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Market report of logistics warehouses in Catalonia in 2014

 

“Increases surface and warehouse contracting, as the number of operations; decreases vacancy rate; considerable increase of contracting area (net) and logistics companies space contracting promotion recovers for first time after 5 years”.   

Below we present detailed key information on logistics warehouses market in Catalonia during 2014:

The accumulated contracting of logistics warehouses amounted to 312,056 sq m, being distributed in the following way: 246,856 sq m in the First Ring, 65,200 sq m in the Third Ring, while there has not been any kind of contracting in the Second Ring of Barcelona. Total contracting represents an increase of 15,28% compared with the previous year, which confirms the recovery of logistics market.

- The main leasing operations of the year were; 32,000 sq m leased to Sitasa in El Plà de Santa Maria, 20,000 sq m leased to ID Logistics in Vilarodona, 15,000 sq m leased to Aldeasa in Barcelona, 13,375 sq  m leased to Molenberg Natie and 10,000 sq m leased to Naeko in Sant Boi de Llobregat.

- Logistics warehouses contracting in view (312,056 sq m), 241,756 sq m (77,47%) correspond to new contracted area (net), while the remaining (70,300 sq m; 22,53%) – correspond to the contracting carried out by companies that have relocated, mainly in order to approach the best areas at a price that, at the moment, is more reasonable. The contracting rate is two times bigger than the previous year (103,094 sq m).

- Contacting corresponds in a 72,92% to companies in logistics sector while the remaining 27,07% to end-users that carry out their own logistics. These figures reconfirm the economic recovery of logistics sector. The previous year, this percentage represented 49,33% of total contracting which means an increasing of 47,82%.

- The total number of logistics transactions that have been made all year long  amounts to 55 –figure that represents an increase of 10,90% compared to 2013– while the average contracted area is 5,673,7 sq m (in 2013 was 5,953 sq m).

- Registered Logistics warehouses demand amounted to 485,700 sq m, being distributed as follows: 385,200 sq m in the First Ring, 11,500 sq m in the Second Ring and 89,000 sq m in the Third Ring. 2014 demand compared to 2013 does not show any significant variance.

- During the year and after almost 5 years without any promotion of new logistics surface, it has been starting to promote 20,000 sq m of newly logistics warehouses. By this way, the total logistics warehouse leasing surface in Catalonia amounts to 2,979,328 sq m, being distributed 1,968,577 sq m in the First Ring, 492,512 in the Second Ring and 518,239 in the Third Ring.

- The vacancy rate of logistics warehouses in Catalonia is nowadays 16,62%, distributed in the following way: First Ring, 11,39%, Second Ring, 27,74%; Third Ring, 25,91%. These figures represent a decrease of 5 points regarding 2013 rate (21,88%). The vacancy rate has decreased in the First and Third Ring comparing to previous year which it was 17,14% and 33,96%, while in the Secong Ring has raised (27,74%) – In 2013 it was 23,87%.

- Logistics warehouses average output rents in the First Ring stood at 5,83 €/sq m/month, in the Second Ring 3,42 €/sq m/month and in the Third Ring 2,63 €/sq m/month. Comparing this data with those of the previous year (4,88 €/sq m/month, 2,95 €/sq m/month and 2,45 €/sq m/month), we observe an increasing in the output rent in all three rings.

- Among the total contracting, Estrada & Partners has advised 75,700 sq m, which represents 34,73% of the logistics transactions advised for real estate consulting firms in Catalonia on 2014. The most significant transactions were 32,000 sq m leased to Sitasa in El Plà de Santa Maria and 8,000 sq m leased to Arcese in Barcelona’s Logistics Activity Zone (ZAL).

The Logistics team of Estrada & Partners is at your disposal to make a personalized presentation of the logistics warehouses’ market study in Catalonia or to find the most attractive Logistics warehouse options for your needs.

For further information, please contact us through our website www.estradapartners.com or arrange a meeting by phone +34 93 215 16 50.

ESTRADA & PARTNERS is a real estate consulting firm specialized and leader in logistics and industrial sectors, as well as in investment, providing services of Brokerage, Asset Management, Asset Valuation, Consultancy and Land. During 2012 and 2014, Estrada & Partners has advised transactions comprising over 275,000 sq m of contracted logistics warehouses. These include the leasing of a 32,000 sq m logistics warehouse to Alindocks, 32,000 sq m leased to Sitasa, 25,000 sq m leased to Michelin, 15,600 sq m to Transportes Azkar, 15,000 sq m leased to Idiada and 10,000 sq m leased to DHL. At the moment, Estrada & Partners is commercializing in exclusivity or co-exclusivity the logistics parks –comprising over 200,000 sq m- located in El Prat de Llobregat, Sant Esteve Sesrovires, Sant Fruitós de Bages, Constantí (Tarragona), Bràfim Alió, Valls, Fogars de la Selva and El Plà de Santa Maria; owned by AXA Real Estate, Goodman, Invesco, Inbisa, AXIARE, CBRE Global Investors, Blackstone and Emesa.

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