Logistics contracting in Catalonia has experienced a 63% reduction during the third quarter of the year, reaching a total of 66,020 square metres, according to Forcadell's recent report. This figure contrasts with the 178,348 square metres contracted during the same period last year.
This trend marks the second consecutive quarter of significant decline in the Catalan market, with levels not seen since 2015. However, Forcadell anticipates an increase in take-up in the final quarter, projecting an improvement in annual results.
Within the breakdown by area, the second ring of Barcelona stands out for concentrating most of the logistics contracting in this period, with 42,228 square metres contracted (representing 64% of the total) in nine transactions. It is followed by the third ring, with 14,000 square metres contracted (21% of the total) in one transaction. Meanwhile, Barcelona's first logistics ring recorded 9,792 square metres under contract (15% of the total) in three transactions.
In addition, it is detailed that 21,680 square metres correspond to new or "turnkey" warehouses (33% of the total), while the remaining 44,340 square metres are attributed to pre-existing warehouses.
"We do not perceive any vacancy of warehouses, far from it, only a slowdown in decision making that produces a drop in the absorption of square metres", points out Gerard Plana, Director of Industrial-Logistics at Forcadell. An outstanding operation is that of Talgroup, which contracted 14,000 square metres of a recently renovated logistics warehouse in Sant Feliu de Buixalleu, located in the third ring road.
In relation to rents, Plana mentions that these "are maintained, rather with an upward trend, in new construction projects; perhaps some specific adjustments can be seen in some projects that may cost more to market for different reasons, but the general trend is upward".
Despite the increase in interest rates and the difficulties in finding assets for sale, investors continue to show interest in Barcelona's logistics sector. Operations have been carried out, such as that of EQT Exeter for a 12,000 square metre warehouse in the Bages region and a transaction by a Catalan family office in Constantí for a 6,500 square metre warehouse. There were also land transactions, such as a 65,000 square metre transaction in Sant Fruitós de Bages and a 24,000 square metre transaction in Caldes de Montbui.
