In 2015, offices and retail space lead the real estate sector’s recovery in Spain

Offices are one of the sectors that have most boosted the real estate sector’s recovery during this year, because Madrid’s quarterly contracting volume has reached more than 111,500 square metres since 2008.

In Barcelona, the contracting volume has been 315,000 square metres in 2015, 12% more than last year. These are some of the main conclusions from “Informe ACI” (ACI report), done by association partners. The study describes the real estate sectors’ current situation and main tendencies, which will mark the retail, industrial, logistics, residential sectors in addition to the hotel and office industries for the years’ to come.

There has also been a significant price increase in the office segment, with a maximum values increase everywhere, but the outskirts of Madrid. This tendency will continue its ascending line in all sub-markets. Additionally, it is expected that there will be a 6,5% average growth in prime revenues for the period 2015-2019.

Regarding investments, the scarcity of prime products has affected core investors; a fact that will continue in 2016, since the lack of prime quality supplies will keep making a domino effect towards more peripheral areas.

The positive consumption and retail trade growth from homes, started in 2013 and increased in 2014, has became established in 2015. This has a favourable impact on retail sector and it is, alongside office’s, one of the real estate’s mains areas of growth at the moment.

Furthermore, new Shopping Centres are really pushed for earnings. In fact, only Shopping Centres with an ensured financial viability and with successful pre-marketing tests re constructed. However, it is expected in 2015-16 to add up to 630,000 square metres of gross leasable area (GLA), of which approximately 45% (280,000 square metres) are for projects in 2015.

Regarding commercial premises, it should be noted that there are significant rent increases almost everywhere, as a result of trading companies asking for establishments in prime locations. Strong and medium expansion plans are focused exclusively on commercial premises located in the best commercial hubs and those, not that are in second-tier hubs are on a course for growth.

In 2016, the high rate of interest in the Shopping Centre market will carry institutional investors who have interests ranging from core actives to the value added range.

http://www.revistacentroscomerciales.com/index.php/tendencias/inversion/item/5774-oficinas-y-retail-lideran-la-recuperaci%C3%B3n-del-sector-inmobiliario-en-espa%C3%B1a-en-2015.html
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