International property services firm Knight Frank said it has advised the Spanish Ministry of Science and Innovation in the leasing of 8,000 m[sup]2[/sup] of office space in Madrid's Avenida de América. The broker said the deal is one of the largest office lease transactions in Madrid this year.
International property services firm Knight Frank said it has advised the Spanish Ministry of Science and Innovation in the leasing of 8,000 m2 of office space in Madrid's Avenida de América. The broker said the deal is one of the largest office lease transactions in Madrid this year.
The Spanish Ministry will occupy the Merrimack II building which is owned by Spanish developer Fábrega. The property currently houses several companies including Accenture, Motorola, Arcelor and PricewaterhouseCoopers. The current vacancy rate in the building is less than 1.2%, Knight Frank added.
Raúl Vicente, Office Lease Director for Spain at Knight Frank, said the transaction confirms a current trend in Madrid’s office sector whereby companies looking to rent large office surfaces are forced to take space outside the M-30 - Madrid's inner round ring freeway, due to the scarce availability of space inside the ring. ‘At present, the new Madrid Arena towers are the only option available for these firms,' he said.
