The logistics sector has been shaken in recent months by the changes in recruitment brought about by the end of the pandemic and, even more so, by the rise in interest rates, which has caused a 67% drop in the purchase of warehouses, the delay of many construction projects and a drop in sales prices of nearly 20%, as explained by the investment director of the industrial and logistics area of ​​the CBRE consultancy, Carlos GarcÃa Redondo.
The manager, who presented the XI Logistics Market Study at the International Logistics Show (SIL), emphasized that, despite everything, the vast majority of logistics operators are optimistic because the demand for ship rentals remains, and 66% expect it to grow next year, which will cause a further rise in incomes after the increases of 8.7% and 3.3% suffered in the central area and Catalonia at the end from last year
GarcÃa Redondo explained that the rise in interest rates forces investors to pay less for properties (because they are financed with credits, which now cost more), which has reduced sales by 67%. Property valuations have dropped by 20%, but not enough to match operations. “It will take time to balance the demands of sellers and buyers – acknowledged GarcÃa -, probably until next year, because there are still rate hikes”.
The higher cost of financing also impacts the promoters, as well as the increase in construction costs, and has caused some of the projects that were planned to be delayed. 20% of projects have been stopped in the central area and 10% in Catalonia, where demand is stronger and there is a lack of modern, flexible and sustainable warehouses, such as those now needed by logistics operators. In the Principality, points out GarcÃa Redondo, there are now 440,000 m2 of logistics warehouses under construction, 96% of which are available for rent. “Here the promoters are willing to take more risks, because in the quality warehouses, in the first and second metropolitan crown, there is currently less than 1% of empty space”.
In the first quarter, 690,000 m2 of logistics warehouses were rented in Spain, 1.5% more than a year ago, although the areas of Madrid and Barcelona have decreased slightly.
In recent years, GarcÃa explained, the profile of tenants has changed. E-commerce operators, who in 2020 managed to rent 43% of warehouses in the central area and 27% in Catalonia, absorbed just 2% in the first quarter. Other sectors have replaced them. Operators that provide order preparation services stand out, having hired 25% of the ships in the Madrid area and 33% in Catalonia. Then there are supermarkets, which leased 22% of the surface area in the center and 19% in Catalonia, and transport and distribution companies, which leased 27% of warehouses in Catalonia, and 21% in the central area. %.
