According to FORCADELL, the logistics market reached a record figure in 2021, exceeding the maximum transactions registered in the past 12 months.
Q4 take-up volume has risen to 140,758 sqm, placing the over the year rate 91% higher than in 2020.Even though Q4 has stayed aligned with past years, transaction figures in the first 2021 semester have been key to reach the annual record figure of 810,736 sqm in year-end closing. In addition, 2021 has exceeded annual transaction records registered in 2018, seeing a 21% increase.
Regarding Q4 2021, Forcadell’s logistics report registers a 40% percentage increase respect the same period of 2020, due to the severe drop in transactions, attributed to the health crisis.
The number of transactions registered this Q4 have been 12, distributed by zones: the 1st Ring registered 4 transactions adding up to a volume of 56,500 sqm, and the 2nd Ring registered 6 transactions adding up to 84,258 sqm. The 3rd ring did not register any transactions this quarter.
In 2021, the relevance of new construction warehouses or “turn-key” deals has been a key factor. The new stock transaction figures sum up to 62% of the total contracted space (500,230 sqm). The most relevant transactions of this quarter have been the lease of of a 50,000 sqm logistic platform by LIDL in the ZAL Barcelona or the renting of 25,000 sqm in Prologis Park La Granada by Enredos Logistics, this last one advised by FORCADELL.
Regarding rents, there is a certain upward pressure in asking rents due to the increase of prices in construction costs and land price. Nevertheless, in the 1st Ring they remain at €7.5/sqm for prime zone, between €5 and €6.25/sqm for the 2nd Ring and around €3,5sqm for the 3rd Ring. A further possible increase in new construction assets is expected due to these factors.
Finally, the investment market and an important liquidity have resulted in an increase of the land value and new construction properties, therefore seeing some of these transactions of a certain volume register yields under 5%.