New studies into the commercial property market across Europe point to good news for Barcelona and Madrid office property.
The studies, by Jones Lang Lasalle, look at office commercial property and industrial rental in Barcelona and Madrid.
Barcelona Office Property
- High quality office space in prime business areas is in great demand in Barcelona, helping generate a vacancy rate of 13.2%.
- On average, office rents are €19 per square meter.
- The total expected take up level of office space is expected to reach 250,000 square meters in 2011.
Barcelona Industrial Property
- A review of industrial property in 2011 to date indicates that 88,000 square meters was taken up in Barcelona in the first quarter of the year, bringing the vacancy rate down to 17.7%.
- Industrial property was leasing at €81 per square meter on average.
- The lack of good quality stock in prime areas will sharpen demand, and is expected to influence rental demand growth of greater than 1% in 2012 and 2013.
Madrid Office Property
- Vacancy rate in the Madrid office property market is 10.23%.
- Average rents in the CBD are €26.75 per square meter and €17 per square meter in secondary areas.
Madrid Industrial Property
- Industrial property had a vacancy rate of 13.2% at the end of the first quarter of 2011.
- Industrial property was leasing at €66 per square meter on average.
- In particular, large high quality industrial properties with floor space greater than 250,000 square metres just isn’t available in the Madrid property market at present.
Lucas Fox currently has a number of commercial properties for sale, especially in the hospitality industry. For more information on commercial property, see the Lucas Fox guide to buying commercial property in Spain.