The consultant assures that the most significant drop came from corporate operations, which had very little impact in 2019. Regardless, according to Barómetro de Empresas Inmobiliarias de España (Spanish Real Estate Companies Barometer), 35 % of real estate companies carried out, or plan to carry out a corporate operation in the mid-term.
Concerning the tertiary segments (offices, retail, industrial and hotels), these will receive a total investment of around 10.000 million euro, which represents a 1% adjustment. Only retail reduced its volume.
The office segment recovered its protagonism after three years of low activity, due mainly to the lack of available product and the relation between these assets and demand. Thus, the 4.000 million euro expected for 2019, surpass in around 53% the numbers of the previous year. This represents 40% of the entire tertiary market, close to the historic record of 42%. Barcelona concentrated 40% of investment.
The industrial segment keeps growing and Savills Aguirre Newman expects it to reach 1.700 million euro, in line with the numbers from the previous year.
The stocks in Madrid and Barcelona keep growing considerably. E-commerce has been key in boosting the logistic market. According to the latest data, during the first quarter, online trading grew 15%.
The future offer will compensate the lack of product in certain areas, although 55% of the terrains expected for 2020, 320.000 sqm are already included.
Retail was the segment that suffered the most. If the pending operations were all to be closed before the end of the year, it would reach 1.600 million euro. This implies a 60% drop, due to the waiting position adopted by the Anglo-Saxon markets despite the good macroeconomic indicators on household consumption, or the shopping centres’ influx. Furthermore, the weight of e-commerce remains moderate at 5 %.
Regardless, in 2019 it is expected a 2.500 million euro investment in the hotel segment, 20% more than in 2018, which does not include corporate operations, such as the 140 million euro paid for the acquisition of AC by Marriott. Spain remains the second country which receives more tourists.
In terms of the housing segment, the consultant pointed out that renting will concentrate around 2.000 million euro in 2019. It also highlighted the appearance of models such as the build to rent or the co-living.