Q3 2021 Logistics accumulates a total take-up of 669,979 sqm, anticipating a record breaking fiscal year

Q3 registered a contracting volume of 157,918 sqm  (+25 y-o-y), with most transaction deals closed in the Second Ring, following the same tendency of the past quarters

Rents have kept a slight rising tendency, mainly in new construction warehouses and due to the good performance of the sector

The Forcadell Logistic Q3 2021 report reflects that figures for the logistic sector maintain their upward trend, following the mood of past quarters. Take-up volume reached 157,918, which amounts to a 25 percent increase respect the prior year, when it stood at 125,124 sqm. This year the total figure stands at 669,979 sqm, already exceeding results of past FYs, forecasting a record breaking year when it comes to logistic contracting.

Regarding zones, according to Forcadell, most of the contracted space was in Barcelona's 2^nd Ring, reaching 102,423 sqm, a 65% volume of the total space in 9 transactions. The next zone regarding contracted volume was the 1st Ring, standing at 35,494 sqm in 7 transactions, while the 3rd Ring registered 20,000 sqm in one transaction.

Logistic contracting registered a 108,848 sqm volume in aleady existing warehouses, and 49,070 sqm in new construction or turn-key transactions. According to Gerard Plana, Forcadell’s Industrial-Logistics’ director, “this proves that on the one hand, empty warehouses find tenants quite easily, and on the other, that there is a continued absorption of new stock units”. It is worth highlighting the rental of the 21,419 sqm platform owned by SEGRO, in Sant Esteve Sesrovires, as well as the 19,191 sqm unit owned by PROLOGIS in Montmeló.

Rents maintained an upward trend mainly in new construction projects, due specifically to the price of land and the good performance of the sector in terms of leasing transactions. Triple A warehouses in the 1st Ring registered rents around €7/sqm/mnth; between €4.5 and €6/sqm/mnth for certain specific projects in the 2nd Ring; and around €3.5/sqm/mnth in the 3rd Ring. “Investor appetite for logistic product is still holding up for the time being, which forecasts several more quarters of investment transactions and new stock that will enter into the rent market”, concludes Gerard Plana.