Madrid Cuatro Torres four towers only 20% leased

Madrid's Cuatro Torres four towers office complex, completed last year on the former training ground of the Real Madrid soccer club, has been hit by the crisis, with only around 20% of space rented and one - belonging to the Mutua Madrilena - standing empty. Out of more than 114,000 sq.m. total leasable space across the towers, owners have been able to rent out only 25,000 so far at rental prices of between e36 and e45 per sq.m. "The last one, owned by Mutua Madrileña, is totally empty," Alberto Alvaro, director of the Momentum Real Estate Investment Managers, told PIE. "This might be a case study on why time-to-market matters: sadly, being the last tower of the four to come onto the market has been disastrous." The building least affected is the Torre Espacio, the first of the four skycrapers on the market at the beginning of 2008. The owners, Villa Mar group, have leased out 45% of the space with tenants including several embassies, including the Canadian, British and Austrian missions, a legal studio, and other companies moving their offices to the building.