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MADRID OFFICES MARKET RESEARCH Q3 2025

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MADRID OFFICES MARKET RESEARCH Q3 2025

Real estate renovation and repositioning. The office market is going through a period of readjustment, with the volume of space that is likely to be taken off the market in the coming months exceeding the volume of new space delivered.

According to data from the Quarterly National Accounts (CNTR), the increase in the contribution of capital investment to GDP growth confirms the confidence of operators. In the third quarter of 2025, the real estate sector is one of the sectors with the greatest impact on investment growth, as indicated by both the volume of home sales by individuals and the volume of transactions between institutional investors. However, the capacity to build homes, offices and new productive spaces is, for the moment, very limited and could generate tensions in the medium term. All of the [4] projects delivered in the first nine months of the year (55,800 sq m) correspond to renovations of existing buildings.

In terms of investment activity, private equity (both indirect managers and family offices) led the way this quarter, closing medium-volume deals (€10-20 million). Institutional investors, mainly insurance companies (MAPFRE, Zurich, HNA and Mutualidad de la Abogacía), continue to rotate assets in their portfolios.

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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.