Demand is therefore quite strong, with satisfactory transaction levels — when compared to the third quarter of 2015, there has been a 34.45% increase in the transacted surface area.
The analysis of the main logistics operations shows the following geographical distribution: inland Baix Llobregat (24%), Alt Penedés (22%), Vallés Occidental (19%), coastal Baix Llobregat (14%) and Other areas (21%). The areas of inland Baix Llobregat and Alt Penedès have recorded the largest volumes. On the other hand, the highest number of transactions have been carried out in Vallès Occidental. As for the types of transaction, rentals represent 95% of all transactions, whereas purchase activity accounts for only 5%.
On the other hand, occupancy of industrial warehouses have been high in the third quarter, especially when compared to the data recorded last year. The demand for this type of facility is extremely relevant. Hiring of logistics space has grown by 54% regarding the same period last year, thus accounting for 224,000 sq. m.
After a five-year period of stability, prime rents rose by 10% by the end of 2015, and now stand at €5.50/sq.m./month for the best located facilities. Though stable, prices in prime locations are being pushed upward by occupier demand, a trend also reflected in other areas where the demand for quality assets is also high. Thus, hiring rates of Triple A logistics facilities in secondary areas stand at €3.50/sq.m./month, that is, 16% higher than those recorded the previous quarter.
The global Triple A availability rate of logistics assets is still under 10% at the end of the third quarter. The volume of transactions in the first three quarters have pulled that indicator downward (by 16% to be precise), when compared to the 11.47% availability rate by the end of the second quarter.
Photo: Agefred Group