The Spanish logistics market is experiencing continued growth in rents, with prime rents in the central area up 4% from the previous quarter to €6.50/sqm/month. In Catalonia, limited availability, especially in prime areas, has led to an increase in rents to 8.5 euros per square metre per month, representing an increase of 3% compared to the previous quarter and 13.3% compared to the same period in 2022, according to the latest report provided by CBRE.
In terms of space take-up, the third quarter has been significant for the logistics sector in Spain, with more than 311,000 square metres being contracted, a figure that not only represents an increase of 54% compared to the same period last year, but is also the second highest on record. Of this total, 83% corresponds to net take-up, indicating a positive dynamism in the market.
From January to September, 695,247 square metres have been registered in terms of take-up in the Spanish market, 60% higher than pre-pandemic levels and pointing to a year-end above the average of the last decade.
In regional terms, Catalonia has registered a total take-up of 408,927 square metres up to September, which represents a reduction of 30% compared to the previous year. However, 90% of this contracting has been net, although the last quarter has seen a 57% decrease with only 83,000 square metres contracted compared to the third quarter of 2022. Availability in the central area at the end of the quarter has experienced a slight increase, with a ratio of 7.2%.
According to the consultancy firm, the volume of space delivered in the last nine months reached 688,314 square metres, with 70% already occupied. On the other hand, logistics investment in the first nine months of the year reached 674 million euros, reflecting a 67% decrease compared to the previous year. Investments in the quarter were focused on smaller operations, marking a decline in the acquisition of large portfolios.
On the yield side, the rise in interest rates pushed up the prime yield, which reached 5.15% at the end of October, an increase of 40 b.p. since the end of 2022.