Falling office rents in Madrid despite rise in take-up

Take-up of office space in Madrid hit its highest quarterly total since the end of 2000 in Q2 2002, at 137,000 sq m. This was a sharp increase on Q1, when only 63,000 sq m of letting deals were transacted. However, the periphery was by far the most active part of the city, with 85,000 sq m of the lettings in Q2 in the M-30 and M-40 sub markets. With demand weak in the centre, prime rents fell back sharply to EUR 411 /sq m/annum.

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(source: CB Hillier Parker)

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