4 July 2018 – Eje Prime
E-commerce boosted the logistics market in Barcelona during the first half of the year. During the first six months of 2018, 390,678 m2 of logistics land was leased in the Catalan city and its surrounding area, representing an increase of 74.4% with respect to the same period last year.
According to data from Savills Aguirre Newman, e-commerce operators “are acting as the drivers of the market”. One example of this is the rental of a 48,000 m2 warehouse by the French operator Vente Privee (owner of the Spanish firm Privalia) in La Bisbal de Penedès.
During the first quarter of the year, 186,047 m2 of land was leased in the logistics market, whilst during the second quarter, that figure increased to 204,631 m2. In total, 36 transactions were closed during H1, compared with 22 during the same period in 2017.
“Another trend that has become apparent during the first six months of this year is that of turnkey projects, which have been undertaken in the Logistics Activities Zone (ZAL) as well as in the first industrial ring”, says Savills Aguirre Newman. These projects include the construction of a cross-docking warehouse for Cilsa and a warehouse for Saica in Sant Esteve Sesrovires.
In light of the increase in demand, the available stock in the areas closest to Barcelona is now less than 2.5%, according to the real estate firm, which is leading to the development of new projects.
“The lack of buildable land, as well as of constructed products, is leading new players, such as investment funds and property developers, to take positions in the logistics sector to incorporate new high-quality products”, adds Savills Aguirre Newman.
Another trend is the increase in the size of space leased per operation, with up to 8 transactions involving more than 20,000 m2 (compared with just two operations of those dimensions during the first half of 2017).
Original story: Eje Prime
Translation: Carmel Drake