Leasing Guide Madrid Offices 2016

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1 Savills World Research Madrid Offices Leasing Guide Madrid Offices 2016 savills.es/research

2 Leasing Guide Madrid Offices MADRID: LETTING GUIDE LOCAL MARKET DEFINITIONS n New building: Newly built building or building built in the past five years, which has never been occupied. n Verde: Spanish green certification granted by Green Building Council España. n LEED (Leadership in Energy and Environmental Design): Internationally recognised green building certification system. n BREEAM (Building Research Establishment Environmental Assestment Methology): The world's foremost environmental assessment method and rating system for buildings. n Take-up: Total volume of lettings and sales to end-users, including prelettings and excluding lease renewals. n Pre-letting: Transaction signed at least 6 months before the completion of a new or refurbished building. n Net absorption: Net sum of the space taken-up minus the space vacated. n Stock: Total occupied and vacant space. n Immediate supply: Sum of all space currently available on the market. n Future supply: Sum of all new or refurbished building space planned requiring a building permit. n Achievable CBD prime rent: Rental value for prime area based on market sentiment and expertise. n Weighted average rent: Calculation of average rents taking into account the quantum of the floor area transacted. n Rents: quoted per sq m per month. n Investment volume: Total amount in euros of commercial property sales to investors including office, industrial, retail and hotels. n Yield: Market yields are generally quoted gross. MEASURING PRACTICES All areas are quoted in square metres. n GIA (Gross Internal Area): The Boundary Line of this Unit of Mearurement coincides with the perimeter of the wall of the buildings internal face measured from ground levels. n NA (Net Area): The entire space marked by a Boundary Line except for areas occupied by all construction or structural elements, i.e. standards will not include the divisions that make up the perimeter, load-bearing walls, pillar, etc. Surface areas with a height under 1.50 metres will also be excluded. OCCUPANCY LEASE STRUCTURE n Typical lease length: 3+2 years, with options to break and extend the lease in year 3. In accordance with the Spanish Urban Lease Act 29/1994, of 24 November, parties can agree the term of lease agreement. n Break options: Either Tenant Only, Landlord Only or Mutual break options. n Frequency of rent payable: Rent payable monthly in advance. n Legal and rent deposit: The Spanish Urban Lease Act 29/1994 establishes a compulsory legal deposit of two months rent. Landlords have the obligation to deposit the amount of legal deposit in Public Housing Agencies which is held until lease expiry. Additionally, and if required by the landlord, the tenant will need to provide additional security in the form of a deposit or bank guarantee of an agreed amount, typically six months rent. n Rental increases: Rent normally escalates annually in line with CPI with an open market review from 3 to 5 years. n Assignment & Sublease: Uncommon in the Spanish office market. n Dilapidations: Tenant s responsibility to leave premises in its original state. n Early termination: Permitted following expiry of compulsory term and complying with the agreed prior notice. n Right of first refusal: Not common. LETTING COSTS n Agency fee: 12-15% of the annual rent for new lease/relocation. n Renewal: Tenant would typically pay a percentage of savings over lease period. n Tenant s fit-out: Cost usually assumed by tenant and supervised by landlord. n Legal Fee: Each side bears its own legal costs. n Property Tax: Cost borne by the landlord, but usually included in the service charge and passed on to the tenant. Amount varies according to area (roughly 0.4% to 1.1% of the cadastral value). n Waste Management and Disposal Tax: Calculated upon the area leased and payable by tenant. LEGAL PRACTICES n There is a fixed minimum area per employee according to the Technical Building Code, passed by Royal Decree 314/2006 dated March 17, in which it is established that a minimum of 10 sq m of useful floor area for any employee working in an office space is required. n The average area per employee depends on the type of company, from organisations with open spaces, using an average of sq m, and organisations with plenty of individual offices and compartmentalised spaces, using 22 sq m on average.n

3 MAJOR SUBMARKETS n CBD: The Castellana axis is the most representative office location in Madrid where some of the city's most remarkable office buildings can be found, such as the Edificio Piramide and high-rise office towers like the Torres Colon and Torre Picasso. A number of government and EU organisations are located here as well as the Spanish headquarters of private companies such as Deutsche Bank. In addition, the financial centre of Spain, the AZCA complex, is located on the last stretch and is considered to be one of the capital's main financial hubs. The office space along the CBD area comprises almost 1 million sq m (or 7% of the total GLA in Madrid). n Urban Area: From the heart of the office market to the M-30 ring road. It is the largest and most diverse market area with a significant residential component, where traditional office buildings coexist with residential properties, which in turn often house space that has been adapted to commercial property activities. To cite some of the submarkets, which sometimes coincide with administrative neighbourhoods, we would note the centre area, Salamanca, Chamberí, the area surrounding the Retiro Park, Cuzco, the area around Chamartin train station, etc. We would also note the CTBA (Cuatro Torres Business Area) at the north end of the Paseo de la Castellana which, whilst not benefitting from a prime location, it has very prestigious properties. n Inner Suburbs: Are comprised of urban areas close to the M-30 ring road (outside). Among them are the northern zone which includes business parks located near the Nudo Norte and on both sides of the first section of the A-1 motorway; the eastern zone which forms one of the main business areas is the A-2 motorway leading out of the city; the southern zone which is a fully consolidated submarket located along the inner edge of the M-30 ring road that has sprung up around the Méndez Álvaro station and the northern quadrant of the M-40 ring road that is the Campo de las Naciones business park and its subsequents extensions and is considered the main prime area outside of the M-30. n Outer Suburbs: Are made up of business clusters that emerged along the principal access roads, and generally form part of other towns. Among these are the Moraleja Business Park and the Arroyo de la Vega areas off the A-1 motorway, the Eisenhower and San Fernando de Henares areas off the A-2, as well as other office complexes in Pozuelo and Las Rozas off the A-6. Rivas Vaciamadrid, off the A-3 motorway, has a substantial business complex called Rivas Futura which is located in a area lacking in competition and with closing rents which are currently among the lowest in the market, in some cases, equivalent to industrial rents. Finally, a small office submarket has emerged in the shadow of the Tres Cantos Technology Park.n FIGURE 1 Survey map - Madrid Offices Source: Savills savills.es/research

4 Leasing Guide Madrid Offices KEY INFORMATION Madrid: A large and qualitative source of talents POPULATION DEMOGRAPHICS 6.4M 67% (14% national population) %WORKING POPULATION FUTURE TALENTS 25.2% POPULATION AGED BELOW 20 YEARS OLD UNIVERSIDAD AUTÓNOMA DE MADRID AMONG TOP 10 BEST UNIVERSITIES TO STUDY UNEMPLOYMENT RATE 16.5% (Spain 20.9%) STUDENTS IN HIGHER EDUCATION 231,000(17% OF TOTAL STUDENTS IN SPAIN) UNEMPLOYMENT ENVIRONMENT REAL LABOUR PRODUCTIVITY IN SPAIN 106 (EU = 103) WORKING LIFE (INDEX 2010=100) INTERNATIONAL STUDENTS 5.8% NUMBER OF COMPANIES AND PREMISES 410,300 (20% OF TOTAL COMPANIES AND PREMISES IN SPAIN) WORKING HOURS PER WEEK (MAX.) NUMBER OF HOLIDAYS PER YEAR (WORKING DAYS) NATIONAL MINIMUM WAGE PER DAY OFFICE OFFICE DENSITY 1,629 OFFICE SQ M/SQ K OFFICE AREA PER EMPLOYEE 14 SQ M (SAVILLS) SHARE OF NEW OFFICES (NEW DEVELOPMENT AND REFUBISHMENT PROJECTS) 1.4% (SAVILLS) FIGURE 2 GDP growth 4% Madrid Spain EU28 FIGURE 3 Employment per sector (Tertiary sectors only) Yoy change 3% 2% 1% 0% -1% -2% Other service activities Administrative & support service activities Public administration & defence Professional, scientific & technical activities Information & communication Transport & storage 13% 9% 6% 3% 19% 18% -3% * 2017* 2018* 2019* 2020* Financial & insurance activities Real estate activities 15% 17% Source: Oxford Economics Source: Oxford Economics savills.es/research

5 2016 TOTAL LETTING COSTS Average annual letting cost per sq m and per employee EXAMPLE 1: LEGAL PRACTICES n District: CBD n Location: Paseo de Recoletos n Property type: Multi Tenant n Size: 650 sq m n Employee: 26 n Parking spaces: 3 n Lease: 3-2 years n Agent fee: 12% n Rent free: 2 months 561 per sq m / 13,958 per employee Annual letting cost Year 1 Agency fee 21,894 Fit out 120,773 Rent free - 30,409 Rent 182,454 Service charges 34,938 Parking spaces 14,400 Land tax 11,646 TOTAL 355,697 EXAMPLE 2: ENERGY / INDUSTRIAL COMPANY n District: North Area n Location: Pinar de Chamartín n Property type: Single Tenant n Size: 3,600 sq m n Employee: 287 n Parking spaces: 50 n Lease: 5-3 years n Agent fee: 15% n Rent free: 5 months 330 per sq m / 4,170 per employee Annual letting cost Year 1 Agency fee 73,040 Fit out 304,332 Rent free - 253,610 Rent 608,664 Service charges 186,947 Parking spaces 48,000 Land tax 70,431 TOTAL 1,037,804 EXAMPLE 3: IT COMPANY n District: A-6 n Location: La Florida n Property type: Multi Tenant n Size: 1,000 sq m n Employee: 67 n Parking spaces: 6 n Lease: 5-3 year n Agent fee: 15% n Rent free: 3 months 221 per sq m / 3,303 per employee Annual letting cost Year 1 Agency fee 19,800 Fit out 76,000 Rent free - 253,610 Rent 132,000 Service charges 38,400 Parking spaces 7,200 Land tax 11,400 TOTAL 31,190 Source: Savills

6 2016 FIGURE 4 Key letting indicators Take-up in sq m Achievable Prime Rent in sq m/month Exclusive Office Use Buildings Weighted Average Rent in sq m/month Exclusive Office Use Buildings Office submarkets 5-year average 6-month forecast 5-year average 6-month forecast 5-year average 6-month forecast CBD 64,930 37, Urban Area 207, , Inner Suburbs 204, , Outer Suburbs 101,900 88, Source: Savills 4-YEAR FORECASTS (AVERAGE ANNUAL GROWTH) 1.5% Tertiary employment 2.8% Administrative and Support Servicies Activities employment 3.3% Prime CBD rent Please contact us for further information Madrid Office Rafael Merry Head of Country José Navarro Managing Director Luis Espadas Capital Markets Pablo Pavía Investment Spain Ana Zavala Office Agency Madrid Research Delia Fernández Space Consultancy and Fit Out Jesús Mateo Valuation and Consultancy Pedro de los Mozos Property Managment Gema de la Fuente Research Isabel Abella Research

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