Main
office locations include Coruña, Santiago, Oviedo,
Santander, Bilbao and San Sebastian and other locations where the government
authorities have a significant influence in demand. Towards the end
of 2011 the supply side has increased mainly from existing stock, whilst
the new build office market remains inactive. The reduction in both
the private finance banking sectors and the public sector has increased
the supply of secondary office space.
The
investment retail market remains centred on the "centros
comerciales" which have become dominant throughout Spain. The high
street is suffering enormously under the current crisis and the retail
mix will undoubtedly change in the coming years.
Industrial
ports such as Coruña, Gijón and Bilbao dominate the industrial
sectors in these regions. Excluding residential this is the strongest
and most developed sector by far and has benefited from impressive infrastructure
improvements over the last ten years or so.
The
leisure market remains steady and this is the sector
which provides the possibility for strong growth in future years. At
a corporate level some of the large golf resort developers have shown
an interest in the region for several years but planning regulations
are enforcing careful viability assesments. Many leisure/fitness club
owner/occupiers operate in the cities and there is increasing demand
for bespoke buildings in the large population centres. The hotel sector
has strong corporate presence from the large multi-national and national
hotel operators.
