Investment in the office market amounted to €950 million during the first quarter of the year, which represents a decrease of 27% compared to the same period a year earlier, when the historical figure of €1,300 million was achieved, according to data from the consulting firm Knight Frank.
Madrid accounted for more than half the total investment in Q1 2020, with €550 million, whilst in Barcelona nearly €260 million was invested. Jorge Sena, Partner and Head of Commercial at Knight Frank, explains that “the data for these first three months, both in terms of employment and investment, reflect a clear slowdown in activity, in addition to the partial impact of the State of Emergency. Many transactions have been postponed, and most investors agree that decisions cannot be made in an environment of such high uncertainty.”
