2022-08-02-莱坊-Spain_Logistics_Snapshot_Q2_2022_June_2022_2页_775kb

Logistics Market Summary: Q2 2022

Core Content Overview

This report provides an analysis of the logistics market in Spain, with a focus on Madrid and Barcelona, for the first half of 2022. It includes data on take-up, prime rents, investment volume, and key transactions, along with insights on the impact of the ongoing COVID-19 situation.

Take-Up Trends

• Madrid:

  • The first half of 2022 recorded a total take-up of 610,000 sq m, with more than 40% of this area contracted in the 3rd ring.
  • The 2nd ring saw the highest number of transactions.
  • The take-up in Q2 2022 is consistent with Q2 2021, which reached 300,000 sq m.
  • The overall take-up in Madrid follows the strong performance of 2021, surpassing historical trends.

• Barcelona:

  • The take-up for the first half of 2022 reached 390,000 sq m, closely matching the 2021 figure and exceeding previous years.
  • The take-up trend in Barcelona is positive, indicating sustained demand in the region.

• Road Freight Transport:

  • The trend continues to be positive, with 11% more tonnes transported in 2021 compared to 2020.
  • In Q1 2022, approximately 375,000 tonnes were transported.

Prime Rents

• Madrid:

  • Average prime rents rose slightly to €6.25/sqm/month.
  • Prime rents vary by ring:
    • 1st ring: €5.00 - €6.25/sqm/month
    • 2nd ring: €4.00 - €4.75/sqm/month
    • 3rd ring: €3.00 - €3.85/sqm/month

• Barcelona:

  • Average prime rents increased to €7.75/sqm/month.
  • Prime rents vary by ring:
    • 1st ring: €5.50 - €7.75/sqm/month
    • 2nd ring: €4.00 - €6.00/sqm/month
    • 3rd ring: €2.50 - €4.00/sqm/month

Investment Market

• Spain (H1 2022):

  • Total investment volume reached €1.0 billion.
  • In Q2 2022, the volume was close to €270 million.
  • Markets outside Madrid and Barcelona (which account for about 20% of total investment) have gained importance, including Alicante, Zaragoza, Seville, and Valencia.

• Prime Yields:

  • Both Madrid and Barcelona saw a slight increase in prime yields to 3.90%.
  • Comparative European prime yields (Q1 2022):
    • Brussels: 4.60%*
    • London: 3.25%
    • Amsterdam: 3.40%
    • Frankfurt: 3.00%
    • Berlin: 3.30%
    • Paris: 3.00%
    • Dublin: 4.00%
  • Note: Brussels data is from Q1 2021.

Key Deals

• Pan-European Crossbay Portfolio:

  • Purchased by Crossbay from Thor Equities for €72 million.
  • 8 warehouses are located in Spain, including those in Madrid, Barcelona, Seville, and Vigo.

• Valencia Warehouses:

  • Purchased by IBI LION from Neinver Logistics for €65 million.

• Barcelona Warehouse Abacus Pictet:

  • Purchased by Pictet from Abacus for €29.3 million.

Impact of COVID-19

• The Novel Coronavirus (COVID-19) outbreak has impacted market activity across Europe and beyond.
• Due to the uncertainty surrounding future market conditions and the lack of comparable data, the report emphasizes current market insights rather than historical comparisons.
• It is recommended to consult with Knight Frank’s team for more detailed information or updates on market conditions.

Contact Information

• Capital Markets:

  • Alejandro Vega-Penichet: Director of Industrial & Logistics | +34 600 919 014 | alejandro.vega-penichet@es.knightfrank.com
  • James Cowper-Coles: Director of Logistics Capital Markets | +34 600 919 105 | james.cowper-coles@es.knightfrank.com
  • Luciano Antequera: Consultant of Logistics Leasing | +34 600 919 013 | luciano.antequera@es.knightfrank.com

• Research:

  • Rosa Uriol: Head of Research | +34 600 919 114 | rosa.uriol@es.knightfrank.com

Reports Availability

• Spanish: knightfrank.es/investigacion-de-mercados
• English: knightfrank.com/research

Knight Frank Research provides strategic advice, consultancy services, and forecasting to a wide range of clients, including developers, investors, and public sector entities.

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 responsibility or liability for any loss or damage resulting from the use of this document.
• The report does not represent the views of Knight Frank España S.A.U. on specific properties or projects.
• Reproduction of this report is not permitted without prior written approval.