Record decade investment into Spanish offices with international capital

Investment into Spanish offices has reached a decade high, according to the latest research from Savills Aguirre Newman. Data shows that the office investment market closed 2019 with a record figure of €4.3 billion ($4.8 billion), which is 55 percent more than the volume transacted in 2018 and 78 percent more than the historic average.

Twice as many assets were transacted in 2019 compared with 2018 — 86 compared with 59 in Madrid and 48 compared with 17 in Barcelona. The recovery in the latter, coupled with product rotation, has been the main driver of the market following on from two years of uncertainty and general lack of product in the area.

The remainder of capital transacted can be attributed to transactions in regional cities such as Valencia, Bilbao and Malaga, which, combined, represent an increase in 18 percent over the last year.

Hipólito Sánchez, head of offices at Savills Aguirre Newman, whose department also set a record with a share of 42 as