By 2025, the Catalan logistics market is expected to add more than 650,000 square metres, according to CBRE data. Currently, there are 412,000 square metres under construction, with an expected delivery date of 2023. In addition, another 27,000 square metres is planned to be added in 2024, and there is an additional 211,000 square metres in the construction pipeline.
"The entry of new product will help to increase logistics availability, which was at an all-time low of 2.2% at the end of the first quarter in Catalonia," said David Oliva, director of Industrial & Logistics at CBRE Barcelona.
The delivery of the 412,000 square metres planned for this year will be distributed mainly in two areas. The second crown will have most of them, reaching 203,000 square meters, while the third crown will receive 193,000 square meters. On the other hand, the first logistics ring, which currently has an availability of 0.4%, will add 17,000 square metres.
Among the outstanding projects that will enter the market this year is the 41,000 square metre warehouse owned by Scannell Properties in Constantí (Tarragonés), together with the 40,000 square metre warehouse of Bentall Green Oak in Santa Margarida i els Monjos (Alt Penedès). The GLP project in Masquefa (Anoia) will also be completed with 29,000 square metres and the Clarion Partners project in Esparraguera (Baix Llobregat) with 22,000 square metres.
"In general, we expect availability rates to rise slightly in Barcelona this year because, although there is a good pace of business, deliveries will be especially concentrated in the second and third logistic crown, where there is not so much demand," added Associate Director of Research at CBRE Spain, Arancha Gonzalez.
This mismatch between supply and demand will continue to put upward pressure on prices. In fact, CBRE forecasts rental growth of between 3% and 6% in all the logistics areas of Catalonia until the end of the year.
