Industrial & Logistics, market data - Figures second quarter 2024 Spain

Despite being in a macroeconomic and political context still marked by uncertainty, demand in the Industrial and Logistics sector is still active. In the second quarter of the year, more than 217,000 square metres of logistics space have been closed in the Central Zone, thus doubling the figure reached in the same period of 2023 (77% net contracting). In total, throughout the first six months of the year there has been an increase of 12% compared to the previous year, exceeding 430,000 square meters of leases. According to our forecasts, we expect the second half of the year to remain at similar levels.

Demand in the Catalan market remains strong and the lack of quality space continues to be significant. Throughout the second quarter of the year, a total of 164,000 square metres have been added in Catalonia, reflecting a growth of almost 50% compared to the second quarter of 2023 (89% of the total has been net leased). Although the figures for the second quarter have been above the historical average, the first quarter reflected very low absorption levels, 20% below the first half of the previous year.

More than 400 million euros invested in the first half of the year. The middle market segment becomes the protagonist of the sector.

During the second quarter of 2024, the volume of investment in the Spanish industrial and logistics sector reached 235 million euros, representing an increase of 30% compared to 2023. In these first six months of the year, more than 400 million euros have been invested, 14% less than in the first half of the previous year. Although the adjustment of interest rates has already arrived in Europe, activity will take a little longer to activate, with year-end forecasts at levels similar to 2023.

As we anticipated, at the end of 2023 at CBRE we do not see pan-European portfolios in the market, nor are there any exit forecasts for this year. The middle market segment is taking the lead, as in the second quarter 73% of closed transactions had a ticket below €20 million, reflecting 33% of the total volume for the quarter.