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New construction projects are leading the logistics market in Q1 2018
16/04/18

Take-up for logistic warehouses in Q1 2018 has reached 185.982 sqm, a 50% increase respect the same period last year.Although this number is lower than the record figure obtained in Q1 2015 (212.861 sqm), it is still viewed as very positive, evidencing the good performance of the industrial-logistics sector in Catalonia. Of the total take-up volume, 82% were projects for new construction, most of them built through speculative developments. This trend reaffirms the trust of investors in the logistic sector and confirms their willingness to continue investing.

According to Gerard Plana, Director of the Forcadell Industrial-Logistics Department,“the fact that 82% of the take-up volume in the first quarter have been built as new construction brings security to investors. The risk of building warehouses that will not be rented later on is decreasing, as the scenario in this Q1 shows.”

Just as during 2017, the 2nd Crown has focused most of transactions in the first quarter of the current year. 88% of the take-up volume took place in this zone and transactions were distributed as follows: 4 transactions in the 1st Crown, 11 in the 2nd Crown, and 3 in the 3rd Crown.

The average take-up volume in the first quarter of 2018 has been 10.332 sqm. Among the transactions that stand out are the 49.578 sqm platform built by Pasaval for Invesco in Abrera (2nd Crown), and the 28.882 sqm unit leased by Mercadona in St. Esteve Sesrovires. Aligned with the trend of the last quarters, and due to the lack of available warehouses, these 2 projects were also built as speculative constructions and will be delivered brand new to their respective tenants. Also advised by Forcadell, Terranova CNC leased a 5.700 sqm new construction logistic warehouse in Sta. Perpètua de Mogoda (2nd Crown) and CN Logistica (2nd Crown) have also leased a 7.400 sqm unit in Parets of an already built warehouse.

In the Industrial-Logistics market, it is worth highlighting the acquisition by Segro of the old Bacardi factory located in Mollet del Vallés. The aim of the British investment fund is to turn the 67.000 sqm plot into a logistic distribution centre, with high quality warehouses and EPC rated A buildings.

Regarding rent evolution for warehouses, these maintain the upward trend of the past months: €5/sqm/month in the 2nd Crown have consolidated for Barcelona and €6,75/sqm/month in the 1st Crown, for Triple A warehouses.

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