Office leasing in the capital remains resilient, with a 3% growth in Q2 2023. So far this year, more than 200,000 m² of office space have been absorbed in Madrid, demonstrating the city’s strong position in the sector and reaching figures equal to or even better than those recorded before the pandemic. A defining characteristic of this period is that prime-quality assets remain one of the main priorities for companies looking to establish their offices in the city. In fact, 80% of transactions involving spaces larger than 1,000 m² have been signed in Grade A and B+ buildings.
Rehabilitation: a key factor
To maintain growth in office leasing, corporate competitiveness, and continued business interest, one key factor stands out in placing Madrid on the map: office rehabilitation that adapts spaces to modern standards of sustainability and well-being. Madrid, as a cosmopolitan city, attracts companies seeking to create appealing work environments to attract and retain top talent. Rehabilitation offers the perfect opportunity to design modern, functional, and attractive spaces that reflect a company’s identity and values.
Rehabilitation, first and foremost, allows for the renovation of the city’s architectural heritage, preserving its unique character while adapting it to the needs of modern office users. Companies increasingly demand the integration of technological innovation, environmental responsibility, and human well-being. These three pillars define the design criteria for adapting existing spaces to meet specific requirements—whether for focused work, hybrid collaboration, meeting rooms, or areas dedicated to rest and social interaction.
One of the most relevant aspects in terms of environmental impact is the improvement of energy efficiency in buildings. This includes upgrades to efficient lighting systems, water consumption management, thermal insulation, climate control systems, and installations for renewable energy generation or storage to reduce energy usage and carbon footprint. Moreover, all rehabilitation processes must comply with regulatory demands to meet the highest standards of health, safety, well-being, and accessibility. An office building with internationally recognized sustainability or wellness certifications can increase its prime value by 20% to 30% compared to other assets.
Serrano 16 on the map
A benchmark asset in the office space segment is Serrano 16. Located in Madrid’s Salamanca district, an area home to major legal and financial institutions as well as cutting-edge fashion, luxury, and art brands, this building has undergone a complete refurbishment in line with the strictest LEED and WELL certification standards for sustainability and wellness. The offices boast high-end features, including flexible layouts, natural light, premium finishes, LED lighting, and VRV climate control, spread across a total surface of 5,480 m² over six floors, plus a panoramic rooftop terrace.
The rehabilitation of office buildings in Madrid plays a vital role in adapting existing spaces to today’s needs, improving energy efficiency, creating attractive work environments, and contributing to both the city’s sustainable development and the strengthening of its business sector.
