2022-11-02-莱坊-Spain_Logistics_Snapshot_Q3_2022_September_2022_2页_773kb

Logistics Market Summary - Q3 2022

Core Content

This report provides an overview of the logistics market in Spain, focusing on Madrid and Barcelona, for the third quarter of 2022. It highlights key trends in take-up, prime rents, and investment activity, alongside a comparison with previous years and European counterparts.

Take-Up Activity

Madrid

• Total take-up for the first nine months of 2022: Over 800,000 sqm
• Q3 2022 take-up: 200,000 sqm
• Prime rents: Stable at €6.25/m²/month
• Distribution by ring:
  • 1st ring: €5.00 - €6.25/m²/month
  • 2nd ring: €4.00 - €4.75/m²/month
  • 3rd ring: €3.00 - €3.85/m²/month
• Major occupiers:
  • IDLOGISTICS: 22,300 sqm in Allovera, Guadalajara
  • MAERSK: 21,200 sqm in Alcalá de Henares, Madrid
  • DHL: 11,800 sqm in Cabanillas del Campo, Guadalajara

Barcelona

• Cumulative absorption for the first nine months of 2022: Around 560,000 sqm
• Q3 2022 take-up: Around 170,000 sqm under contract
• Q3 2022 take-up increase: 3% compared to the same quarter in 2021
• Prime rents: Stable at €7.75/m²/month
• Distribution by ring:
  • 1st ring: €5.50 - €7.75/m²/month
  • 2nd ring: €4.00 - €6.00/m²/month
  • 3rd ring: €2.50 - €4.00/m²/month

Investment Market

• Q3 2022 investment volume in Spain: Close to €950 million
• Year-on-year increase: 130%
• Accumulated investment for the first nine months of 2022: Exceeds €1.95 billion
• Market share by city:
  • Barcelona: 45% of total investment volume (~€420 million)
  • Madrid: 35% of total investment volume (~€330 million)
• Prime yields:
  • Madrid: 4.25%
  • Barcelona: 4.25%
• European comparison (latest available data):
  • London: 3.75%
  • Amsterdam: 3.90%
  • Frankfurt: 3.00%
  • Berlin: 3.30%
  • Paris: 3.75%
  • Dublin: 4.00%

Top Deals in Q3 2022

1. Crossbay Portfolio (Various locations):

   • Vendor: Crossbay
   • Purchaser: Prologis
   • Investment volume: €1.585 billion
   • Location: 134 last-mile logistics centers across Europe (23 in Spain)

2. ICC Mateu Cromo (Madrid):

   • Vendor: Angelo Gordon / ICC
   • Purchaser: CBRE IM
   • Investment volume: €103 million
   • Rate: 1,200€/sq m

3. 2 Warehouses Torrejón-Meco (Madrid):

   • Vendor: DWS
   • Purchaser: CBRE IM
   • Investment volume: €80 million
   • Rate: 1,200€/sq m

Key Trends and Insights

• E-commerce growth: Continues to positively impact the logistics sector.
• Online shopping increase: The proportion of internet users who shop online is on the rise, with the hybrid model expected to persist.
• Market uncertainty: Due to the ongoing impact of the COVID-19 pandemic, market conditions remain volatile, and past data may not be fully representative of current trends.
• Stable prime rents: Both Madrid and Barcelona maintain stable prime rents, with Madrid at €6.25/m²/month and Barcelona at €7.75/m²/month.
• High investment volume: The third quarter saw a significant increase in investment activity, driven by strong demand in both Madrid and Barcelona.

Contact Information

• Capital Markets Directors:

  • Alejandro Vega-Penichet: +34600919014 | Alejandro.Vega-Penichet @es.knightfrank.com
  • James Cowper-Coles: +34 600 919 105 | James.Cowper-Coles @es.knightfrank.com
  • Luciano Antequera: +34 600 919 013 | Luciano.Antequera @es.knightfrank.com

• Research Head:

  • Rosa Uriol: +34600919114 | RosaUriol @es.knightfrank.com

Recent Publications

• Active Capital 2021: Available at knightfrank.es and knightfrank.com/research

Disclaimer

• This report is for general information only and should not be relied upon for decision-making.
• Knight Frank España, S.A.U. does not accept any responsibility or liability for losses or damages resulting from the use of this report.
• Reproduction of this report is not permitted without prior written approval.