The lack of land for logistics activities has triggered turnkey projects compared to those built on speculation. During the first half of the year, almost 393,000 square meters were contracted for this booming sector, of which more than 162,000 already had an assigned owner when construction began, a figure that represents more than 40%. David Oliva, director of Industrial and Logistics at CBRE Barcelona, points out that this trend will continue for the remainder of the year, which is expected to close with a total of 800,000 square meters transacted for logistics use.
"In Barcelona and Catalonia, there is very little availability of logistics land, so companies are moving forward with turnkey projects," explains Oliva, "it also influences, albeit to a lesser extent, that there are clients looking for warehouses with very specific characteristics." Furthermore, he emphasizes, projects that are built without a closed tenant from the beginning do not finish construction without having found one, given the high demand being registered with the growth of e-commerce.
In this first half of the year, a turnkey project that has been announced is that of the cross-docking platform being developed by the promoter Montepino, managed by Valfondo, in Castellbisbal for Seur, with a usable area of 27,560 square meters on a plot of 66,644 square meters. With an investment of 30 million euros, its delivery is scheduled for November. It will be the fifth project the developer has in Catalonia, where it began operating in 2018 and already totals 100,000 square meters, after the first project in Castellbisbal, for XPO Logistics; the two platforms in Sant Esteve Sesrovires, for Correos Express and Eternity Technologies; and a last-mile building in Barberà del Vallès.
Another turnkey project that has been communicated this first half of the year has been that of the German e-commerce Bike 24, with a logistics warehouse in Lliçà d'Amunt of 10,000 square meters located on a plot of 20,000 square meters. With this operation, the sports e-commerce company has entered the Spanish market, serving it from this new facility and as part of its expansion in Southern Europe.
As is evident in the examples presented, logistics operations are concentrated in the first and second ring of Barcelona ---the first 45 kilometers---, and are destined for last-mile, distribution, and logistics warehouses, with the aim of serving the Catalan capital and its surroundings. E-commerce and food are the sectors that are taking most of the contracted square meters.
Multi-level warehouses and transformation of old industrial spaces
The lack of logistics land that has encouraged the demand for turnkey projects has also led to an increase in multi-level warehouses, with heights between 21 and 24 meters, since they allow maximizing the available surface in strategic locations. This type of project is beginning to become popular in the first ring of Barcelona and is fully established in markets such as France, the United Kingdom, and Japan.
In this regard, Goodman has executed the first logistics platform of these characteristics in Spain, located in Molins de Rei. With a height of 25 meters and 32,000 square meters, it was allocated to the Danish multinational DSV. The center is located in the Les Licorelles industrial park, the town's old access to Collserola, which has caused criticism among residents and environmental groups. Likewise, in June of this 2022, Goodman completed the works of its second multi-level platform in Catalonia, located in Castellbisbal, and with a built area of 26,400 square meters. In this case, it has been developed at risk.
Another trend that is occurring to find land is the transformation of old industrial spaces into logistics warehouses. This is the case of the reconversion of the General Cable factories in Montcada i Reixac and Bacardí in Mollet del Vallès, both converted into logistics centers operated by Amazon.