This is confirmed by a deal completed by German asset manager HIH Invest, highlighting the continued interest of German investors in Madrid.
In April 2026, German asset manager HIH Invest completed the sale of an asset in the landmark Canalejas building, in the heart of Madrid, just steps from Puerta del Sol. The deal, a 1,000 sqm office let to a Banco Santander branch, was advised exclusively by CBRE. This type of transaction, carried out by a German institutional investor already established in the Madrid market, illustrates the renewed liquidity of the prime office segment in the Spanish capital.
An office market in clear rebound
The figures back up this trend. According to CBRE, direct investment in Spanish offices reached 869 million euros in the first quarter of 2026, nearly nine times the level recorded over the same period in 2025 . JLL confirms this momentum for the full first half of the year in Madrid, with 1.116 billion euros invested (up 8.5% year-on-year) and a prime yield stabilised at around 4.25%. Savills now expects national office investment to reach as much as 3 billion euros for the whole of 2026, after 950 million euros in the first quarter alone, the strongest start to a year since 2011.
Madrid drives the bulk of activity
On this market, Madrid is not just one player among others, it is the centre of gravity. The capital accounted for 67% of national office investment volume in 2025, against 28% for Barcelona, with nearly 80% of the amounts invested located inside the M-30 ring road . For a German company in the process of setting up, this geographic concentration makes the market easier to read: the bulk of quality supply and reference transactions is concentrated within a tight, easily identifiable perimeter.
A trend aligned with German appetite
This momentum fits into a broader movement. The AHK Barometer confirms that 40% of German companies operating in Spain plan further investment, with Madrid identified as the natural strategic hub given its competitiveness and infrastructure . This appetite is echoed back in Germany itself: the domestic office market is also showing signs of recovery, with 2.1 billion euros invested in the first quarter of 2026, up 26% year-on-year . This recovery at home is fuelling a broader resurgence in German investors’ and occupiers’ appetite for this asset class, including abroad.
A concrete step in the setup process
For a German company that has already identified Madrid’s appeal in terms of talent and operating costs, the next question becomes very practical: where and how to set up. Madrid’s office market today offers a clear answer, with stabilised yields, a concentrated prime supply and reference transactions already involving German players.
At Canalejas, HIH Invest found a buyer without difficulty. Across Madrid more broadly, investment volumes, yields and German managers’ appetite are all pointing in the same direction.