• PROVIDING A STRATEGIC ADVANTAGE Through Technology & Processes
  • EXPERIENCE QUALITY Under One Brand with A Single Point of Control
  • UNITING LOCAL COMMERCIAL Real Estate Experience with Global Execution
  • DELIVERING RESULTS Through Collaboration & Integration

Spain

Spain

Spain's economy is the ninth largest worldwide and the fifth largest in Europe. The Spanish economy has recently been regarded as one of the most dynamic within the EU, attracting significant amounts of foreign investment. Spain’s economy has benefited greatly from the global real estate boom, with construction representing 16% of GDP and 12% of employment until the recent economic downturn. The Spanish banking system has also been credited as one of the most solid and best equipped among all Western economies to cope with the worldwide liquidity crisis, thanks to the Spanish banking rules and practices that obliges banks to have very high provisions.

Spain's property market is feeling the effects of the global economic downturn, seeing a rise in supply and a decrease in demand. The new supply has been bolstered by sub-let space and previously occupied space becoming available in many markets. Rental rates have continued to decrease as a result and developers are offering higher incentives across the board. The outlook for the rest of 2009 looks like the trend will continue, with little further investment or development and more companies looking to sub-let or release space altogether.

 

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