When compared to the amount invested during the last quarter of 2019, the drop is even more significant: 77%. According to JLL, in «March the purchase-sale of logistics assets was drastically affected by the activity shut down in Spain».
«57% of total assets transacted were in Madrid, 17% in the Catalan market and the rest in areas such as the Basque Country or Zaragoza, areas that continue to grow in importance for investors», it can be read in the consultant’s latest report «Logistics Market Fundamentals».
In terms of investors, the report remarks that «the international funds were, once again, the most active in the market».
The yields remain «stable and unchanged with respect to the last quarter of 2019, at 4.75% in both markets. The prime rent, also stable, remains at 5.5 euros/sqm/month in Madrid and 6.8 euros/sqm/month in Barcelona», mentioned the document.
Despite the results not being encouraging, the consultant draws a different scenario for the long-term. «The impact of the pandemic on the logistics sector could, however, bring certain benefits in the long run. This is the case with the expected, and even more pronounced, increase in online sales, especially in the food and sports sectors. Likewise, companies with low inventory coverage in their supply chains may decide to increase their inventory levels in order to avoid future stock-outs, which would positively affect the demand for space», it further revealed.