In 2023, logistics real estate investment in Spain maintained a trend towards correction, in line with the path initiated months earlier. The sector experienced a genuine “boom” in the context of COVID-19, yielding record figures. However, the return to normalcy and macroeconomic factors such as the rise in interest rates have reduced investment activity.
Thus, the first quarter of 2024 was characterized by stability. According to the report “Industrial and Logistics Snapshot Q1 2024” prepared by the consulting firm Colliers, investment reached 375 million euros in this period, representing 16.6% of the market. Although the figure represents a slight decline of 0.8% compared to the same quarter of the previous year, it grows by 9.2% compared to the quarterly average of 2023.
Leadership of food retail
At this point, it should be noted that three major markets concentrate the business: Madrid, Barcelona, and Valencia account for 87% of the operations. Meanwhile, by sectors of activity, retail is the major promoter of logistics activity, especially in the food segment. The data analyzed by Alimarket Logística in the “Logistics Projects Report in Spain,” published in March, count that 17 retailers will soon launch a total of 28 new logistics facilities, comprising 2 million gross leasable area (GLA).
Among the largest operations is one led by Costco Wholesale, which plans to unify all logistics activity in Spain in a large 140,000 m2 platform located in the municipality of Torija (Guadalajara). The distribution group Bon Preu has chosen Montblanc (Tarragona) to install nearly 104,000 square meters. Recently, Alcampo inaugurated another large complex of 98,500 m2 in Illescas (Toledo).
However, the textile distribution sector is also developing large logistics real estate projects with astronomical investment figures. “We are developing a plan to strengthen our logistics capabilities that will involve an investment between 2024 and 2025 of 1.8 billion euros, 900 million euros each year,” announced Óscar García Maceiras, CEO of Inditex, during the company’s general shareholders’ meeting.
A very significant part of this capital, specifically around 90%, will be allocated to Spain where three new centers will be built and will become operational by the end of 2025. Among these centers stands out Zaragoza II which, with more than 130,000 square meters, is Zara’s fifth largest facility in the world. The logistics appeal of the Aragonese capital has been increasing in recent years.
The multinational recently participated in an agreement signed with the Community of Madrid, through Planifica Madrid, and the Municipality of Meco to expand the logistics park in this locality. Institutional investment, in this case, will be 44 million euros, with which 840,000 square meters of industrial plots will be built.
The “Activa Safor” project is led by the gift and bazaar chain Ale-Hop and will involve an investment of 120 million euros, contemplating the construction of a logistics platform, offices, and a research center within a complex with 325,000 square meters of land. The company has reached a collaboration agreement with the Generalitat Valenciana and the municipalities of Bellreguard and Gandía, both located in the comarca of La Safor.
