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What is the star of the real estate market that meets all demands? - La Nacion Propiedades
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Cuál es la vedette del mercado inmobiliario que satisface a todas las demandas
EI negocio industrial y logístico cerró un semestre con una vacancia del 4%, un número que refleja que la demanda respondió a los casi 120.000 metros cuadrados que ingresaron al inventario; a futuro, las expectativas son aún mejores
www.lanacion.com.ar
August 2, 2024
The industrial and logistics business closed the semester with a vacancy rate of 4%, a figure that reflects that demand responded to the almost 120,000 square meters that entered the inventory; in the future, expectations are even better.
By Leandro Murciego
The local logistics market is on a very good path.
The logistics and industrial real estate market seems to be experiencing an encouraging present, compared to the rest of the real estate sectors . Specialists maintain that the economic variables, far from showing concern, allow us to predict a bright future. “ However, today most of the actors, with a few exceptions, are waiting for the future of political/economic events in the country ,” says Alejandro Winokur, partner at Newmark Argentina.
On the other hand, according to the latest industrial Market Beat prepared by the Market Research Department of Cushman & Wakefield, a global corporate real estate services company , the first six months of the year were very positive for the logistics centre segment . Net absorption was 118,112 m², mainly motivated by the occupation of developments built in the previous semesters. Despite the addition of 66,400 m², vacancy closed at 4.1%. “The fact that the vacancy rate continues to be in the single digits reflects a very good response from demand to the entry of new surface area,” highlights Ignacio Álvarez, Market Research Coordinator for the company.
Along the same lines, Alejandro Badino, CEO of Colliers Argentina, comments that “ the local logistics market is on a very good path. If I had to assign a score, on a scale of 1 to 10, I would give it an 8. Although he clarifies that the great dilemma is in the current situation, where stock is decreasing as a consequence of the recession.”
According to Martín Bustillo, associate director of Markets Transaction at JLL, the lack of credit for the sector is shaping the market. “As a result of the shortage of credit, space is being built as the market demands it and in many cases under the built to suit system,” says the broker.
In terms of inventory, the northern area of GBA is much higher than the rest of the submarkets, followed by the south, west and, finally, CABA. The most active submarket was the San Eduardo Triangle in the northern area, with a net absorption of 50,234 m², followed by the southern area with 41,362 m². The strategic location and the quality of the infrastructure in these submarkets generated a high competitiveness of the spaces incorporated into the stock. “Several operators added large surfaces to the market, with immediate occupancy ,” says Álvares.
The monthly asking price for rent closed at US$ 7.4/m² (BNA), showing a slight decrease compared to the previous quarter.
The monthly asking price for rent closed at US$ 7.4/m² (BNA), showing a slight decrease compared to the previous quarter. “This adjustment in prices may be a reflection of the increase in supply. In any case, the difference indicates that premium logistics spaces continue to be highly valued,” highlights Santiago Isern, Senior Broker in the industrial area of Cushman & Wakefield.
“Without a doubt, the main protagonist is the northern corridor of GBA , which grew by 65% in the last 10 years, far exceeding the growth of the rest of the submarkets,” agrees Badino.
According to Carolina Wundes - Market Research & Data Analytics Manager at Newmark - the San Eduardo Triangle, known for its high demand and technical specifications, has an inventory of 763,608 m² and a vacancy of 2.8% , the southern area, which is characterized by its ability to respond quickly to new demands, with a total stock of 444,100 m² and a vacancy of 7.3% and the Pilar-Fátima axis, characterized by its stability and large volumes of works, has 237,397 m² developed and zero vacancy.
Matías Castro Cranwell -director of the Industrial Division at Castro Cranwell, Weiss-, explains that logistics properties located in the Buenos Aires area are also highly sought after. “ CABA is one of the markets with the lowest vacancy rates and with rental values that are right at the top of the market. There, every property offered is rented quickly ,” says the broker.
For Bustillo, the area that deserves a separate paragraph, in terms of growth, is the Avellaneda submarket , which - in large part - is made strong thanks to the proximity that this town has with CABA. What defines the development of the different areas is not only the infrastructure, the accesses and the location of the large companies, but also the availability of important fractions of land at affordable prices .
The most sought after properties
Industrial buildings, like other buildings, have evolved and offered a wide variety of proposals. It can be said that there is almost a specific type for each need. But, beyond that, there are a host of particularities that are among the most sought after by most companies. “ Today, the most requested are floors without joints, ceilings that guarantee watertightness and the implementation of double sheet metal with insulation ,” says Badino.One of the properties that is most in demand is small , premium-quality warehouses (for SMEs), with surfaces ranging from 500 to 1,000 m². “There is also a significant demand for small properties, which are required by companies related to the distribution sector and which are located in the so-called last mile,” says Agustín Weiss, director of the Industrial Division at Castro Cranwell, Weiss.
A quick look at the market shows that the sectors that drive both rental and purchase transactions are broad and varied, although statistics reveal that the main occupants are linked to mass consumption, e-commerce, electronics and the automotive sector, among others. As regards rental prices, the average value of logistics properties, which were once AAA, is around US$6.5/m², while if the best category properties with more than 5,000 m² are taken, the monthly rental price could exceed US$8/m² .
The average value of logistics properties, which were once AAA, is around US$6.5/m2
In the case of small warehouses or boutiques with premium features, the sale value ranges between US$600 and US$800/m², according to Newmark Argentina.
Lucas Desalvo, retail and last mile specialist at Cushman & Wakefield, says: “As an opportunity, we can highlight some projects located on Route 9, between Escobar and Zárate. There are currently lands for sale there that are priced between US$20/m² and US$35/m².” Wundes adds two more areas where business opportunities are found: “ The San Eduardo and Pilar-Fátima Triangle, due to high demand and new constructions, is one of the places to consider for investors .”
As far as new constructions are concerned, explains Winokur, the sector remains dynamic . “If we add the square meters built that have entered the sector in recent times, plus those that are close to completion, we are talking about between 170,000 and 200,000 m² of warehouses. Of these, between 70% and 80% already have tenants . This shows that the sector has stopped building, as it was until recently, in a speculative manner, and that occupancy is responding,” explains the Newmark man. Nevertheless, the local market, despite having good indicators, is still far from that of other cities in the region. “Our market has an inventory of around 2.5 million square meters, but if we compare it with the GDP or with the inhabitants we are between 35% and 40% below capitals such as Santiago or Lima,” concludes Domingo Speranza, another of Newmark’s partners.
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