Logistics take-up in Madrid increased 57 percent in the first half of 2020 compared to last year, according to BNP Paribas Real Estate. It registered 223,274 square meters of leasing activity, with the positive trend in the first quarter of the year repeating in the second quarter.
Between April and June, 94,153 square meters was leased, an increase of 4 percent compared to the same period of the previous year. During the second quarter, average rents remained stable at €4.5 per square meter per month. Prime rents, writes BNP Paribas, are currently €6.2 per square meter, including locations such as those close to the Adolfo Suarez Madrid Barajas airport.
An increase in new available stock, together with the release of spaces by some users, has led to higher vacancy rates. Over the next year or year and a half, it is expected that 965,900 square meters of new logistics facilities will be added to the market.
