Despite dropping by 40% since 2008, we are not convinced that prime rental values in the main Spanish office markets are now obviously too low. While we do envisage a recovery over the next few years, with rents forecast to grow by an average of 3% per annum, that recovery will not be especially strong. In other words, the outlook for rental values in Spain is not intrinsically better than for many markets in the euro-zone’s core.
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