Real estate investment in the non-residential tertiary market in Europe will grow by 10% this year to reach €180 billion after closing 2014 with a record figure of €160 billion, according to forecasts by real estate consultancy Knight Frank.
In Spain, the investment volume ended 2014 at around €6 billion, a record figure only achieved in pre-crisis years. Offices and retail were the most active sectors with €2 billion and €3 billion, respectively, while the logistics sector, much more active in 2014, reached €600 million.
2014 was the year of the reactivation of the office market in Barcelona. The figures finally confirm an upswing after a long period of sharp declines and attempts at recovery. Take-up and investment have grown significantly. The former has grown by 47% compared to 2013, and the latter has tripled, according to a report by Aguirre Newman.
In fact, Madrid is the city globally with the second highest rental growth forecast for the next five years. In 2014, Madrid recorded 385,000 square meters of office space uptake, which represents more than a year of positive uptake since the end of 2013. The lack of quality supply places the vacancy rate for these assets at 2%, well below that of other European cities such as London or Paris.
SOURCES: Expansión and Vanguardia
