• H1 2024 Logistic Sector Overview

    October, 2024

The logistic sector continues to whet investors’ appetites in H1 2024,with an investment volume of c. €410 million, driven predominantly by international investment.

The take-up pace acceleration during H1 2024 confirms the strength of logistics fundamentals,which have responded positively to interest rate’s stabilization and its first reduction: Madrid’s and Barcelona’s Q2 2024 take-up rose to c. 235,000 and to c. 184,000 (+85% and +61% YoY), respectively.

Bearing in mind the significant increase in stock in the last 12 months, together with the increasingly more extensive negotiating and decision-making periods, the controlled rise of the vacancy rate to just 8.2%, further portrays demand robustness.

Recent macroeconomic events and global supply chain disruptions keep encouraging companies to increasingly consider nearshoring, further reducing prime vacancy rates in the most sought-after locations in the first-ring areas of main urban hubs, putting further pressure on prime rents,which have risen to 6.6 €/sq.m./month in Madrid (+5.2% vs. H1 2023) and to 8.4 €/sq.m./month in Barcelona (+4.8% vs. H1 2023). As for average rents, Madrid’s stood at 5.2 €/sq.m./month (+8.5% vs. H1 2023), and Barcelona’s at 6.4 €/sq.m./month (+9.3% vs. H1 2023).

Due to the interest rates’-initiated downside trend, prime net yields stabilized in H1 2024 c. 5.35% (+35 bps YoY) and are forecasted to slightly compress by FY 2024.

Selected transactions: In the first quarter, Amazon acquired a logistic asset in Girona from Eurofund Logistic for €150 million (150,000 m², €1,000/m²). In the same quarter, Aquila Capital purchased a logistic center in Barcelona from Kave Home for €100 million (53,000 m², €1,887/m²). Additionally, in Q1, Azora acquired a portfolio of 11 logistic assets in Madrid from CBRE for €91 million (193,000 m², €472/m²). Also in Q1, Accolade purchased a logistic asset in Burgos from Panattoni for €38 million (43,182 m², €880/m²). Finally, in the second quarter, SCPI ActivImmo acquired a logistic asset in Girona from an undisclosed seller for €7 million (14,398 m², €486/m²).