Investment in Catalonia doubled between the second and third quarters, showing a recovery, but 2020 should close with a 50% y-o-y drop, according to CBRE.
The 12 commercial transactions registered by Iberian Property (IP) represented a total of 392.9 million euro (15% of all investment in Iberia ) during the Summer. Nevertheless, investment for the third quarter was 30% less y-o-y.
In terms of transactions, the highlight went to the sale of 2 office buildings by Colonial to Tristan Capital Partners for around 174 million euro: the Plaza Europa 40-42 and the Berlín- Numància with a total combined area of 18.149 sqm. The second-largest transaction registered during the Summer was the sale of a warehouse in the inner metropolitan ring Vallés Occidental for 61.5 million euro. In third place came the sale of building Almogàvers 185 by Swiss Life for around 50 million euro and in fourth the purchase by Real I.S. of building Las Ramblas 124 for around 65 million euro.
During the Summer months, the office segment had the largest share of all real estate investment with around 67%, followed by logistics with 17%, retail with 12% and hotels with 4%.
2020 should close with 50% drops
Despite the recovery during the third quarter and the dynamic felt in the region between October and December, the volume of investment in Barcelona should not be on the same level as last year.
Up until September, Iberian Property registered more than 900 million euro in commercial investment in the region and even adding the operations which were closed during the year’s last quarter and those that should be concluded during that same period, consultant CBRE assumed that investment in Barcelona should not surpass 1.5 billion euro, half the 3 billion euro registered last year.
This y-o-y drop is explained by the huge drop in terms of office investment. Although it remained investors’ preferred segment, total investment in this segment points towards a 60% y-o-y drop – from 1.5 billion in 2019 to 600 million at the end of 2020, pointed CBRE.
All the information is available at the Catalonia Report from Iberian Property which can be downloaded HERE.
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Disclaimer: This information is based on public data gathered within the platform Iberian Property Data. All estimates were calculated based on registered public information and data from the main consultants within the market. It should be noted that the results presented here may be updated if new information is issued.