2021-06-14-莱坊-Spain_Logistics_Snapshot_Q2_2021_June_2021_2页_765kb

Logistics Market Summary - Q2 2021

Core Content Overview

This document provides a snapshot of the logistics market in Spain, focusing on the second quarter of 2021 (Q2 2021). It highlights key trends in take-up, investment, and prime rents/yields, with a particular emphasis on the markets of Madrid and Barcelona. It also includes insights on e-commerce growth, portfolio acquisitions, and the impact of the COVID-19 pandemic.

Take-Up Activity

Madrid and Barcelona

• Take-up in Madrid: Approximately 300,000 sq m in Q2 2021, representing an increase of over 80% compared to the same period in 2020.
• Take-up in Barcelona: Around 250,000 sq m, an increase of over 180% compared to Q2 2020.
• Vacancy Rates:
  • Madrid: 7%
  • Barcelona: 3%
• Reason for Stability: Vacancy rates remained stable despite strong take-up due to new supply in both markets.

Other Markets

• The take-up in the main logistics markets recorded historic figures, with a 160% increase in the first half of the year compared to the previous year.
• The top three deals in Q2 2021 include:
  • Montepino Portfolio: Acquired by Bankinter, with a surface area of 760,000 sq m across Madrid, Barcelona, Zaragoza, and Malaga.
  • Clarion Portfolio: Acquired by Dream Industrial, valued at €90 million.
  • Panattoni Portfolio: Acquired by Brookfield, valued at €72 million.

Investment Activity

• Logistics investment in Q2 2021: Exceeded €1.2 billion, a 600% increase compared to the same period in 2020.
• Cumulative investment for 2021: Approached €1.6 billion, a 320% increase compared to the same period in 2020.
• Market Share:
  • Madrid: Accounted for 65% of the total investment volume.
  • Barcelona: Contributed 12%.
  • Other cities: Notable investments were made in Zaragoza, San Sebastián, and Cádiz.

Prime Rents and Yields

• Average Prime Rents:
  • Madrid: 6 €/sq m, higher than previous years.
  • Barcelona: 5.50 - 7.00 €/sq m for 1st ring, 4.00 - 5.25 €/sq m for 2nd ring, and 2.50 - 3.75 €/sq m for 3rd ring.
• Prime Yields:
  • Madrid and Barcelona: Both markets saw compression in prime yields, reaching 4.25%.
  • European Comparison:
    • Brussels: 4.60%
    • London: 4.00%
    • Amsterdam: 3.80%
    • Frankfurt: 3.30%
    • Berlin: 3.50%
    • Paris: 3.75%
    • Dublin: 4.25%

E-Commerce Turnover

• E-Commerce Growth: The e-commerce turnover in Spain has been growing steadily, with latest data from 2007 to Q2 2021.
• Source: Data from CNMC (Comisión Nacional de Mercados y Competencia).

Market Uncertainty

• Impact of COVID-19: The pandemic has significantly affected market activity across all sectors.
• Uncertainty Note: Due to the unknown future impact of the virus and limited comparable data, the report highlights material uncertainty in market conditions.
• Recommendation: For detailed discussions or updates, contact Knight Frank's team.

Contact Information

Capital Markets

• Alejandro Vega-Penichet
  Director of Industrial & Logistics
  Email: Alejandro.Vega-Penichet @es.knightfrank.com
  Phone: +34 600 919 014

• Adrián Romero-Amich
  Head of Logistics Leasing
  Email: Adrián.Romero-Amich @es.knightfrank.com
  Phone: +34 600 919 015

• James Cowper-Coles
  Associate, Logistics Capital Markets
  Email: James.Cowper-Coles @es.knightfrank.com
  Phone: +34 600 919 105

Research

• Rosa Uriol
  Head of Research
  Email: RosaUriol @es.knightfrank.com
  Phone: +34 600 919 114

Recent Publications

• The Data Centre – Q3 2020
• Active Capital – 2020
• Reports: Available at knightfrank.es (Spanish) or knightfrank.com/research (English).

Disclaimer

• This report is for general information only and should not be relied upon for decision-making.
• No liability is accepted for any loss or damage arising from the use of this document.
• Reproduction is not permitted without prior written approval.