Spain. The Spanish cities of Madrid and Barcelona have accumulated 1,200 million euros in investment in offices to date. This is equivalent to almost 150% more than the investment made in the same period of the previous year, according to data from the real estate consultancy JLL. In addition, the consultancy estimates that the figure for all of 2015 in Madrid and Barcelona exceeds 2,500 million euros.
In the case of Madrid, the volume of investment accumulated in these first six months of the year in office assets has exceeded 1,000 million euros, which represents almost all of the investment volume of 2014, which totaled just over 1,100 million euros.
The typology of the seller has been largely of an institutional nature, predominating the banks traditionally present in the Spanish real estate market, such as Deutsche Bank or Sabadell, and the real estate fund Deka, adding more than 35% of the total of the second quarter in Madrid. Sales operations have also been carried out by investment funds and private investors.
The case of the city of Barcelona, this reflects a volume of investment in offices in the first half of the year of 158 million euros, 24% less than the same period of the previous year, a trend confirmed with the analysis of the second quarter independently, since between April and June three operations were closed in the city for a value of 65 million euros, which represents 25% less than in the same quarter of 2014.
Looking ahead to the end of the year, forecasts suggest that the total volume of investment in offices in Barcelona will be around 500 million euros.
