15/07/19

New construction warehouses retain their leading position in Q2 2019

  • In the 2nd quarter of 2019, logistic interest for the 1st and 2nd Ring of Barcelona has increased, in contrast with the 3rd Ring which has not registered any transaction from April to May.

  • New construction warehouses have led 82% of take-up volume in the first half-year in Catalonia.  

According to Forcadell’s Logistic Market Report for Catalonia, take- up for Q2 2019 has reached 116.481 sqm, which added to the volume obtained in the 1st quarter (224.762 sqm) sums up to the half-year take –up figure of 341,000 sqm. This figure is 12% lower respect the same period last year, but 44% and 31% higher than the figures registered in the first half-years of 2017 and 2016 respectively.

Although the market confirms a slight slowdown in decision-making when it comes to users, this mild decrease in volume take-up does not reflect a lack of dynamism in the sector, if anything, it shows that the occasional end-user transactions were the driving force behind take-up in 2018. This is the case of the 51.000 sqm logistic platform for Amazon in Barberà del Vallès and the 48.000 sqm rented by Privalia in La Bisbal del Penedes, among others.

In the 2nd quarter of the year there were 17 transactions registered, 6 of which were contracted in the 1st Ring (28.919 sqm) and the rest in the 2nd Ring (87.562 sqm in 11 transactions). According to the quarterly report, the 3rd Ring has not registered any transactions this quarter, and only accumulates 16.200 sqm of take-up volume. Availability is still a problem in the closest zones to Barcelona and lack of land forecasts a complicated outlook for the prime zone.

New construction warehouses are unquestionably leading the Catalan market with a 2nd quarter reaching up to 63.859 sqm, 55% of take-up volume. This percentage volume raises considerably if we take into account all the evolution of the 1st semester: accumulated up to 82% of the take-up during this period.

Attending to the type of warehouse, the average surface contracted in the 2nd quarter of 2019 has been 6.852 sqm; 3 of every 4 warehouses have had a surface between 2.500 and 10.000 sqm.  Three main transactions stand out in this quarter: the renting of a 19.102 sqm new construction warehouse owned by Goodman in St.Esteve Sesrovires, 9.700 sqm by Luis Simoes and 7.400 sqm by Vivace at the VGP Park in Lliçà d’Amunt.

Asking rents remain stable and there are no expected increases in the short term. In the prime zone, prices stand at €7/sqm, €5 - €6/sqm in the 2nd Ring and around €3,5/sqm in the 3rd Ring. In sales, buying pressure from international funds continues to drive prices upward and yields stand around 5,5% in prime or in Type A warehouses with long term contracts.

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