If this number included projects pending delivery, it could even surpass 1 billion euro. Despite the situation of uncertainty caused by the pandemic, these assets saw an increase in contracting, with an amount which remained the same after being reviewed. This is shown in the latest G-Trends, the report on the real estate market trends for the month of January compiled by grupo Gloval, which offers services of real estate assessment, engineering and consultancy.
According to this report, 2020 continued the good behaviour initiated in 2019, when the investment volume in logistic assets reached a record 1.780 million euro in Spain. Covid-19’s impact did not stop the interest for this segment amongst the main national and international investors, especially funds and REITs.
Yields, however, showed a slight contraction when compared to 2019 in certain areas due to the increase in demand. In Madrid, yields reached levels below 4.5%. Barcelona, in more suburban areas, registered operations at 5.5%, despite, within the city port’s ZAL (Logistic Activities Area) having on average yields below 4.5%. In Valencia, gross yields reached 6%.
In terms of areas which attracted more interest among operators, the highlight went to Madrid, in particular the areas around motorways A-2, A-42 and A-4. In Valencia, where the stock levels remained stable, some interesting projects were concluded in the prime areas such as the Ribarroja estate. In Barcelona the lack of offer remains due mainly to the restrictions in terms of areas suitable for logistics, with the area around the airport being the one with more terrains available.
For José María García, RICS/IVS Valuation & Research Director, «logistics will remain interesting for investors, funds and developers who seek assets with large areas at reasonable prices, prices which meet the needs of both general and e-commerce distribution»