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Offices in Madrid, European capital in workplace presence

For three years, globally, there has been an imbalance between the demand and supply of office spaces, highlighting the need for new models capable of retaining the post-pandemic workforce and forcing owners and tenants around the world to rehabilitate their spaces and adapt them to new work models and demands.

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Offices in Madrid, European capital in workplace presence

For three years, globally, there has been an imbalance between the demand and supply of office spaces, highlighting the need for new models capable of retaining the post-pandemic workforce and forcing owners and tenants around the world to rehabilitate their spaces and adapt them to new work models and demands.

Despite efforts, uncertainty to date has kept office space utilization rates low. According to the Global Workplace report

It is not surprising therefore that up to 43% of those surveyed by the consultancy plan to reduce space by more than 30% in the next three years. "Office attendance has plateaued and will require not only well-communicated changes to hybrid work policies, workplace improvements that attract more employees or further reductions in portfolio size, [it will also] require a more effective overall on-site experience that involves collaboration between corporate real estate leaders with human resources, finance and IT departments to track the impact of the location on employees" and better control of office use and presence, through systems such as the use of the security badge, seat reservation, access to the WiFi network, even ceiling censors or desk or chair sensors.

In Europe, the attendance data is better than in the US, with this rate in the main European cities being between 55% and 57% on average, according to the latest analysis by Savills, varying depending on the day of the week: Tuesdays and Wednesdays the average is 64% and 62% respectively, already approaching pre-pandemic ratios (around 70%).

Madrid, with an average of 65%, has the highest average attendance rate among large cities in Europe, even surpassing the business district of Paris and the West End of London. Currently, in the capital, hiring figures remain stable and "rents continue to experience slight increases in the highest quality assets within the M-30, where availability has dropped to 4.3%," explains Ángel Estebaranz , national director of Savills offices in Madrid. Thus, "theoretical rents in prime CBD (around Paseo de la Castellana) reach 36.25 euros per square meter per month and remain at 17.75 euros in prime buildings located outside the perimeter of the M-30. While , in the periphery, where the unemployment rate rises to 13.5% and rents, especially for lower quality properties, are declining.

Overall, the total volume of office space contracted in 2023 in Madrid was 12% below the previous year, with 441,000 square meters - the annual average is around 500,000 square meters -, and 17% less than in 2022, according to the latest data from Savills' Office Pulse, mainly due to the shortage of large operations. However, in prime areas, hiring grew for the fourth consecutive year.

By size, "the postponement of decision-making by large corporations, derived from the macro situation and the adjustment still pending in many organizations regarding new work models, was the main reason for the low registration of rental operations of offices greater than 3,000 square meters" that begins to recover in 2024, as reflected by the recent operation of Garrigues, which will become the sole tenant of the new Torres Colón of Mutua Madrileña, which has an area of ​​20,298 square meters distributed in 30 floors.

"The forecast is for improvement in absorption volumes in 2024 with the reactivation of postponed decision-making by large companies in the next 18 months," the consultancy indicates.

Looking ahead to the coming months, with a total stock of office spaces of 14.17 million square meters, it is expected that an additional 332,000 square meters will be delivered, maintaining the balance in rents and availability "Promotion is slowing down, especially in construction new and, in total, including rehabilitations, stands at 423,600 square meters by 2024-2025". "The majority of this space, approximately 70%, will come from the rehabilitation of office buildings and 66% will be concentrated within the M-30."

Madnum is an ambitious project that integrates a sustainable mixed-use approach, with corporate office areas and flexible use, residential and leisure areas. Designed by Estudio Lamela, it will have a complex of three office buildings - a tower of 19,600 square meters, building 1 (21,000 square meters) and building 2 (15,700 square meters) -, more than 5,000 square meters of commercial space and 374 homes for rent, under the 'coliving' model; all framed by 6,400 square meters of green areas at Méndez Álvaro 61. Owned by Colonial, they sell Savills and Colonial, with rents of between 27 and 30 euros per square meter per month.

Located in the business area of ​​Chamartín, on 26 Serrano Galvache Street, next to Arturo Soria Street, the One Agora building, a project by L35 Arquitectos, has a total leasable area of ​​31,734 square meters on 16 floors above ground and two basements and 450 parking spaces, Conceived as Human Business Link, "connecting people, businesses and spaces", it has a 'rooftop' with the option of use for all tenants, flex zone, 'wellness room', restaurant with terrace, outdoor garden , large lobby, meeting rooms on the garden floor...Promotes IBA Capital; CBRE markets.

This building with a classic façade remodeled on the inside in the heart of the prestigious Salamanca neighborhood, at Calle Velázquez 94 corner Juan Bravo, offers six floors of offices, with surfaces from 264.23 to the total of the property, 5,545 square meters. The sixth floor has two private terraces with magnificent views and commercial premises with independent access at street level that can be joined. Knight Frank markets. From 34 euros per month in the basement to 42 euros square meters per month on the sixth floor.

Following a complete renovation, the Dublin Building, on the Campo de las Unidas, features a large rooftop terrace with views, natural lighting, efficient technology, solar panels, ample parking with electric car chargers, and ground floor amenities including catering, Business Center, auditorium and gym. Available space: 1,000 to 17,494 square meters. Owned by Monthisa, marketed by CBRE and Savills.

Located on Retama Street, 3, the Faro building has a total area of ​​13,625 square meters distributed over 14 office floors, in addition to a double-height lobby on the ground floor and four parking floors with 226 parking spaces, with common areas such as lounge, library, gourmet space, living area (convertible into independent event space with private terrace), restaurant service, outdoor gym and a 440 square meter covered terrace. Design by GCA Arquitectos, it is owned by the French management company Ardian. CBRE markets.

With a comprehensive rehabilitation completed in June 2023, Velázquez 149 has 684.86 rentable square meters distributed over five floors with a representative attic floor, with a private terrace with panoramic views, a garden on the ground floor and terraces on the first and fourth floors. With natural light from all four facades, a garage and the possibility of flagging, it is located in front of the República Argentina metro stop. Colliers markets. 37 euros square meter per month.

ODA13 is a newly built building designed by the Ortiz y León studio on 13 Fray Luis de León street, five minutes from Atocha station. With large windows, open garden spaces, three terraces, parking for 75 cars, a porch for events and very close to the area where Repsol, Amazon or Mahou are located. The available space is from 928 to 4,290 square meters. Owned by Azora, marketed by Savills.

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