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Madrid Office Space Guide

A guide to serviced offices and office space for rent in Madrid as well as general information that may be useful if you are considering renting office space in the city.

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History & Geography

The capital of Spain and the country’s largest city is one of the best-known metropolises in the world. Madrid is located almost in the direct centre of the country on the Manzanares River and near the massive Lozoya River. The city spans approximately 230 square miles and is the third largest in the EU after London and Paris. Madrid grew from a Roman settlement in the 2nd century BCE and was originally named ‘Matrice’ in reference to the Manzanares River. After the demise of the Roman Empire, the settlement was occupied by the tribes of the Sueves, Vandals and Alans in turn. In the 7th century Spain was conquered by Arabs from North Africa and was renamed ‘Mayrit’, an Arabic term for ‘trees’. The modern name Madrid is derived from this. In the 9th century Emir Muhammad I of Cordoba built a giant fortress in Madrid and the settlement grew into a thriving town. In 1085 Madrid was conquered by Christian forces and became part of the Kingdom of Castile. Madrid continued to grow rapidly and in 1188 formally became a city. By the late 16th century, the city had over 30,000 inhabitants and Phillip II of Spain decided to base his court permanently in Madrid. During the War of Spanish succession, Madrid supported Philip of Anjou who was crowned Philip V of Spain in 1700. Madrid was the site of widespread bloodshed during the Napoleonic Wars when the residents of the city revolted against the French troops stationed there. The massacre which followed is represented in the artist Goya’s paintings. During the Spanish Civil war in the 1930s, Madrid was occupied by Republican forces and was heavily bombed. In the latter half of the 20th century, Madrid grew rapidly and its economy boomed, especially in the 1960s and 70s. Today the city is one of the premier capitals of Europe and a hub of industry, technology and culture.

Economy

Traditionally Madrid’s economy was based around the administration located in the city, as well as the craftsmen and manufacturing. However today the economy of the city has changed and there are a number of different industries driving Madrid’s prosperity. Like many of its fellow European capitals, Madrid has experienced very strong growth in the service industry. These industries include transport and communication, financial services, and real estate. It is estimated that the services sector makes up a little more than half of the city’s economy. Madrid’s GDP is annually over two billion US dollars, behind only Paris and London in Europe and ahead of other behemoths like Moscow and Barcelona. Madrid’s high standard of living and efficient and well-organised infrastructure means that it is rising steadily in the ranks of the world cities. The recently constructed ring roads, new housing and the Barajas Airport are all central to the success of Madrid’s economy and its ranking as one of the most important financial and commercial centres in Europe and the world.

Tourism & Culture

Madrid does not have quite the tourism industry that its counterpart Barcelona has, but nevertheless is a popular destination for tourist in Europe and the world, seeing over 7 million tourists on average every year. The city is renowned for its arts scene and has some of the best art museums in the country. Primary among these is what is known as the Golden Triangle of Art, consisting of three museums on the Paseo del Prado – Prado Museum, Thyssen Bornemisza Museum, and the Reina Sofia Museum. Madrid is also known for its excellent nightlife. The city has a wealth of tapas bars, cocktail lounges, jazz bars, restaurants and clubs. Among the most popular neighbourhoods for going out in the city are Bilbao, Tribunal, Atocha, Alonso Martinez, and Malasana. Malasana is known for its bohemian culture and cafes and galleries. Many tourists come to Madrid determined to take in a bullfight, which take place in the Plaza del Toros in Las Ventas. The stadium has a seating capacity of 25,000. The bullfighting season begins in March and ends in October. Of course, the city is also known for its football, with the premier team being Real Madrid, which plays in the legendary stadium Santiago Bernabeu.

Transportation

As one would expect of a city of its stature, Madrid has a highly advanced transportation system. The city is served by the Barajas Airport which sees almost 50 million passengers per year. The airport is located approximately five miles from Madrid’s city centre and is reachable by the metro. The metro itself is one of the largest such systems in the world and has 176 miles of lines. It is second in Europe only to the London Underground. Madrid is also well served by a network of buses as well as taxis. Spain’s high-speed rail network RENFE also serves Madrid.

Office space for rent in Madrid

Currently, Madrid’s office space vacancy rate is hovering at 12 percent, a marked increase from one year ago. This change has been caused primarily by companies downsizing. There is not a great deal of speculative supply coming onto the market currently and there is not likely to be any in the years ahead. The prime rent is currently EUR 24.25 per square metre per month. Of late the Spanish financial system has undergone a series of reforms and new regulations have been put in place. This is expected to restore confidence to the Spanish market and boost the rental and property markets overall.

 

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Madrid has a vast selection of business travel accommodation options and we have partnered with Booking.com to bring you all of these in one place.

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Please also see our new Street Address Guide for this location below.



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