Record levels of take-up have been reported in the industrial sector across Spain, according to a new survey by Savills Aguirre Newman.
Madrid reported a total of 451,000 m2 in 36 deals, representing a 17% year-on-year (y-o-y) increase. Barcelona reported the same number of deals but experienced a greater relative rise of 74% y-o-y to 390,678 m2 in the first half of 2018.
'The first half of 2018 has seen a real sense of positivity in the logistics sector, especially in Madrid and Barcelona, and such high levels of take-up in both cities bodes well for what the rest of the year has in store,' said Antonio Montero, national director of the industrial agency team at Savills Aguirre Newman.
'An increase in e-commerce is a trend that is reflected in these figures and, with turnover volumes in the sector exceeding €300,000 in 2017 – a 26% y-o-y increase – we expect to see the rise in online retail bolstering the logistics sector in Spain.'
Notable deals in both locations included 20,000 m2 of space in Corredor del Henares and Zona Sur in Madrid and a letting in La Bisbal del Penedès near Barcelona which totalled 48,000 m2.
In addition to the favourable take-up figures reported, rental prices in both cities remain stable as in recent quarters.
In terms of the investment market, some €400 mln of industrial deals were reported in the first six months of 2018.
Although the figure represented a decrease of 17% compared to the same period in 2017 (€490 mln), Savills said it could be attributed to a shortage of assets in principal markets, with the investor focus continuing to move to secondary markets, specifically locations such as Valencia, Zaragoza and Seville.
