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59% of the logistic offer in Catalonia for 2020 is already pre-leased
11 December 2019 | Observatorio Inmobiliario

59 % of the 534.000 sqm in new offer expected to be incorporated in the Catalan market in 2020 is already pre-contracted, due to the high demand in the logistic segment together with the lack of terrains in the region, especially in prime areas, according to data from Savills Aguirre Newman.

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The consultant, which organised a discussion panel on the subject, predicted a consolidation of the logistic areas within Barcelona’s second and third metropolitan rings. During 2020, these areas will have more developments and rent prices will increase due to the lack of spaces within the Catalan capital’s first ring, which currently is set at 1.5%

Faced with this lack of spaces, Savills Aguirre Newman Barcelona’s CEO and president, Anna Gener, has requested «solutions for the current chokehold, which affects, not only the real estate sector, but also the whole Catalan business community and the growth of ecommerce».

To that end, many of the participating professionals demanded more diligence from the Administration to generate terrains for this use. The managing director of logistics at Merlin Properties, Luis Lázaro, pointed out that, even if the Administration has this mandate «it has not used it effectively, nor in the way required by both the operators and investors». The director of logistics for Barcelona at Merlin Properties, Gerard Crosa, followed the same line of thought, «the Administrations need to accelerate the procedures for urban development». Country director at Gazeley, Óscar Heras, recalled that in some cases, it takes between 9 and 18 months to get the authorities’ approval.

Faced with this scenario, the country manager for Spain at Goodman Real Estate, Ignacio García, foresees that the lack of product will remain on the long term, since «the new terrains which will be incorporated in the market in the coming years will not be enough».

The head of Investment and Asset Management at Montepino, David Romera, alerted for the operations that «will not be able to be carried out in Catalonia due to the lack of terrain and that these will be moved outside the Autonomous Community». Such as Valencia or the French city of Marseilles for example.

75 % of logistic contracting in Barcelona was in the central area

During this year’s first nine months, logistic terrain contracting in Catalonia was 477.000 sqm, of which 75% was concentrated in the central area and within the first urban ring, which means, up to 30 km from Barcelona.

The sector’s main representatives are also proponents of changing the industrial-logistic legislation. On this subject, Prologis’ country manager, Cristian Oller, pointed out that «the administration should be more flexible and adapt to the sector’s current needs, such as allowing for more height in the warehouses».

The high demand has caused, since 2013, a 33.3% increase in rents within Catalonia’s prime areas, with the average rent reaching 7 euro/month/sqm. In Madrid, rents increased 37.5% during the same period, as highlighted by Antonio Montero, in charge of Industry and Logistic at Savills Aguirre Newman.