Only 5% of prime office space in Madrid is vacant
The availability of the best offices in Madrid is only 5% of 1.4 million square meters of high quality premises, which in turn account for just over 10% of the total of 14.8 million square meters of offices existing in Madrid, according to the study “Quality of offices in Madrid” released by BNP Paribas Real Estate.
According to the consultant, of the 14.8 million square meters in Madrid, 80% are more than 10 years old. Due to the scarcity of high-quality spaces, renovation becomes an essential way to increase the supply of quality downtown offices.
The demand focuses on offices of high category and with good location, in this sense, 80% of this scarce supply is located in the financial center of Madrid.
The business center of Madrid (Gran Vía-Nuevos Ministerios-Chamartín) has 412,111 square meters with a maximum of ten year age, of which 31.3% (129,200 square meters) are renovations.
The decentralized and peripheral areas of the city are the ones that offer the most office space, accounting for 72% of the total available area. In fact, there are only 172,145 square meters available in the prime business area, corresponding to 123 buildings, accounting for 10% of the total area. The Center occupies the second place covering 17% with 303,370 square meters available.
Alcobendas presents the highest percentage of available supply with 11% of the total area of Madrid, followed by Josefa Valcárcel (10%) and Julián Camarillo (9%). The highest availability rate in the Center is Chamartín, with 4.3%.