Size matters. At least for companies looking logistics ships king sizeknown in the industry jargon as big boxes. In Catalonia, this type of warehouse is concentrating in the area of Tarragonawhere the average surface area of the ships exceeds 25,000 meters, as explained David Olivadirector of CBRE’s Barcelona industrial and logistics division.
“In Barcelona there is also a large surface area to supply the capital, as in the Free Trade Zone, but in Tarragona we increasingly see larger assets,” details the specialist. In the third arc, the majority of projects are located in La Bisbal del Penedès (21%, 69,000 meters), Constanti (20%, 68,000 meters) and Valls (15%, 51,000 meters).
But the third crown exhibits other attractions both for the retailers as for logistics operators. On the one hand, the existence of greater stocks available compared to the metropolitan area of Barcelona. “To this day, Tarragona has 12.8% of vacancy. It should be remembered that the global availability rate in Catalonia is around 4.5%. We are around 2.3% in the first crown and 2.5% in the second,” he explains.
On the other hand, the novelty of the buildings. Oliva specifies that 75% of the warehouses delivered this year in Tarragona are new construction. It also helps the existence of a agreement of the demarcationwith advantages over its Barcelona counterpart, as well as the more affordable prices.
The interest in demand and low availability have driven up rents prime of the first arch up to 8.75 euros per square meter (0.25 points more compared to the end of 2023) and up to 7 euros in the second arch (also 0.15 additional points). In the third, the rent has remained stable since 2022 at 4.25 euros per meter.
Evolution of the Catalan market
Regarding the evolution of the Catalan market, 302,279.3 square meters are being built in the region, whose delivery will materialize between the remainder of 2024 and 2025.
According to the consultancy, this new surface is broken down into 17,293.6 meters in the first ring, 245,714 meters in the second ring, and 39,271.7 meters in the third ring.
Furthermore, there are 600,000 square meters in project whose construction has not yet begun. Its delivery date will be between the next 12 and 18 months.
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