Cuatrecasas moves to Zaragoza: rents 650 m2 in the Torre Aragonia

The Cuatrecasas law firm  has rented 650 m2 of offices in the Torre Aragonia in Zaragoza to relocate its entire operations to the Aragonese capital, according to a statement sent by the company. The firm will bet on taking its office to this 78-meter-high skyscraper designed by architect Rafael Moneo,  which is located in the area with the greatest socioeconomic development of the city, next to the City Hall, with direct connection to the airport and the AVE station. .


The firm will occupy the fourteenth floor of the building, located at Anguilla Email List number 35 Avenida Juan Pablo II. The new Cuatrecasas space in Torre Aragonia will have a large open space and new internal meeting rooms or phone boxes. In addition, the glass wall façade allows panoramic views of the entire city of Zaragoza.


Office hiring in Zaragoza closed 2022 with a total of 9,700 m2 , a figure well below that recorded in 2021, when a boom occurred due to the development of flexible spaces and coworking, according to CBRE data.


The most dynamic areas in the absorption were the new business areas, which brought together 70% of the take up, followed by the central business area and polygons (both with 12%), and secondary central (6%), where They locate buildings that require significant adaptation to the new needs of the companies.





FedEx Corp. will move its Asia-Pacific headquarters to Singapore. As global banks retreat, Chinese companies are not filling the void fast enough, even after border restrictions were lifted. Although mainland companies such as ByteDance Ltd. and PetroChina Co. are taking up space, they only accounted for 11% of new leases in the first quarter, down from an average of 15% between 2017 and 2019, according to CBRE. Meanwhile, developers like CK Asset Holdings Ltd.


and Henderson Land Development Co. continue to build more skyscrapers. The office crisis is slowing operations and rents. The number of office transactions almost halved in the first quarter from the five-year average, a bigger drop than in the US, according to MSCI Real Assets. Meanwhile, premium office prices fell 26% in March from their 2018 peak, and rents are down 29% from four years ago.


While it's good news for renters in a market that continues to have the highest occupancy costs in the world, it's a blow for landlords, many of whom paid a lot of money to build projects that are now coming online.


The biggest losers from the recession are Chinese developers like Evergrande Group and Cheung Kei Group Co. that splurged on trophy properties just a few years ago. With the real estate crisis in mainland China showing few signs of abating, these developers could refinance or sell their properties to meet their financing needs.