more than 1.2 billion euro.
During the pandemic, Portugal and Spain attracted almost 250 million euro to this segment, a number which was spread across 13 operations, 8 less than during the same period last year. When compared to the investment carried out during the first quarter, the drop is also huge – 78% -, given that the beginning of the year was quite good for the real estate market which saw more than 1.15 billion euro invested in the office segment.
The latest Iberian Property Report on the Office Segment highlights the largest operation to be carried out during this period: building Sancho Ávila 65, located in Barcelona. This asset was sold by Conren Tramway to Amundi for around 56 million euro. This was the only operation concluded for more than 50 million euro, which explains the abrupt drop of 64% in terms of ticket per deal within this segment when compared to the previous 4 quarters. This indicator was set at 19.2 million euro during the second quarter.
Despite having been a period of great instability for the whole Iberian real estate market, the office segment contracted so much that its share of the real estate market dropped 50% in the second quarter when compared to the first quarter, being now set at 12%.
All the information is available at the Office Report from Iberian Property which can be downloaded HERE.
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Disclaimer: This information is based on public data gathered within the platform Iberian Property Data. All estimates were calculated based on registered public information and data from the main consultants within the market. It should be noted that the results presented here may be updated if new information is issued.