2024-10-22-莱坊-Spain_Logistics_Snapshot_Q2_2024_2页_648kb

Logistics Snapshot Summary - Q2 2024

Core Content

This summary provides an overview of the logistics market in Spain, focusing on the occupier market in Madrid and Barcelona, as well as the investment market across the country for the second quarter of 2024.

Occupier Market Highlights

Madrid

• Logistics leasing volume: Achieved nearly 232,000 sq m in Q2 2024, up from 175,000 sq m in Q2 2023.
• High-quality warehouse demand: Most transactions were signed in BREEAM or LEED certified warehouses.
• Top 3 occupancy deals:
  • 50,000 sq m in Guadalajara by Ontime (Chiloeches).
  • 27,300 sq m in Madrid by Arcese (Alcalá de Henares).
  • 18,150 sq m in Guadalajara by Grupo Total Neumáticos (Cabanillas del Campo).
• 1st ring activity: Recorded the highest activity, accounting for more than 70% of total transactions.
• New space delivered: Around 270,000 sq m of new logistics space was delivered in Q2, with 90,000 sq m in Villaverde.
• Expected development: An additional 170,000 sq m is expected to be delivered in Villaverde by 2025, boosting last-mile logistics.
• Availability rate: Stood at 9% as of the end of Q2.
• Prime rent: Remained stable at €6.50/sq m, with a slight increase expected.

Barcelona

• Logistics rental volume: Recorded around 150,000 sq m in Q2, higher than the previous year's quarterly average.
• Half-year total: Closed the first half of 2024 with more than 240,000 sq m leased.
• Prime rent: Increased slightly to €8.15/sq m.

Average Prime Rents by Rings

Investment Market Overview

Spain

• Total investment volume Q2 2024: €290M, compared to €335M in Q2 2023.
• Potential transactions: Over €950M in potential transactions are currently in the market, with closings expected in locations outside Madrid and Barcelona.
• Valencia's role: Recorded 25% of the total investment volume in Q2, driven by strong development activity. Three of the six largest transactions of the half-year occurred in this province.

Top 3 Investment Deals Q2 2024

1. €68M | Cheste, Valencia

   • Vendor: Blackstone
   • Purchaser: EQT Exeter
   • Capital value: €1,260/sq m

2. €41M | Illescas, Toledo

   • Vendor: Aquila Capital
   • Purchaser: EQT Exeter
   • Capital value: €750/sq m

3. €31.5M | Zigoitia, Álava

   • Vendor: Magna
   • Purchaser: P3 Log. Park
   • Capital value: €730/sq m
   • Note: Transactions intermediated by Knight Frank.

Market Trends

• Investor sentiment: Improved, leading to the first yield compression in two and a half years.
• Interest rate cuts: Contributed to the market's positive sentiment.
• Focus on quality: Both occupier and investor markets are showing a preference for high-quality logistics assets, particularly those with sustainability certifications.

Contact Information

• James Cowper-Coles
  Head of Logistics
  +34 600 919 105
  James.Cowper-coles@es.knightfrank.com

• Adrián Romero-Amich
  Director Logistics Leasing and Development
  +34 600 919 125
  adrian.romero-amich@es.knightfrank.com

• Daniel Caprarin
  Head of Research, Marketing & PR
  +34 600 919 087
  Daniel.caprarin@es.knightfrank.com