Barcelona is one of the cities with the greatest potential for real estate growth in Europe. At least so says the Trends 2015 report, prepared annually by CBRE, first company worldwide consulting and real estate services. Within the Barcelona market, the office segment is presented as the main engine, and in fact, CBRE estimates that revenues will grow between 25% and 30% until 2018.
Investment activity in the commercial real estate sector in Spain has started the year with the same force with which closed 2014. In just one month, the investment volume has risen to nearly 1,100 million euros, roughly the total achieved in the first quarter of last year, according to Savills, international real estate consultancy.This has been the best start of the market in the last five years in terms of transacted volume, although the number of transactions posted up yesterday-nine level is the inconspicuous when compared to other exercises."January and February are dragging operations that could not be closed before the holiday, however, the pipeline of investment operations in retail and offices today exceeds 2,000 million euros. We expect investment volumes similar or even higher than those 2014, "says Luis Espadas, director of Savills Capital Markets in Spain.Two transactions account for almost 80% of the investment. It's Gran Vía 32, acquired by Pontegadea for about 400 million euros, according to market sources, and Puerto Venecia mall, 451 million, the deal was announced at the end of the year, but was finally signed in January."Both operations not only support the trend of rising mega deals (those exceeding 100 million euros), which rose from 2.5% of total transactions in 2011 to 9% last year, but far outweigh the volumes of the largest operations in 2014.In addition, Savills notes that in each case is a unique building, facing two separate portfolios in 2014 (the 70 buildings of the Andalusian reached 300 million euros and Carrefour portfolio of 350 million euros).Office Market SuccessAmong other transactions, again excels interest in the office segment Madrid, who in 2014 broke record reaching the highest number of transactions throughout their historic range, with 71 transactions recorded and has started 2015 off right. Five buildings in two weeks, almost all within the M-30.
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The tertiary real estate market in Europe is already on the path of positive growth for 2015 despite the evidence pointing to continued uncertainty in the eurozone Economi. according to the latest data provided by property consultant Frank Kniglit.In the investment market. data show that the total investment volume exceeds the 2014 figure of 160,000 RACORD million euros (about 10% more than in 2013). Todavla there are significant amounts of capital being interested in tertiary real estate and Frank Kniglit forecasts point to a similar growth rate in 2015 with a total volume expected to take 175.0004 80,000 million euros.In Spain. the total investment at year end stood at around 6,000 million euros. a record only reached in pre-crisis years. Retail fi ces and have been the most active sectors recording figures close to 2,000 and 3,000 million respectively. The logistics sector. much more active in 2014 totaled 600 million euros.This positive growth trend will continue in 2015.To Humphrey wnite. Managing Director of the Commercial area. 'forecasting a 10% increase in the volume of investment in tertiary for Q1 2015 is a very positive start for the sector annum. We have witnessed a strong recovery in cities oomo Madrid and Oublln. where investors expect strong revenue growth in all service sectors in coming years. and we expect demand amplle general Fonna to other cities and investors with a higher risk profile to focus on secondary offering good quality. asl and promotional opportunities'.As for the returns. Madrid is in enlomos 5%. over European cities like London. Parls. Geneva and pnncipales German cities.According to Humphrey. 'These performance figures position the housing market as a leading European investment against altemative markets and bonds. Currently the Swiss bond offering negative yields and German bond is at historically low levels'.Markets occupancy (rent of fi ce) probably continue macroeconomic trends. however. the most encouraging news is the recovery of some of the peripheral markets. Ireland and parts of southern Europe-recording Dublln and Madrid. specifically. solid income in 2014 and increased growth forecast for 2015. In fact. Madrid is the second city more global growth forecast revenue for the next five years.Madrid recorded in 2014 385.000 square meters of office absorption. representing more than a year of positive absorption. fi nal since 2013. And the lack of quality supply (buildings grade A) puts the rate of availability of these assets at 2%. well below other European cities like London or Parls.Darren Yates. Research Director of Global Capital Markets Knight F rank. affirms that 'the good news for both occupiers and investors is that. in most markets. incomes are below the pre-recession highs and. in some cases. well below. What deberla give new impetus to the activity in 2015 '.
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Lar Espana Real Estate Socimi SA, a Spanish property investment company, will list on the stock market next month in a 400 million-euro ($547 million) deal that will be the first Spanish share sale since 2011.
According to a recent report published by Deloitte, investment in non-residential property in Spain reached 2,896 million euros in 2013, representing an increase of 39% over the previous year. The firm cites the improved perception of the country’s risk and the reopening of the credit market as motivation for the upturn.
