Take-up in the Madrid office market jumped 123% y-o-y in Q4, registering 228,000 sqm.
Upbeat demand during the last three months of the year, especially from the public sector, taking the total amount of vacant space down to 1,390,000 sqm at year-end.
With several lettings >10,000 sqm signed in Q4, compared to none during the first nine months of the year, the total vacancy rate for the quarter dropped to 11.1%.
237,900 sqm of new office space came onto the market in Madrid in 2017.
The prime CBD rent rose to €31.00 per sqm/month in Q4, €0.75 per sqm/month up on the previous quarter.
Investment in the office sector in Spain reached €380 million during Q4, €331 million of which was signed in Madrid.