concentrates 59% of the 2021 investment


Better than in 2020 but far from the levels of 2019. As is the case in almost all economic sectors, non-residential real estate sees investment rates gradually recover but still far from pre-pandemic data. Also in the office market.

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In 2021, 2,800 million euros were invested in Spain in operations and transactions in the office market. A figure that is above the 2,100 million of 2020 but far from the 4,300 million that were reached in 2019, which was the best year of the last decade, according to data presented on Tuesday by the consulting firm EY.

Of the 2,800 million euros, 59% of the total was concentrated in operations in Barcelona, ​​while 34% corresponded to Madrid and only 7% to other Spanish cities. The data contrasts with that of 2020, when 67% of investment was concentrated in the capital, which also attracted 54% of investment in all of 2019.



"Barcelona has concentrated more volume of investment with a smaller 'stock' of offices," Colonial's financial manager, Juan Manuel Ortega, indicated in the presentation. "In Madrid there has been a moment of pause, we will see how it evolves but I am convinced that in 2022 and 2023 it will have a very relevant volume of investment", he added in an act in which the mayor of Madrid, José Luis Martínez, was also present -Almeida.

The biggest operations

Behind this evolution is, above all, an operation. In August 2021, the German fund KanAm bought six office buildings leased from the Generalitat from Axa, in an operation valued, according to EY, at 280 million euros.

That was the biggest office acquisition of the year, and yet it's not among the top 20 deals in Europe for the whole year. The largest operation was carried out in Germany, the sale of an office tower in Frankfurt, for 1,400 million euros.



In addition, the five main European cities in investment in offices exceed the whole of what was invested in all of Spain, according to EY data: London (8,272 million euros), Paris (7,631 million), Munich (4,242), Frankfurt (3,671) and Berlin (3,019 million).

In Spain, one of the changes in the last 12 months is that the interest of investors in offices -leaving aside residential- is less than in logistics, with 27% and 29% of the investment weight, respectively.

For this 2022, EY plans to return to levels very similar to those of the pre-pandemic with an investment forecast, only in offices, of 4,274 million euros.

However, he sees changes in who is going to carry out these corporate operations, with investment firms in sales processes (among others he cites Värde or Blackstone) or the big banks; while the buyers are being, fundamentally, pension funds, insurers and Socimis.

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