{
  "url": "https://classa.info/cities/madrid/sublease-market",
  "title": "Madrid Class A sublease market",
  "description": "Sublease availability, pricing, and quality in Madrid's Class A office market.",
  "oneSentenceAnswer": "Sublease availability in Madrid is concentrated in older Class B and lower-tier Class A stock; trophy assets like Castellana & AZCA clear quickly even when the broader market shows 8.6% vacancy.",
  "tldr": [
    "Direct vacancy is 8.6%; sublease overhang is concentrated outside the trophy tier.",
    "Sublease space typically prices 15–30% below direct asks for equivalent specification.",
    "Term-take risk and limited TI are the two biggest sublease tradeoffs.",
    "Trophy submarket (Castellana & AZCA) has the thinnest sublease overhang."
  ],
  "keyFacts": {
    "city": "Madrid",
    "country": "Spain",
    "region": "EMEA",
    "classARentLocal": "€38/sqft/yr · ≈ $41 PSF/yr USD",
    "classARentUsd": "$41/sqft/yr",
    "vacancy": "8.6%",
    "typicalLeaseYears": 7,
    "typicalRentFreeMonths": 14,
    "submarkets": 5,
    "primeYieldPct": "4.6%"
  },
  "faqs": [
    {
      "question": "Is sublease space cheap in Madrid?",
      "answer": "Sublease typically trades 15–30% below direct asks for equivalent specification. The total economics depend on remaining term, TI condition, and the assignment/sublet provisions in the prime lease."
    },
    {
      "question": "Can I convert a sublease to a direct lease in Madrid?",
      "answer": "Sometimes. On longer-horizon takes, ask the landlord to write a fresh direct lease at sublease commencement — they get a creditworthy long-term tenant; you get rent-free and TI."
    }
  ],
  "pageType": "city-topic",
  "lastUpdated": "2026-04-15T00:00:00.000Z",
  "license": "CC BY 4.0 with attribution to Class A Atlas (https://classa.info).",
  "citation": "Source: Class A Atlas (https://classa.info/cities/madrid/sublease-market), updated 2026-04-15T00:00:00.000Z."
}