The office market in Madrid is showing positive results in the second quarter of the year. The capital has achieved dynamic absorption of 120,000 square meters, with a 3% growth compared to the same period last year, according to data from the consultancy firm Cushman & Wakefield.
In the first half of 2023, the absorption of this segment in Madrid reached 240,000 square meters. As for the transactions carried out in the second quarter, the office market has exceeded 115 contracts, maintaining the closing figures of operations at pre-pandemic levels. Moreover, the quality of buildings remains one of the main objectives for companies seeking new offices for their employees. It is worth noting that close to 80% of transactions involving areas of 1,000 square meters or more have been signed in buildings of high and very high quality (grade A and B+).
Regarding rental prices, the market is experiencing polarization. The limited availability of high-quality space in the CBD area, especially in CBD-Prime, continues to exert upward pressure on Prime rent, which has increased again in the second quarter of 2023, rising from €37.00/sq m/month to €37.50/sq m/month.
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