A third part of the Paseo de la Castellana is divided between four different private hands. And is that the 30% of the hundred buildings that rise in the emblematic artery of Madrid and the business and economic epicenter of the capital belong to Pontegadea, Mutua Madrileña, Merlin Properties and the Insurance Compensation Consortium. This is one of the conclusions of the interactive study «10 years of Castellana» produced by CBRE, the first international company in consulting and real estate services, in which it has analyzed the transformation that this road has experienced in the last decade.
Of the 1.7 million square meters that add the 112 buildings that covers the study, the real estate Pontegadea is the largest private owner with around 10% (178,000 m2) of the surface, and the second position is occupied by Mutua Madrileña with 9% (151,000 m2). Merlin Properties has in its portfolio six buildings in La Castellana that total more than 111,000 m2 and the Insurance Compensation Consortium, with eight buildings, controls about 74,000 m2. The Consortium also has ownership Castellana 44, a building cataloged as "singular", with 7,500 m² of surface above ground. The main non-national owner, owner of five buildings, is the Italian insurance group Generali. But, anyway, the Administration public is at the head with the largest number of square meters in the Castellana, with the 32% of the analyzed surface.
The patrimonial and institutional character of the main owners explains the low turnover in the ownership of the buildings of the promenade: in the last ten years they have only materialized 25 sales transactions, six of them in 2015, the most active year.
Technological breakthrough and «coworking»
As for the occupants, the CBRE study reflects the irruption of companies in the technology sector and coworking operators. Although three sectors currently distribute almost half of the space occupied in the Paseo de la Castellana – financial sector (17%), public sector (16%) and consultants and auditors (15%) -, in the last decade the banks, financial companies and public administrations are those that have reduced their presence in the Castellana.
Thus, companies such as BBVA, Repsol, FCC, Saint Gobain or Baker & amp; McKenzie has given way to the arrival of new occupants, especially technological companies, which have increased by 9% its presence in the Castellana in the last ten years, like Everis. Also operators of flexible office space, which have increased by 5%, such as WeWork or Regus. Precisely, this last sector, is one of those that demand larger areas and are more willing to pay higher rents (along with embassies and the financial sector).
And is that the rent «prime» In La Castellana, although it has progressively recovered from the fall it suffered between 2008 and 2014, there is still a 18% below of the level that was before the outbreak of the global economic crisis.
Today, in the new contracts signed in the most modern and representative buildings, it is around 34 euros per square meter per month. Meanwhile, the average income, which reflects the average of the registered income in the period (regardless of whether it is a "prime" asset or not), has registered a higher recovery since the lowest point reached in the previous cycle, and currently is placed around the 28 euros per square meter per month, compared to more than 19.5 euros in 2008.
Five buildings in ten years
In the last decade, the Paseo de la Castellana has witnessed the construction of five new buildings that have contributed almost 170,000 new square meters: Torre Cristal, Torre PwC, Torre Foster, Paseo de la Castellana 200-202 and Torre Titania, the last one to be built and which was completed in 2013. The next building of new construction will be The market is Paseo de la Castellana 94, currently under construction and expected to be ready in 2020.
While the rehabilitation of buildings already existing, which was reactivated from 2013 with the exit of the crisis, has contributed to put on the market 180,000 square meters of offices of superior quality, being the central area of Azca the one that more reforms has concentrated and where they are more of half of the twelve buildings with LEED certification -Sustainable- of all the Paseo de la Castellana.
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