'promising signs' in madrid office market

The office market in Madrid's central business district (CBD) is showing signs of recovery, the latest research from Savills has revealed.

According to the organisation, vacancy rates in the Spanish city dropped during the second quarter of the year to reach 4.73 per cent, compared to the 5.31 per cent recorded in the first three months of 2011.

Meanwhile, Savills also noted that a lack of new developments has resulted in landlords refurbishing their properties in Spain to bring new space on to the market.

Ana Zavala, head of office agency at Savills Madrid, described this as "a promising sign", although she noted that there are still concerns over the economy that are affecting commercial real estate.

Source: PropertyShowrooms.com