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The Catalan industrial-logistics sector has reached 255,498 m² contracted in the best Q3 of recent years. This figure represents an increase of 287% compared to the same period last year, according to the latest report published by Forcadell.
By areas, the 3rd Ring recorded the highest volume of contracting with 129,239 m² (51% of the total) across 8 transactions. Meanwhile, the 1st Ring registered 71,229 m² (28% of the total) in 4 transactions, while the 2nd Ring, which usually sees the highest number of contracted square meters, reached 55,030 m² in 6 transactions.
Considering the hiring data collected in the report, Gerard Plana, director of the Industrial-Logistics Department at Forcadell, highlighted these figures and emphasized that “this data shows the market’s momentum and suggests that the forecast for the end of 2024 is better than what was predicted at the beginning of the year”.
Regarding the number of transactions, it has grown to 18, placing the average transaction size in Catalonia at 14,194 m², also reflecting an increase in the usual volume per transaction. Of the 255,498 m² contracted, 76% (194,106 m²) corresponds to newly constructed or built-to-suit warehouses, while the remaining 24% corresponds to existing warehouses. As detected in the previous quarter, the Catalan market continues to absorb newly constructed square meters very well, with hardly any increase in vacancy.
Regarding rents, according to the report presented by Forcadell, recent leasing transactions confirm the asking prices for the latest generation of warehouses, while the current level of contracting and positive outlook suggest that no price adjustments are expected in the immediate future.
Finally, the report also notes how investment activity has focused on more institutional-grade logistics warehouses, and there has been a strong interest in land acquisitions that will enter the market in the coming months for the future development of next-generation logistics warehouses. Additionally, as Forcadell points out, the market is also being boosted by factors such as expected adjustments in financing and construction costs.
