The crisis has caused a significant hole in the industrial units market. Madrid and Barcelona had a total of 1,56 million square meters of empty units available for rent at the end of last year, 17,4% of the total amount of units available in the two cities, according to a report by Aguirre Newman. Madrid had 990.866 square meters of empty industrial units, 16% of the total, at the end of 2012. Meanwhile, in Barcelona there were 572.887 square meters of empty logistic areas, 18% of the total of 3,10 million square meters of this type of properties in the city.
In spite of these figures, the hiring of this type of assets grew by 7% in Madrid and 5% in Barcelona in 2012, with a total of 630.000 rented square meters in both cities. Aguirre Newman considers that the volume of available space “continues to be very high” which has generated a “severe adjustment” in the average rental and selling prices in both markets.
As for rentals, prices adjusted by 14,2% in Madrid and 8,6% in Barcelona. As for the investment in this type of assets, the transaction volume reached 45 million Euros in 2012, which means a drop of 77% in relation to the previous year. The report of the consulting agency establishes that in 2012, “there have been no new developments of logistic projects” in view of “the current uncertainty in the market, the questions on demand and the current available offer”. The only projects which were carried out were “turn key”.