2023-07-26-莱坊-Spain_Logistics_Snapshot_Q2_2023_2页_705kb
报告摘要
Logistics Snapshot - Q2 2023 Summary
Core Content
This document provides a comprehensive overview of the logistics market in Spain for the second quarter of 2023, focusing on both the occupancy and investment sectors. It highlights market trends, leasing activity, vacancy rates, prime rents, and investment volumes, with specific emphasis on Madrid and Barcelona.
Occupancy Market
Key Figures
- Madrid: Leasing activity in Q2 2023 reached 175,000 sq m, with a cumulative take-up of 400,000 sq m for the year so far.
- Barcelona: Closed the quarter with 100,000 sq m, contributing to a total of 325,000 sq m in the first half of the year.
- Occupancy Trends: The occupancy market shows resilience, with expectations of a positive third quarter. However, the year-end figure is anticipated to remain close to the historical average.
Vacancy Rates
- Madrid: Vacancy rate is 5.7%, with Grade A assets at 3.20%, showing a slight increase compared to the previous quarter.
- Reason for Increase: Main logistics developers are prioritizing new developments over leasing, driven by high demand.
Prime Rents by Rings
| Ring | Madrid (€/sq m/month) | Barcelona (€/sq m/month) |
|---|---|---|
| 1st | 5.25 – 6.50 | 6.00 – 8.00 |
| 2nd | 4.50 – 5.00 | 4.75 – 6.00 |
| 3rd | 3.75 – 4.15 | 4.00 – 4.50 |
Occupancy Deals
Top 3 Deals in Q1 2023
- Guadalajara: 62,200 sq m – Factor 5
- Toledo: 24,500 sq m – Logisfashion
- Madrid: 18,050 sq m – Lausan (AAG)
Leasing Activity in Q2 2023
- Madrid: 175,000 sq m of take-up, compared to 287,000 sq m in Q2 2022.
- Illescas: Over 110,000 sq m of new developments added recently.
Investment Market
Key Figures
- Spain Investment Volume Q2 2023: €305 M, up from €280 M in Q2 2022.
- Secondary Markets: Accounted for 50% of the total investment volume, compared to 35% in Madrid and 18% in Barcelona.
Prime Yields
- Madrid: Prime yield reached 5.15%
- Barcelona: Prime yield reached 5%
Top 3 Investment Deals Q2 2023
- €150 M | Several locations: Vendor: VGP | Purchaser: Pimco (Allianz) | Capital value: 1,000 €/sq m
- €47.5 M | Alcalá de Henares, Madrid: Vendor: Pvasal | Purchaser: Boreal and C. Fairview | Capital value: 875 €/sq m
- €18.5 M | Villadangos del Páramo, León (2): Vendor: Abrdn | Purchaser: Iroko Zen | Capital value: 570 €/sq m
European Portfolio Acquisition
- Pimco (Allianz), through Aurora (a joint venture with VGP), acquired a European portfolio of 11 assets worth over €250 M, with €150 M allocated to Spanish assets located in Madrid, Barcelona, Zaragoza, Seville, and Valencia. Total GLA of Spanish assets: 160,000 sq m.
Europe Prime Yields (Q2 2023)
| City | Prime Yield | Trend |
|---|---|---|
| London* | 5.00% | = |
| Amsterdam | 5.00% | ↑ |
| Frankfurt* | 3.80% | ↓ |
| Berlin | 4.04% | ↑ |
| Paris* | 4.25% | = |
| Dublin | 4.75% | = |
Note: Data for Frankfurt and Paris is from Q4 2022 and Q1 2023, respectively.
Additional Information
- The percentage of online shoppers in the last three months (2011–2022) is provided, though specific figures are not detailed in the text.
- The document also includes contact information for key personnel in the Knight Frank Spain office, including roles in Commercial, Leasing and Development, Capital Markets, and Research.
Key Takeaways
- The logistics market in Spain remains resilient, with strong leasing activity in Madrid and Barcelona.
- New developments are on the rise, particularly in Illescas.
- Prime yields are increasing, reflecting strong demand for logistics assets.
- Secondary markets are playing a larger role in investment activity.
- Despite a higher risk environment due to rising interest rates, the demand for logistics assets continues to be robust.
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