In 2015 immediate availability of logistics warehouses in Spain gradually fell. Large deals, both in Madrid and in Barcelona, have driven this change.

In Madrid, availability fell during 2015 to 402,000 sqm, a 45% decrease of the vacancy rate to 6.1% of stock, mainly due to the increase in take-up in the third ring. As well, in Barcelona, availability fell down to 290,000 sqm, a 50% decrease in vacancy rate due to high take up and lack of product. In Madrid, a pick-up in speculative developments and turnkey projects is expected. Of the 313,800 sqm under construction, some 59% was speculative. 60% of future supply under construction is located in the second ring and is expected to be completed in 2016 and 2017.

In Barcelona, of the 178,607 sqm under construction at the end of 2015, some 81% already has a confirmed tenant, while 20% was speculative. An upturn is expected in construction activity as regards speculative projects, owner-occupied properties and turnkey projects, primarily in the second ring, which is where over 84% of the future supply already under construction is located.

In line with the trend seen in earlier years, 2015 data confirmed the reactivation of the logistics take up primarily in Barcelona, where take up grew 78% in 2015 on the previous year, a record figure in Catalonia. 74% of the deals were for over 5,000 sqm. One of the reasons behind these strong takeup figures is the expected demand coupled with the lack of future supply. Logistics take-up in Madrid has remained stable in terms of volume, continuing its gradual improvement which began in 2012. During last quarter of 2015, 60% of the deals signed were for over 20,000 sqm.

Logistics rental levels have held firm across all Madrid rings thanks to stabilising take-up levels. Prime rental levels have held firm at €4.75/sqm/month. Maximum rental levels in the second belt remain at €3.60/sqm/month, while rental levels in the third belt have also been remained at €2.90/sqm/month. As well, logistics rental levels in Barcelona held firm in all rings in 4Q 2015.

There continues to be a lack of land for logistics projects in Barcelona, meaning that values remained stable in 2015 with minimums of €150/sqm. This is particularly clear in the two closest rings to the city, due to the particular features of the terrain, its industrial background, plots that are too small for logistics operations, and the complex mix of owners.

take up (sqm)