Madrid, champion of work-life balance
Madrid is attracting more and more international groups. Colonial, a majority shareholder in SFL, which invests in prime office space, has a front row seat to appreciate the attractiveness of the Spanish capital.
Madrid is attracting more and more international groups. What draws people and companies to Madrid ?
In the 1990s, Pedro Almodovar's phrase "Madrid kills me" highlighted the constant hustle and bustle of the Spanish capital. A city that never stops, and that gives you enough freedom to achieve a professional and personal balance. Of course there is the climate, the gastronomy, but above all a real cosmopolitan dimension, without the gigantism of a "world city". It is this balance that attracts and helps attract talent and major companies.
How does urban development add to the assets you just mentioned?
In recent years, the city of Madrid has adopted a low-carbon plan that, beyond the environmental aspects, has very positive effects on the daily experience of Madrid. From pedestrianization to greening, this plan helps to reinforce Madrid's strengths as a city on a human scale. Colonial's assets are located in the heart of Madrid, and the city's investment in transportation is of course a plus for us.
Today, what demand does Colonial meet?
We are very attentive to the demands of end-users, who more than ever are looking for well-being at work, comfort, outdoor spaces... But these demands are only possible if they are integrated into a space that goes beyond the office and is conceived on a neighborhood scale. Our buildings interact a lot with their immediate environment, like pieces of a puzzle that is the city's fabric: the surrounding services, restaurants, gyms... For instance, in 86d Velázquez, we are also developing a mobile application that allow office users take part in activities in the building, organize their lives in the neighborhood, meet with colleagues for an after-work party, etc. Office life should be a part of the Madrid experience, and we need to make the bridges between the different moments of life as easy as possible.
Is it this vision that allows you to attract global headquarters today?
What is certain is that today large groups see Madrid as a credible location, which allows them to combine a flexible and prime located office offer with a residential offer for their employees that is very competitive. It is very difficult in Europe to offer both in such a qualitative way.
One of the effects of the Covid-19 pandemic is the demand for flexibility from users. How do you respond to this?
One of our tenants is a Swedish company that has decided to relocate all its offices to Madrid... for one year! The following year, they moved to Barcelona, and all the employees' families followed. Today, we must respond to this extreme flexibility, whether in terms of services, contracts or layout. . To give you an idea, a few years ago, tenants used to change their office layout an average of every seven years, while today it’s probably that they need to change it every two years.
