This volume includes the purchase of Logicor, a corporate operation carried out by China Investment.
The consolidation of economic growth and the progressive improvement of the fundamentals of the logistics market (demand, availability and rental income) have continued to drive the investment market which, due to the shortage of supply in Madrid and Barcelona, has shifted its interest to the secondary markets, such as Zaragoza or Valencia.
This shortage of product has also raised the activity of investors in land acquisition both for the development of speculative projects and "turnkey" projects. Meanwhile, the initial rate of return for the most prime assets has been beneath the 6%, although throughout the year, in some specific operation, the rate was at 5.5%, which keeps the soft uptrend already observed in previous periods.
Madrid duplicates the contracting
The contracting in 2017, in the Madrid market, has reached 922,478 m2, the highest historical volume in this market and a number that almost doubles the one achieved in 2016, according to Savills Aguirre Newman. During the last quarter of last year, the contracting exceeded the 305,000 m2, well above of what was achieved in the previous quarters.
By zones, the largest volume of contracting took place in the Corredor del Henares, followed by the South Zone and the A-3 Eje, although, by number of operations, the most active area has been the Eje of the A -2, namely, the municipalities of Coslada and San Fernando de Henares.
Barcelona approaches the half million square meters contracted
The annual absorption in the Barcelona market exceeded 460,000 m2 and during the last quarter was at 145,601 m2, a very positive number within the context of political uncertainty lived in that period, in which 17 operations were accounted for, according to information from Savills Aguirre Newman, which also points out that of the total annual absorption, about 261,000 m2 correspond to turnkey projects or new projects at risk by investors who have acquired finalist plots or local promoters.