PointPark Properties Q3 Spanish logistics vacancy rate plummets year-on-year
The vacancy rate in the Spanish logistics assets of pan-European real estate asset manager and developer of warehouse properties PointPark Properties (P3) fell sharply to around 23 per cent in the third quarter of this year, compared with about 80 per cent in the same period of 2011.
The fast turnaround in P3’s Spanish business was achieved as the availability of well-located prime modern logistics properties has tightened in the market, despite Spain’s recession-hit economy.
The country’s largest commercial postal company, Mediapost, renewed an 11,000 square metres lease for a further six years at P3’s Valdemoro logistics park south of Madrid.
Tim Hennes, P3 head of asset management for Western Europe, says: “The lack of new logistics development in Spain due to the economic crisis is underpinning leasing demand for well-located modern facilities, such as at Valdemoro where Mediapost has just extended its lease with P3 for a further six years. It also means that rental levels in top logistic locations have only softened slightly despite the contraction in economic activity. We fully expect P3’s Spanish vacancy rate to fall further by year-end due to more deals we have in the pipeline.”
Spain has been a very active leasing market for P3 in Europe this year. After France and Germany, Spain is slightly ahead of Slovakia in terms of total square metres of deals concluded. P3 has six logistics assets in Spain with a total lettable area of 100,661 square metres and current occupancy of 76,908 square metres.