Offices

Residential Market | Offices | High Street | Shopping Centres | Logistics | Hotels | Visión 2022

In the aftermath of the pandemic, the office market is undergoing a change in conceptualisation. Customer service, attracting talent and reconnecting employees with their workspace are becoming increasingly important.

In this sense, the Andalusian capital stands out for offering professional opportunities in an environment with an unquestionable quality of life, communications with Madrid and Barcelona and other European cities, and a very competitive offer in terms of costs.

Aranzazu García | Associate. Offices.

aranzazu.garcia@savills.es

After the health situation experienced in recent years and the effects of teleworking, the office market in Seville shows a resilient and positive dynamic.

Intensifying interest from demand diverted from other areas and other cities feeds the main prime and prime-CBD areas, which capture the interest and show the lowest vacancy rates and atomised surfaces, with almost zero vacancy rates in the top exclusive buildings.

Rents remain stable with slight rises in the most sought-after areas, with the highest average rents in La Cartuja, followed by the prime area.

We observe that the stock has decreased with special incidence in the city centre and other strategic locations, mainly due to the reconversion of office assets to other uses such as hotels or tourism.

No major surface area additions are foreseen in the short term. However, the 16,000 sq m for tertiary use planned for public auction by the Port for the development planned for Avenida de las Razas stands out due to its location.

Stock Evolution

Stock distribution by zones

The Seville market is still on the upswing, occupancy in the main buildings is very low and rents are growing. It is undoubtedly a secondary market that can position itself as an alternative to other more consolidated markets.

Highlights

Seville's office stock is the highest in Andalusia and all other secondary markets.
Shortage of quality and renovated product.
Need to evolve towards an ESG environment.
Need to increase supply in the most urban and best communicated areas, such as Nervión, Cartuja, and the southern area (Remedios-Palmera).
Increased interest from demand to set up in Seville.
High availability in decentralised areas and outskirts.
Stable and competitive rents.