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74 // iberian.propery / 2017
dossier// ISSUE: TOP IBERIAN cities
INVESTMENT
470 million euros | Offices
In the 1st semester, capital markets increased in
comparison with the same period last, with 16
investment operations completed in the office
segment that totalled an investment volume above
470 million euros. Funds, SOCIMIs and Family offices
were the key players in this sector.
The thriving economic environment encouraged
investors to take a stand in this market, and this was
also reflected in yields. The CBD closed the semester
with yields standing at 3.5%, while the NewOffice Zones
display yields between 4.5% and 5%. Forecasts indicate
that these rates will remain stable until the end of the
year, although the lack of product on the market may still
lead to additional compression in some specific assets.
15.6% of investment in hotels | 2016
In 2016, 353 million euros were invested to purchase
hotel assets in the city of Barcelona, representing
15.6% of the total volume allocated to this asset class
in the country, JLL calculated. And, in comparison
with 2015, the total value invested increased 25%.
In summary, last year 15 hotels changed ownership in
Barcelona, representing a total of 1.868 rooms. These
numbers are significant, and they are even more sowhen
taking into account themoratorium imposed by the
municipality that restricts the development or potential
conversion of assets into newhotels in the city centre.
Most of the investment in Barcelona in 2016 (51%),
represents transactions involving portfolios. Looking
at the activity in the last year, the substantial increase
in transactions of two-star hotels is also evident
which, considering the number of rooms, surpasses
the transactions involving three-star hotels.
Investment increases 13% in the 1st semester | Retail
The purchase of retail assets also evolved positively in
the 1st semester of the year, with a half-year variation
of 13%, according to Forcadell, who also adds that the
major investors, namely international investment funds
and SOCIMIs, were the leaders in this market.
High street shops are an increasingly attractive
product for investors, although the lack of product is
currently the biggest challenge faced by those who
want to invest their capital in Barcelona’s prime high
streets. Nonetheless, Forcadell believes that this
will not be a barrier to the development of capital
markets, estimating that 2017 may close with a
greater investment volume than last year.
Yields practised in Barcelona’s retail segment
continued to compress throughout the 1st semester,
which was more evident in prime product due
to pressure from investors and the sector’s good
prospects for the future.
source: JLL – Fundamentales Mercado Industrial y Logística (Q2, 2017)
sources:
«Locales Comerciales del primer semestre de 2017 en Barcelona»
, Forcadell;
«Marketbeat Oficinas Barcelona Verano 2017»
, Cushman & Wakefield;
«Informe de Oficinas de Barcelona – 1ºSem 2017»
, Aguirre Newman;
JLL – Fundamentales Mercado Industrial y Logística (T2, 2017);
Hotel Investment Analysis in Spain 2016, JLL (June 2017)
INDUSTRIAL & LOGISTICS
Barcelona’s industrial and logistics market closed the semester with a total
take-up of 236.000 m², bringing the vacancy rate to a record low: 3.03%.
236
236.000 m² Take-Up |
1st semester 2017
486
486.722 m² under construction |
of which 14% are
speculative projects and the remainder are projects
with guaranteed occupancy. Only 48.000 m² are due
to be completed by September.
2
,7%
Annual rent growth until 2021 |
In the first half
of 2017, the prime rent remained stable, at
approximately 6.75 €/m² month. However, JLL
estimates that throughout the next four years, the
values practised will increase 2.7% each year.
3
,9%
Annual market appreciation of 3.9% until 2021 |
The
Barcelona logistics market will be the 3rd to most
appreciate in Europe until 2021, and JLL estimates an
average annual appreciation of 3.9%
5
,75%
Prime Yield (2nd quarter 2017)
3
,03%
Vacancy Rate
reaches a record low at the end of the
2nd quarter
Industrial& Logistics Rents Barcelona– 1st Sem 2017
€/m²/ month
Mín.
Max.
1st Cluster
5,5
6,75
2nd Cluster
4
5,25
3rd Cluster
2,5
3,75