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レポート概要
| Mordor Intelligence社は、商業不動産のスペイン市場規模が2021年から2026年の間に9％成長すると予測しています。本調査資料では、スペインの商業不動産市場について調査し、イントロダクション、調査手法、エグゼクティブサマリー、市場動向、市場インサイト、種類別分析、主要都市別分析、競争状況、市場機会/将来の見通しなどを掲載しています。 |
Spain’s commercial real estate market is expected to grow at a CAGR of approximately 9% during the forecast period. Spain is one of the larger Western European countries, with a population of nearly 46 million. Furthermore, the population is expected to grow around 1.2% in the upcoming years, which is likely to increase the demand for commercial floorspaces in the country.
Before the coronavirus outbreak, the financial situation of Spanish households and companies in the industry was generally healthier than it was 12 years ago. In addition, the number of new properties being built is not excessive compared to demographic trends. The economic impact of COVID-19 will affect the labor market. During the state of emergency, construction activities were directly hit, but as restrictions were lifted, construction activities resumed relatively quickly. Nevertheless, due to climatic uncertainty, the start of new construction projects is likely to slow down significantly.
The institutional market of Spain is majorly dominated by investments in the office and retail markets, which make up 40% and 44%, respectively, of the Spanish IPD index. The large market players are eyeing cities, like Barcelona, for office spaces, which is one of the best cities for start-ups, innovations, and technologies in Europe.
Key Market Trends
Office Space Take-up and Demand in Spain
Q4 2020 ended with an office space gross take-up volume of almost 85,500 square meters (sq. m.), distributed across 76 transactions. In contrast with the first three quarters, no megadeals (greater than or equal to 10,000 sq. m.) were recorded, and, even excluding the four deals of more than 10,000 sq. m. between January 2020 and September 2020, there has been a steady growth in office space take-up since Q2 2020. The annual total for 2020 stood at just over 355,000 meters, 43% down year-on-year and 29% below the average annual volume in the historical series (close to 500,000 sq. m.). It is important to note that the annual total space take-up value slightly exceeded the closing forecast of Q3 2020 (at which point the accumulated total was 270,000 sq.m.) when the annual volume was predicted to be between 335,000 sq. m. and 350,000 sq. m.
However, the full impact of the current COVID-19 outbreak has yet to be realized. Many experts believe that the toll of this pandemic upon businesses will be quite severe. This may lead to decreased office space demand and higher vacancy rates than would be observed within a normal economic climate.
Decrease in Office Space Rents in Spain
The average market rent, calculated with the data from deals in business buildings, declined by 2.4% compared to 2019, standing at USD 21.04 per sq. m./month at the end of 2020. The drop in demand and the increase in supply have led to certain declines in rental values. The highest rental level (USD 47.15 per sq. m./month) registered a decrease of 3% compared to the highest value of 2019. The achievable Prime Central Business District rent stood at USD 40.67 per sq. m./month and prime outside the M-30 reached USD 21.22 per sq. m./month. Secondary rents within the M-30 ended the year at USD 28.29per sq. m./month and secondary rents outside the M-30 at USD 13.85 per sq. m./month. On average, the achievable values recorded a 3% y-o-y decrease.
Competitive Landscape
The commercial real estate market in Spain is fragmented, with the presence of both local and international players. Some of the major players operating in the commercial real estate sector in the country include Merlin Properties, Via Celere, Kronos Investment Group, and Klapierre. The country is also witnessing an increase in international investors, as its economy is rebounding, with some of the international investors from countries, like United States, France, and Germany.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Economic Scenario and Consumer Sentiment
4.2 Commercial Real Estate Buying Trends – Socioeconomic and Demographic Insights
4.3 Government Initiatives, Regulatory Aspects for Commercial Real Estate Sector
4.4 Insights into Existing and Upcoming Projects
4.5 Insights into Interest Rate Regime for General Economy and Real Estate Lending
4.6 Insights into Rental Yields in Commercial Real Estate Segment
4.7 Insights into Capital Market Penetration and REIT Presence in Commercial Real Estate
4.8 Insights into Public-private Partnerships in Commercial Real Estate
4.9 Insights into Real Estate Tech and Startups Active in Real Estate Segment (Broker, Social Media, Facility Management, and Property Management)
4.10 Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Porters Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Consumers / Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Offices
6.1.2 Retail
6.1.3 Industrial
6.1.4 Logistics
6.1.5 Multi-family
6.1.6 Hospitality
6.2 By Key City
6.2.1 Madrid
6.2.2 Valencia
6.2.3 Barcelona
6.2.4 Catalonia
7 COMPETITIVE LANDSCAPE
7.1 Overview
7.2 Company Profiles
7.2.1 Developers
7.2.1.1 Merlin Properties
7.2.1.2 Via Celere
7.2.1.3 Kronos Investment Group
7.2.1.4 Klepierre
7.2.1.5 Quabit Immobilaria
7.2.2 Other Companies (Real Estate Brokerage Firms, Startups, Associations, etc.)
7.2.2.1 JLL
7.2.2.2 Colliers International
7.2.2.3 AGP Real Estate Investment
7.2.2.4 Lusa Realty
7.2.2.5 Seular
7.2.2.6 Inmobilaria Cambas
7.2.2.7 Maklarbyran
7.2.2.8 Target Spanish Properties
7.2.2.9 Spain Properties Invest*
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
9 APPENDIX
10 DISCLAIMER