The incomes of offices in Barcelona have hit rock bottom
14 January 2014
The international real-estate quality consultancy
The incomes Prevail in the market of offices of Barcelona seems that they have hit rock bottom situating in 17,50 €/m²/month. After five years of continuous descents could affirm that already it has completed an adjust that it has supposed a descent of more than 40% in the maximum incomes of the zone of Walk of Diagonal/Grace.
The report warns that the tendency to short and half term will be the stabilisation in the prices for hire of offices, that will see benefited of the fault of future offer of offices in Barcelona. At the same time, the text reflects as it will continue the tendency of rehabilitation of the park of offices, something that already began to see in the last two years.
Regarding the offer, Jones Lang LaSalle stands out that the tax of availability to final of 2013 situated in 14,7%. The delivery of the project of Cornerstone in 22@, by the empty moment, has done repuntar slightly the availability. However for the quality consultancy this indicator will begin to go down from the second semester of 2014 due to the fact that they do not deliver new buildings to the market and to a backstitch of the contracting promoted by some economic surroundings more favourable.
In the chapter of the transactions the report stands out like Barcelona has registered in 2013 the lower contracting of offices in 16 years. The last quarter of the year has had a contracting of almost 55.000 square metres, that added to the 122.000 accumulated in previous quarters add 177.000 square metres.
As it has declared Jordi Toboso, general director of Jones Lang LaSalle in Catalonia: “In spite of these figures of contracting so low, the positive news is that it seems that the sector is reactivating in the last months. The last quarter has been the most active of the year, in addition to that the market augura a good first quarter in 2014.”
Jones Lang LaSalle also stands out the paper of the Public Administration that goes back to be an important actor in the sector because of his plan of transfers and rationalisation of spaces that foresees during all the 2014.
This strong interest by part of international and national investors has centred mainly in the acquisition of real estate in the centre of the city.
This demand engloba all type of investor. So much the turncoats, like the value added, and in minor measured the investors core. To the purchase of active individual, the demand is centred in portfolios, debt, managing, etc.
The demand by buildings of offices in profitability follows his normalisation and during 2013 has put of self-evident the consolidation of the interest by part of investors hoteleros for buying real estate of offices, already was empty or with agreements of lease of short length. The reconversions have become a very important part of the market (in 2013 20% of the volume of total investment), adding to the important number of traditional investors of offices in profitability.
Regarding the offer, Jones Lang LaSalle stands out the fault of active in profitability that fulfil with the expectations of the investors. The real estate put up for sale by the Generalitat have allowed testar the interest and prices to which the investors begin to analyse active centrical with agreements of lease of short length. They are not the only of this typology and have posing operations of this type in several zones of the city.
The report warns as every time they are looking for operations off market caused by the important sues investor. This factor, will be important in the next quarters that the prices of the on sale buildings, reflect the new situation of incomes. Incomes that have arrived already to his lower level in what to prevail refers and that expects that they keep stable in the short term.
For the 2014, expect to see the put in the market of some institutional real estate and the investors will have to follow being attentive to the desinvestments realizar from the public sector.
Regarding transactions, the report warns that in the last quarter of 2013 were scarce. This was due to that miscellaneous of the active in which it has arrived to an agreement between buyer and seller, finally will be escriturados during the first quarter of 2014. This fact does that so only could contabilizar during the last quarter of 2013 two operations that added 26,5 million euros. The sale by part of the insurer Zurich of the building Córcega 289 whose final use will be a hotel and the sale of the headquarters of Cahispa in Roger of Llúria 16-18 to the group hotelero Princess.
The report stands out a volume of investment accumulated for 2013 of 290 million euros, what supposes 8% more than in 2012.
Regarding profitabilities the text stands out as they have begun to adjust mildly to the drop for Walk of Diagonal/Grace, situating in 6,5%, and expecting that this tendency was still in 2014, for the centre of Barcelona.
