Investment figures at the end of 2021 in the real estate sector will be 10,500 million euros, according to Cushman & Wakefield. A global figure that exceeds by 33% the figure registered in 2020, of more than 7,800 million euros, according to data from the consultancy. Although below the investment registered in 2019, when operations worth more than 11,600 million euros were closed.
Investment in 2021 has focused on residential (26%) and offices (25%), followed by assets in the industrial logistics segment (21%), hotel (18%) and retail (10%). The investor profile coincides with the one that dominated the market before COVID-19. The foreign buyer continues to take over the investment, although compared to last year the national buyer has gained some prominence.
The city of Barcelona has concentrated a total investment of almost 3,000 million euros this year, an increase compared to the more than 1,400 million recorded in 2020. For its part, Madrid closed the year with a global investment in the real estate sector of more than 2,000 million euros, below the more than 3,300 registered in 2020.
In the office segment, Barcelona would close the year with a total investment of almost 2,000 million euros, which means an increase compared to more than the 750 registered in 2020 and 13% above the more than 1,700 million registered in 2019 .
For its part, the office investment market in Madrid would close with investment figures of more than 660 million euros, lower than those of 2020, the year in which it reached 1,400 million euros, and well below 2019, when around 2,200 million euros were invested in this segment. This decrease in the figures for investment volumes in Madrid is not motivated by a lack of interest or confidence, according to Cushman & Wakefield. There is liquidity to enter the office market of the capital similar or even higher than that of 2019, however, the trend that had been experiencing since 2019, in terms of product shortages, has been accentuated.
Regarding returns, the yields of the office segment have remained stable in terms of core and core + assets located in the CBD areas, even adjusting downwards for those assets that meet all the core investment requirements even outside the CBD, and have registered increases in value added and opportunistic assets in decentralized and peripheral areas due to the increase in the availability rate and the uncertainty regarding the trend of maximum rents in these submarkets.
The logistics sector is the one that registered the most changes since March 2020, having demand, liquidity and profitability, and making the logistics product a target of the main international funds in key locations in the Madrid area mainly.