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Record Breaking Logistics Leasing In Madrid In H1 2017

19 July 2017 – CBRE

400,000 m2 of logistics space was leased in Madrid during the first half of 2017, which represents an 117% increase in demand with respect to the same period a year earlier, according to data from CBRE, the largest real estate consultancy and services company in the world.

In fact, the total registered figure so far this year almost equals the amount for the whole of last year, when 404,000 m2 of logistics space was leased. Specifically, 269,000 m2 of logistics space was leased between April and June whereby doubling the figure recorded in the previous quarter (130,000 m2).

According to Alberto Larrazábal, National Director of Industrial and Logistics at CBRE, “this increase in leasing volumes is due, primarily, to the increase in the number of transactions involving large surface areas, which has been strengthened by a phenomenon that has increasingly more influence in society and which is revolutionising this sector in particularly: namely, e-commerce”.

Some of the most noteworthy operations closed during the first six months include DSV in Cabanillas del Campo, covering a total of 49,800 m2, the XPO in the same town, covering 47,934 m² and the deal closed in Getafe, covering a total surface area of 58,215 m2. The last few months have also seen Transaher close an operation in San Fernando de Henares, measuring 42,000 m², and Miquel Alimentació lease space in Torrejón de Ardoz, covering 20,372 m².

In this sense, the A-2 and A-4 motorways are where most of the space was leased during the first half of 2017 in the area surrounding the capital. Specifically, the A-2 accounted for 62% of the space leased (249,000 m2), followed by the A-4 (118,000 m2).

In terms of prime rent in the local distribution area, it remained stable at €5.25/m2/month.

In Barcelona, meanwhile, 112,000 m2 of logistics spaces was leased during the second quarter of 2017, 10% less than during the previous quarter (125,000 m2). In terms of the cumulative figure for the half year, it exceeded 237,000 m2, which was 40% lower than the volume recorded during the same period last year.

Nevertheless, it is worth mentioning that a turnkey operation was closed by Amazon in El Prat de Llobregat in Q2 2016. Thus, if we exclude that operation from the comparison, 23% more logistics space was leased in H1 2017, which indicates a positive trend.

The most noteworthy operations closed in Barcelona during the first half of 2017 included the rental of a 34,000 m2 warehouse in Martorelles to Segro, the leasing of 17,000 m2 of space on the Anoia Industrial Estate to GV El Zamorano, and the pre-lease operation by the company VIBIA to Clape Group, involving a surface area of 14,000 m2 in Gavà. In addition, MediaPost signed a turnkey operation with Solvia to construct a 12,000 m2 warehouse in Polinyà (…).

Finally, the prime rent remained stable at €6.50/m2/month in Barcelona, although it is expected to increase over the next few months, due to the clear absence of available space.

Original story: CBRE

Translation: Carmel Drake