Take-up in the Madrid office market came in at over 102,000 sqm in Q3, taking the YTD total to 377,000 sqm.
In terms of supply, refurbishment works on a dozen buildings are on the verge of completion, meaning 52,000 sqm will be released back onto the market by the end of the year.
Available supply continues to decline, falling to 11.7% at the end of Q3 2017, down from the 12.2% registered at the end of the last quarter. This equates to 1.45 million sqm of vacant office space.
Prime rents in the CBD rose, up to an average of around €30.25 per sqm/month.
Investment in the office sector in Spain reached €436 million during Q3, of which €231 million corresponded to the Madrid market. Investor interest remains high, and the prime yield remains unchanged at circa 3.75%.