During H1 2022, Bilbao has registered a 215% increase in the take-up of logistics spaces compared to the figures achieved in the same period in 2021, boosted by the upturn in the sector’s activity. Therefore, the occupancy for this asset class in this area is estimated at approximately 95%-100%.

In Vizcaya, average rents stood at €4.5-6.5/sq.m.. As for prime rents in this province, and after the upturn following the financial crisis, rents remained stable at levels of €6.5-7.5 /sq.m.. In the case of Grade A assets with large docks and spacious car parks, these prices can potentially exceed up to €7.5/sq.m.

In the coming months, the region is expected to experience high demand and a strong attraction of investors, although there is still a reduced supply of large logistics platforms. This is leading to a large number of land acquisitions in the region for future projects and the consequent contraction of yields in recent years.

Over the next 24 months, more than 500,000 sq.m. of Grade A properties for the logistic sector will come onto the market. Vizcaya will soon develop six new projects, which will total 231,400 sq.m., including the renowned project located in La Naval-Sestao, which exceeds 120,000 sq.m.. In Guipúzcoa, 50,500 sq.m. distributed in two projects will be added to the available supply, while Alava will add 169,700 sq.m. thanks to the development of four new logistics projects.

At CG Capital Europe we consider that there is a solid and stable logistic demand in the Basque Country, which will be consolidated with the entry of new Grade A product.

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