Contracts for logistics properties in Barcelona reach record high
Real estate consultancy firm report says agreements grew 44% in 2018 for 665,000 m2 of commercial space
Contracts for logistics properties in Barcelona grew by 44.3% in 2018, reaching the record figure of 665,000 m2 in 63 agreements, says a report by the real estate consultancy firm, Savills Aguirre Newman.
The report points to e-commerce firms as playing a "key role" in invigorating the market, and also says they have become an established driving force in the sector.
According to the consultancy firm, most activity was in the center of Barcelona and nearby places in its metropolitan area, with 520,000 m2 of space contracted, some 55% more than in 2017.
Caprabo and Mercadona
Among the largest agreements in 2018 was a 25,000-m2 project by the Caprabo supermarket chain in Barcelona's commercial port, and another by the Mercadona supermarket chain in Ripollet, for 15,400 m2.
In the final quarter of 2018 alone, some 11 contracts were signed for 172,337 m2 of space, fewer agreements than in the same period in 2017 but for more space.
Currently, the availability of logistics space in Barcelona and its immediate surroundings is less than 3%, with the highest quality properties in the city center for around 7 euros/m2. Savills Aguirre Newman expects interest in these areas to continue.
Available stock grows 8%
Over 2018, the logistics property market in Catalonia grew by 459,112 m2 of new space, an 8% increase in stock compared with the previous year.
The consultancy firm expects the available stock to grow by another 272,546 m2 in 2019, with 164,746 m2 available for rental.