In 2021, Spain's logistics sector set records in the volume of investments, their use, and efficiency. Moreover, the sector is expected to maintain stable indicators throughout the year.
This information is contained in the latest Savills report on the real estate sector "Stock". According to Savills, the volume of logistics projects in the real estate markets of Madrid and Barcelona in 2022-2023 will be almost 3 million m2.
Madrid
The stock of logistics areas in Madrid in 2021 was about 11,315,000 m2. It is expected to reach 12,335,000 m2 in 2022.
Since 2015, the logistics fund of the region has increased by over 3.8 million m2. This means that the expected growth of this market segment by the end of 2022 may reach 52% and will become a new all-time record.
The average level of accessibility of the Madrid’s logistics fund is 9.3%, reaching an area of 1 million m2.
Catalonia
Over the past seven years, the logistics fund of Catalonia has risen by 2 million m2, that is, by over 32%. Thus, the total number of square meters of logistics spaces in the region reaches almost 9 million. Of these, just over 200,000 m2 will be available by the end of 2022.
As for the future offer in 2022-2023, the report prepared by Savills indicates that it is more than 1 million m2. Of these areas, 50% have been leased or belong to a self-developing project (a project that is being built by the community without involving developers, promoters, etc.).
Other regions of Spain
According to forecasts, 380,000 m2 of logistics space will be created in Valencia in 2022 – 81% of the planned volume has been completed.
The average level of accessibility of such spaces in Valencia was 3.5% in 2021. In the central regions, this figure reached 4.92%. The contract included 400,000 m² (a total of 49 operations).
As for prices, in the most prestigious areas of Valencia, they amount to about 4.50 euros per m2 of area per month, when it comes to leasing.
For Andalusia, 2021 was a year of consolidation after the results of the developers' activities in previous years. There are no free logistics spaces left in local funds, especially in such regions as Malaga, Seville, and Costa de la Costa. A new offer is not expected to be put on the market in 2022.