Investment in commercial real estate (which includes the office, logistics and retail sectors) totaled 2.850 million euros during the first half of 2021. Of this, 2.265 million corresponds to the second quarter. The latter figure represents a 796% increase over the same quarter last year, which coincided with the harshest confinements in the first wave of the pandemic, according to JLL data.
In the quarterly comparison, investment increased by 258% between April and June. Thus, the accumulated volume in the first three months of 2021 has tripled. The consulting firm assures «that these figures reflect the beginning of the recovery that we are already anticipating and we expect it to consolidate in the second half of 2021».
By sector, the volume of investment in logistics during the second quarter of 2021 is around 1.300 million euros, which represents an increase in both the annual (+2,500%) and quarterly (+700%) comparison. This significant increase is in response to the logical halt in economic activity in 2020 due to the pandemic, the second quarter of which accounted for 49 million euros transacted. In addition, the second quarter of this year saw the closing of the largest logistics transaction in recent years. This was Bankinter Investment's purchase of a logistics asset platform from Montepino for 900 million euros.
For the six-month period as a whole, the total investment volume was around 1.460 million, an increase of 270% compared to the same period in 2020. In the retail segment, between January and June, transactions valued at 500 million euros were transacted, down 63% compared to the same period of the previous year, a six-month period characterized by the closing of two large transactions (Intu Asturias and Intu Puerto Valencia).
Cumulative investment in this market during the second quarter of 2021 was around 300 million, an increase of 45% compared to the previous quarter. During the same interval in 2020, the pandemic completely paralyzed the market and no significant operations were recorded.
Between April and June of this year, the growth in high street investments (around 173 million euros) stands out, exceeding by 94% the amount transacted between January and March.
Office investment for Madrid and Barcelona as a whole between April and June 2021 amounted to nearly 665 million euros, up 191% on the previous quarter, driven by activity in the city of Barcelona, which accounted for 550 of the 665 million euros. These figures show the improvement in investment appetite in a context of a gradual recovery of the usual activity as the immunization process of the population is completed with the vaccination campaign.
For the first half of the year, investment in office buildings in both cities was around 890 million euros, down 8.14% year-on-year. During the period, the capital reached 150 million euros, while Barcelona leads the market with close to 745 million euros transacted.