2022-07-29-莱坊-European_Office_Dashboard_-_Madrid_Q2_2022_2页_313kb

Madrid Office Market Summary - Q2 2022

Core Content Overview

This report provides an analysis of the Madrid office market for Q2 2022, highlighting key figures such as take-up, vacancy rates, and prime rents. It also includes insights into broader economic indicators that influence the office market, such as workplace mobility, employment expectations, and unemployment rates in Spain.

Key Market Figures

• Take-up: The total office space take-up in Madrid for Q2 2022 showed a decline compared to the previous quarter but remained active overall. For the first half of the year, the take-up was 50% higher than the same period in 2021.
• Vacancy Rate: The vacancy rate for Q2 2022 was 11.4%, slightly lower than the 5-year average of 11.1%.
• Prime Rent: Prime office rents increased to €396 per square metre, with a 1.5% rise compared to the previous quarter. The report suggests that rents are likely to continue rising in Q3 2022 due to ongoing cost pressures.

Major Transactions

• Two significant office leasing deals were recorded in Q2 2022:
  • Velazquez 86 D building: 5,234 sqm letting
  • Puerto de Somport 21-23 building: 5,219 sqm letting

Regional and Economic Context

• Workplace Mobility in Catalonia: Workplace mobility in the Catalonia region improved as Covid-related restrictions eased, supporting the service sector.
• Service Sector Employment Expectations: Employment expectations in the service sector in Spain started to level off, but a strong tourism season is expected to provide short-term support to the economy.
• Unemployment Rate in Spain: The Spanish unemployment rate increased slightly at the end of the first quarter, reflecting a slowdown in the economic recovery due to high inflation and geopolitical challenges.
• Services PMI: The Services Purchasing Managers' Index (PMI) for Spain declined for the second consecutive month, indicating a slowdown in service sector activity despite remaining in expansionary territory.

Contact Information

Local Research Contact

• Name: Rosa Uriol
• Position: Head of Research
• Email: rosa.uriol@es.knightfrank.com
• Phone: +34 915 959 065

Local Office Occupier Contact

• Name: Raul Vicente
• Position: Associate, Head of Office Agency
• Email: raul.vicente@es.knightfrank.com
• Phone: +34 915 959 030

London Contact

• Name: Colin Fitzgerald
• Position: Head of Occupier Strategy & Solutions EMEA
• Email: colin.fitzgerald@knightfrank.com
• Phone: +44 20 7861 1203

Disclaimer

Knight Frank Research Reports are available at knightfrank.com/research. This report is intended for general information only and should not be relied upon for any specific decision. All information is for personal use and may not be used for commercial purposes without prior written permission. Knight Frank LLP does not accept any responsibility or liability for losses or damages arising from the use of this report. The content is strictly copyright and reproduction is prohibited without prior written approval.