The Spanish logistics sector is showing signs of recovery, with confidence levels rising to 54.4 in 2024, compared to 51.2 in 2023 and 54 in 2022. These data come from the 'Logistics Confidence Index', prepared by CBRE and Logicor, and presented at the International Logistics Exhibition (SIL).
Arancha Gonzalez, Associate Director of Industrial Research & Logistics at CBRE, said: "Last year, the expectations of logistics operators were very low in terms of business forecasts. This year we detect greater confidence in the sector on the part of operators. Although we are still in an uncertain environment, the industry is adapting to supply chain disruptions".
In the first quarter, the logistics sector in Spain recorded an investment of 167 million euros, which represents a decrease of 43% compared to the same period last year. However, there was an increase in the number of deals with a volume of less than €20M, from 15% in 2022 to 41% in 2024.
Despite the drop in initial investment, 64% of logistics operators plan to increase their investment in the sector in the next twelve months. Overall, 34% of operators expect business conditions to be more difficult in the next twelve months, while 24% anticipate more favourable conditions.
In addition, 36% of logistics operators expect to increase their profits in the coming year, driven by increased cost control and efficiency (21%), increased investment in technology (17%) and an expansion of existing service offerings (13%). Forty-two percent of respondents expect to increase the number of employees in their company in the coming year, compared to 44% who expect to maintain the same number of employees.
Demand and rents in the logistics sector in 2024
In terms of demand for logistics space, the Spanish market closed the first quarter with 483,566 square metres under contract, down 31% compared to the same period last year. While in the Central Zone the average leased area grew to 16,000 square metres, in Catalonia it decreased to 7,000 square metres.
Juan Luque, Senior Asset Manager for Spain at Logicor, said: "When selecting properties, logistics operators prioritise being close to urban centres and connectivity points to make the supply chain more efficient in terms of transport, while retailers and manufacturers particularly value warehouse efficiency and flexibility in leasing contracts".
The first quarter of the year saw an increase in prime rents nationwide. In the Central Zone they stood at €6.50/sqm/month, while in Catalonia they reached 8.75 euros due to the lack of logistics availability. The availability rate in the Catalan market stood at 5.7% in the first quarter of the year, while in the Central Zone availability reached 8.45% due to new projects under construction. In total, there are 1.1 million square metres under construction in Spain, with 27% of these already under contract.
