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First semester of 2017, sprint for logistics properties

21 October, Milano Finanza

In the first semester of 2017 signalled a very positive trend for logistics. Not only the operators have increased the rentals for warehouses, with dimensions over 5 thousand Sq m, but they also aim at the development of new properties, in 80% of the cases these are built on request, the so-called built-to-suit. The absorption of spaces has also increased, supported by innovation and e-commerce which confirms to be the engine for the changes in the supply chain. In this way, the supply chain is becoming a demand chain. This is what emerges from the latest logistical real estate report by World Capital and with the participation of Assologistica. In the first semester, rent prices have not changed compared to the previous semester, the only exception is the new properties ( built in the last ten years or requalified) located in Northern Italy, which have seen a growth of 4%.

From this scenario, Genoa is emerging (62 euro/Sq m per year), together with Milan (55 euro/Sq m per year), followed by Rome (56 euro/Sq m per year) and Catania (46 euro/Sq m per year). For what concerns the rentals for used properties, instead, the highest average rents are in Florence and Milan (50 euro/Sq m per year), Rome (48 euro/Sq m per year), and Genoa (47 euro/Sq m per year). Operators are looking especially for spaces over 5 thousand Sq m (53%), while only 12% wants properties below 1,000 Sq m. “The Italian logistics market confirms to be growing, with investments of about 700 million euro”, states Neda Aghabegloo, responsible for the research department of World Capital. “Instead, returns are decreasing, squeezed by the growing interest of investors and by the harsh competition on the best assets. The most significant variations are registered in Milan and Genoa. In fact, the gross returns in Milan in the first six months have gone from 6% to 7.2%, while in Genoa from 6.4% to 7.5%.

World Capital has also mapped the logistical stock of properties in Italy, and it turns out that this covers a total surface of 26 million Sq m. 64% is located in the North, especially in the North-West with a total of 11.7 million Sq m, followed by the North-East with 6.1 million Sq m. The remaining stock is located in the Centre with about 4.6 million Sq m, and in the South with 2.7 Sq m, and finally the islands with 800 thousand Sq . With its 9 million Sq m (39%), Lombardy confirms to be the region with the highest concentration of logistical properties, followed by Emilia-Romagna, Lazio, Piedmont, and Veneto, accommodating 74% of the national stock. Analysing the properties destined for logistical use at a province level, among the first 30, there is Milan at the top, covering 16% of the logistical stock. “Finally, thanks to the Appeal Index of World Capital, a tool that assesses the appeal and the quality of the investment in comparison with socio-economic and geographical parameters, World Capital has implemented an investment opportunity map”, concludes Aghabegloo. “On the podium, there are the cities of Segrate and Arese for Lombardy, Venice and Villorba for Veneto, Gravellona Toce for Piedmont, and Villesse for Friuli-Venezia-Giulia.

Source: Milano Finanza

Translator: Cristina Ambrosi

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