The logistics market in Spain has experienced a strong performance in Q1 2021. Prime rents in Madrid and Barcelona have grown c.4.5% and c.3% respectively, due to an increase in demand generated by rise of ecommerce, stability between supply and demand, as well as greater competition and relative limited availability, standing at c.€5.75 and c.€7/sq.m./month respectively.

Total take up in Madrid and Barcelona amounted to c.410,000 sq.m. and c.255,000 sq.m. respectively, with c.115,000 sq.m. and c.63,000 sq.m. of new developments being delivered in Q1 2021. Availability rates have decreased slightly standing at c.8.4% in Madrid, and c.2.2% in Barcelona.

Investment pressure has compressed prime yields in Q1 2021 to c.4.25% in Madrid and Barcelona, experiencing a compression of c.0.5% y-o-y and c.0.25% vs. Q4 2020.

Total investment volume has reached c.€160M during Q1 2021. This represents a decline of c.55% y-o-y and c.65% vs. Q4 2020 explained by sale of a big logistics portfolio in Q1 2020 and a sharp rise in logistic transactions in Q4 2020. The lack of Core products has incentivized investments in Core + (c.60% of total investments) and value-added products (c.30% of total investments). Our forecasts show a probable addition of c.640,000 sq.m. of new logistics developments in Madrid and c.430,000 sq.m. in Barcelona between 2021-2022.

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