Monday, October 26, 2020
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Ismael Clemente: “The Office Market is Now Back to its Pre-Covid Levels

The Socimi has managed to increase the amount of office space leased during the most challenging months of the pandemic.

Ismael Clemente, CEO of Merlin Properties.

Good news from the large owner of offices in the Iberian real estate market. The Socimi Merlin Properties, owned by Santander, Manuel Lao and Blackrock, has classified the current status of its office business as equivalent to pre-Covid. “In terms of the level of activity during the first half of 2020, we saw the rental of 3,000 more square metres than in 2019. Today, we are back to our pre-Covid position, with a balance between supply and demand that is being maintained”, said Ismael Clemente, CEO of Merlin, speaking during the presentation of Hub Madrid Norte.

Merlin’s experience is not inconsequential. Following its acquisition of a portfolio of properties from Testa and Metrovacesa, the Socimi now has one of the largest office portfolios in Spain (it also owns office buildings in Portugal). This type of asset accounts for 53% of the total value of its portfolio, equivalent to around 6.3 billion euros, distributed over 124 properties.

Read the full article in Spanish.

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