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C&W: 50% More Logistics Space Was Leased in Cataluña in Q1

5 April 2018 – Eje Prime

The logistics sector is continuing to let out more and more space. This is shown by the data for the leasing of this type of asset in Cataluña, where demand for logistics space grew by 50% during the first quarter of the year with respect to the same period in 2017. During the 3 months to March, 187,000 m2 of logistics space was leased in the Mediterranean region, according to data from the consultancy firm Cushman & Wakefield.

The amount of space leased during the first quarter was also 73% higher than the average quarterly volume for the last five years. In total, 18 transactions were closed in Barcelona alone during the 3-month period, 38% more than the thirteen operations that were signed during the same period a year before, explains Savills Aguirre Newman in a report.

By area, 44% of the operations were completed in the Barcelona and Baix Llobregat regions. Similarly, the volume of logistics space leased also grew in counties such as Vallès, which accounted for 38% of the total demand in Cataluña during the period, and in other areas with logistics activity such as Camp de Tarragona, Penedès and Girona.

Of the operations signed since the start of the year, the rental by the food group Mercadona of 29,000 m2 of logistics space in Sant Esteve Sesrovires (Barcelona) stands out. That plot, located on the Can Margarit industrial estate, is owned by the British fund Rockspring.

In addition, the average size of the space leased during the first quarter grew by 8% to reach between 10,000 m2 and 12,000 m2. According to Gloria Valverde, Director of the Industrial Logistics Area at Savills Aguirre Newman Barcelona, “the number of large operations exceeding 25,000 m2 seems to be in line with the available supply since there are few projects that offer such volume at risk for a single operator”.

Prime rents in Barcelona currently amount to €6.50/m2, which represents a YoY increase of 8%. This increase in rentals is conditioned by the lack of Triple A products, the best quality, and the increase in demand from the main operators, which could cause rents to continue rising over the coming months.

Original story: Eje Prime

Translation: Carmel Drake