Total take-up in the Madrid office market reached 385,000 m2 in 2013, representing a 35% increase year-on-year, according to the latest research from Savills.
Total take-up in the Madrid office market reached 385,000 m2 in 2013, representing a 35% increase year-on-year, according to the latest research from Savills.
Ana Zavala, head of office agency in Madrid at Savills, said: 'The growth of the corporate sector and increased occupier confidence have helped boost take-up from the 285,000 m2 that was recorded in 2012. However, the 2013 figure was distorted by several mega-deals such as Vodafone taking space at Avenida de America 115 Business Park. Therefore, whilst we believe we are on the road to recovery, we predict that it may be several years still until we are up to the long-term average of 500,000 m2. In 2014 we forecast that take-up will slightly exceed 2013 levels reaching approximately 400,000 m2.'
Click on the link below for a pdf of the Savills report on the Madrid office market.
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