Logistics take-up in 2021 (up to Q3 2021)
Logistic assets’ take-up reaches c.1.9 million sq.m. representing a 58% y-o-y increase against the same 2020 period (c.1.2 million sq.m.), remaining as one of the most active Real Estate sectors, and showing the best figures so far of the historical series. This take-up figure takes in account Valencia, Seville, Zaragoza, Malaga and Bilbao, in addition to Madrid and Catalonia.
Madrid recorded a take-up of c.830,000 sq.m.up to Q3 2021, showing a 27% y-o-y increase. It is worth pointing out that, out of a total of 62 transactions, 10 were closed for warehouses larger than 25,000 sq.m.. In addition, e-commerce-related transactions accounted for 17% of total leased sq.m..
In Catalonia, logistics contracting reached 658,000 sq.m., which implies a 108% y-o-y growth in comparison to the same period during 2020. In this geographical area, e-commerce-related transactions accounted for 42% of contracting (c.2.5x times weighted against the same percentage from the central area).
Regarding rents for prime logistic assets, these have stabilized at 5.75 €/sq.m./month in Madrid, while in Catalonia we could see a bare increase up to 7.00 €/sq.m./month.
Vacancy rates decreased in Madrid to 7.9% (-0.8% y-oy) and in Barcelona to 2.3% (-0.9% y-o-y). At this moment, there are c.550,000 and sq.m. and c.100,000 sq.m. in Madrid and Barcelona under construction, thought to be delivered during 2021 in order to face present lack of product.
In terms of total investment volume in Spain, during Q3 2021, a volume of c. €1,700 million was reached, which represents a 157% y-o-y rise. For FY 2021, a record figure of c.€2,300 m is forecasted, reaching record-high levels, and worth mentioning that it will be leaded by Bankinter’s purchase of Montepino’s logistics portfolio for €1,200 million.