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MADRID OFFICES MARKET RESEARCH Q2 2025

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MADRID OFFICES MARKET RESEARCH Q2 2025

What is the situation of the office rental and investment market in Madrid, especially within the M-30, during the second quarter of 2025? Have prime yields fallen this quarter?

In the second quarter of 2025, although certain areas of geopolitical uncertainty remain, these are not causing significant instability. In Spain, the economy continues to grow strongly, outperforming most European countries. GDP forecasts for 2025 remain stable, according to Funcas. After more than two years of negative growth rates, trade in the region has been growing very positively since the beginning of the year, with exports of goods and services from the region rebounding in May.

Activity in the office rental market remains high, with more take-up and less availability, especially within the M 30 ring road, while a shortage of new supply and changes in use are reducing stock and pushing up rents in prime areas. In terms of office investment, the profile of transactions closed to date confirms the rotation of portfolios between institutional owners and a high presence of private investors (mainly family offices), who are seeking to transform buildings into residential solutions. We are seeing an increase in rents and a slight fall in prime yields.

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Alejandra Pinto

Retail

Holds a degree in legal and business consultancy from ICADE (E1); she also has a master’s degree in construction and property companies from the Polytechnic University of Madrid.

She began her professional career at the consultancy firm JLL, where she worked in the retail sector for 12 years. Prior to joining Borneo Advisors, she held senior management positions in Bankinter Private Wealth and Colliers.

She has extensive experience across a multi-disciplinary sectors, including real estate consultancy, property development, and private banking.

Enrique Rosa

Retail

With a degree in Business Administration and Management and a postgraduate degree from the United Kingdom, Enrique has developed his career in real estate and retail, participating in leasing operations, feasibility analyses, and market studies for commercial assets. In recent years, he has collaborated in the management and optimisation of spaces, as well as in negotiations with national and international operators, contributing to the structuring of commercial agreements. His profile combines analytical skills, strategic vision, and a strong commercial focus.

He stands out for his ability to build trusting relationships with clients and his results-oriented approach. With an international mindset and a commitment to continuous growth, he approaches each project with ambition, discipline, and commitment, always seeking to bring added value to both owners and operators.