According to Forcadell, during the second quarter of 2023, the leasing of logistics space in Catalonia reached 99,894 square meters, which represents a 38% decrease compared to the same period last year. This figure reflects a significant decline in leasing activity in this quarter, only surpassed by the Q2 of 2020 during the height of the Covid crisis, when 88,453 square meters were leased.
The reasons for the decline? Although it is still early for explanations, Forcadell suggests that the cost of financing and the proximity of general elections could be the main factors hindering decision-making.
According to the firm, the majority of leased space was located in the 3rd Crown of Barcelona, reaching 49,266 square meters (49% of the total) in 4 transactions. The next highest is the 2nd Crown with 39,854 square meters (40% of the total) in 5 transactions, followed by the 1st Crown with 10,775 square meters (11% of the total) in 2 transactions. The number of transactions has decreased to 11, with the average transaction size in Catalonia being 9,081 square meters. The 3rd Crown has a higher average than the 1st Crown, which usually concentrates smaller-volume transactions. According to the company’s data, out of the total leased space, 50,271 square meters (50.32% of the total) belong to new stock, whether in the form of turnkey projects or newly built warehouses. As a positive note, the market continues to absorb new stock and availability remains very low.
«Despite the decrease in leasing activity, there is no forecast for rent correction, rather the opposite, as the cost of capital is pushing the asking prices for new projects, and rents are expected to rise in the coming months,» says Gerard Plana, Director of Industrial-Logistics at Forcadell.
Regarding investment, «funds and SOCIMIs (REITs) continue to be very active in the logistics real estate market, especially in Catalonia, where everyone is focused due to the low availability and market dynamics,» says Gerard Plana. High prices are starting to become a hindrance, slowing down some transactions, so a correction is expected in terms of exit yields and land prices in certain areas.
Read the original article: https://brainsre.news/la-contratacion-del-inmologistico-catalan-desciende-un-38-en-el-segundo-trimestre-de-2023/
