Interannual Logistics Real Estate Contracting in Catalonia Doubles in Q4 2024

The Catalan logistics real estate sector reached 227,156 m² of leased space across 24 transactions during the fourth quarter of 2024, doubling the take-up from the same period of the previous year, marking a 100% increase, according to the report presented by FORCADELL.

By area, the 2nd Ring recorded the highest volume of logistics real estate contracting with 155,302 m² (68% of the total) across 15 transactions, followed by the 3rd Ring with 42,708 m² (19% of the total) in 3 transactions. Meanwhile, the 1st Ring registered 6 transactions, totaling 29,146 m² (13% of the total).

According to Gerard Plana, Director of the Industrial – Logistics Department at FORCADELL, this trend in contracting “confirms the shift that began in the previous quarter, showing a clear recovery of the logistics real estate market.”

Regarding the annual balance for 2024, the Catalan take-up reached 724,846 m² of leased space, 43% more than in 2023. As highlighted in FORCADELL’s report, this figure, significantly better than anticipated at the beginning of the year, makes 2024 the third-best year since records began. By area, the 2nd Ring recorded the highest logistics real estate contracting, accounting for 48% of the total, followed by the 3rd Ring (35%) and the 1st Ring (17%).

This positive trend is accompanied by other notable data. According to the FORCADELL director, “the absorption of new square meters remains very strong, with 41% of the Q4 contracting corresponding to newly built warehouses or turnkey projects.” For the full year, this percentage rises to 58%, with a total of 421,874 m² of newly contracted stock in 2024.

Investment Maintains Strong Interest in the Catalan Market

The FORCADELL report also highlights the solid appeal of the Catalan logistics real estate sector for investors, as evidenced by transactions in the last quarter, such as the purchase of 38,000 m² by Freo and Pictet in Esparreguera (2nd Ring), the sale of a warehouse for refurbishment in El Prat de Llobregat for repositioning, and the acquisition of Tritax by Brookfield, which includes Mango’s distribution center in Lliçà d’Amunt, among others.

Regarding rental prices, these remain stable, with no significant increases expected beyond those already reflected in the asking prices of projects under construction or development. As this analysis indicates, the strong pace of absorption of square meters suggests that no short-term corrections are expected.