The Spanish logistics sector closes the first quarter of 2022 marking a record figure, with 690,000 sqm contracted nationwide, according to CBRE data.
The logistics area absorbed until March represents 3% more than in the same period of 2021, while the investment has exceeded 894 million euros, with a rise of 402% compared to the figure reached a year earlier.
In the Central Zone, 311,000 sqm have been contracted, more than 90% of them net, highlighting the operations related to ecommerce, which have concentrated 37% of the total contracting. In addition, 140,000 sqm of new construction have been delivered.
And in Catalonia, 242,000 sqm have been signed, 60% net. The consultant highlights that 67% of the contracting is linked to turnkey operations and 15,000 sqm of new supply have been delivered. Transactions related to ecommerce comprise 16% of the total.
According to CBRE, "the high activity" has led to a 6.4% rise in prime rent in the Central Zone since the first quarter of 2021, reaching 5.85 euros/sqm/month. In Catalonia, the high demand together with the decrease in available supply has boosted the prime rent by 7%, standing at 7.50 euros/sqm/month.
Among the main operations carried out in the Central Zone, the consultant highlights the rental of a 53,000 sqm turnkey by Geodis in Torija, and the lease by Db Schenker of a 47,000 sqm warehouse in Guadalajara. In Catalonia, it points to the purchase of a 90,000 sqm turnkey by Kave Home in Tordera, and the rental of a 27,000 sqm turnkey by Montepino in Castellbisbal.
Regarding the rest of the logistics spaces, in Valencia 78,000 sqm have been contracted, which represents an increase of 144% compared to the first three months of 2021. Ribarroja and Cheste have concentrated most of the activity, however, the three operations with the largest area they have been located in Sagunto, Carlet and Vara de Quart, two of them being self-promotions.
In Zaragoza, 25,000 sqm have been registered, which represents an increase of 41% compared to the contracting registered a year ago. The most demanded areas have been Plaza and the A-23 Huesca and A-68 Logroño axes.
In Seville, the high demand continues along with the lack of available supply, although 29,000 sqm have been contracted, exceeding the 6,000 sqm of a year ago. Contracting is expected to increase in the coming months as new projects come onto the market.
In other cities, such as Malaga and Bilbao, there continues to be demand, although operations hardly materialize "due to the scarcity of product", they point out from CBRE.
The most important operations include the Druni (18,000 sqm) and Saltoki (16,000 sqm) self-promotions in Carlet and Vara de Quart (Valencia), respectively; the pre-rental of a 22,000 sqm logistics warehouse by Think Textil in Plaza (Zaragoza); and the lease by Unei of a 13,500 sqm warehouse in Dos Hermanas (Seville).
The CBRE study highlights that the significant increase in investment that has moved between January and March "reflects the high appetite on the part of investors towards the sector", and points out that, if the operations that are currently underway materialize, "the may exceed the investment volume reached in 2021 at the end of the financial year".
Regarding prime yields, they remain at levels of 3.9%, both in the Central Zone and in Catalonia. For its part, the yield prime for the last mile also remains at around 3.75%. Looking ahead to the coming months, the consultant forecasts "some compression starting in the second half of the year, although less markedly than in the last two years."
