Gradually, the logistics buildings are occupied again

While the economy grew at a rate of 5.8% in the first four months of the year, according to the latest official statistics, the logistics real estate market has accompanied this trend and continues to recover. Gradually companies are asking for more surface and this has meant that, in the first half of the year, the vacancy rate for these properties will drop by single digits. This is indicated by a recent report from Cushman & Wakefield, a global corporate real estate services company.

During this period, the rate of the places available to be occupied, it fell on average from 12.7% to 9.4%. The largest space contract was given by mass consumer societies, mostly made up of supermarkets which occupied large areas of oilfield in the San Eduardo Triangle. This submarket, located on the Pan-American strip to the north, is once again the most requested area to establish logistical operations for the local market and Mercosur. In this area there is the greatest decline in vacancies: from 9.8% to 3%.

Regarding the evolution of the market, Cushman analysts explain that “construction projects have been activated for approximately 61,000 square meters. compared to a request of 160,134 square meters in the first six months of the year. With which, this situation will bring the vacancy rate to even lower levels as well as a consequent one price increase”.

In this sense, the monthly rent of logistics space reaches US $ 5.4 m², just 4% more in the half-yearly comparison. However, the large absorption produced has removed from the market a significant share of premium logistics centers, for which the required value corresponds, for the most part, to class A warehouses. In premium warehouses (A +) the value can vary from 6 and 7 US $ per m².

According to this survey, the half-yearly take-up closed positively with 150,134 m2, following the 160,134 m2 contracted and 10,000 m2 unoccupied, a record that had not been seen since 2017, when the market was booming.

Unlike the last semesters, all the absorbed surface is due to the entry of companies that have contracted out spaces and not for the delivery of down payments “Built to suit” that is built for a specific customer, as was used to. Within the most requested areasthe North Zone continues to be the main area of ​​the market with 56% of meters occupied, followed by the South Zone with 24% and the West Zone with 20%.

According to specialists, the indicators that have the greatest impact on contract adjustments are the change in the official dollar, the index of the Argentine Chamber of Construction and the CEDOL / UTN index, which measures the trend in logistics costs without transport. These three variables were below inflation in the half year.