In the real estate market there has been a clear winner in the pandemic. The rise of electronic commerce due to health restrictions has accelerated the use of electronic commerce and, therefore, behind this activity, the necessary warehouses. Therefore, the strength of investors to enter this segment has revalued these logistics assets. This market will again be the one with the highest revaluation at the end of the first half of 2022, greater than 10% in Madrid and Barcelona, ​​according to data presented this Wednesday by the real estate consultancy CBRE. Since the end of 2019, pre-pandemic, the price increase of these properties reaches 30%. In secondary locations such as Valencia and Zaragoza, the expected revaluation until June is 10% and 9%, respectively.

Javier Kindelan, vice president of CBRE, affirms that The logistics market will continue to be the main protagonist of the real estate market in Spain, once again being the type of asset that will have the greatest revaluation until June. “The trends accentuated throughout the pandemic have been maintained and we do not expect any turn in the trend of the sector,” he adds. By the end of 2022, CBRE expects the volume of investment in logistics to be around 2,000 million euros, slightly below the figure for 2021, due to the fact that it was a record year and there is also a shortage of product in the market.

A clear revaluation is also expected in other types of assets. It is the case of the housing for rent, which could close the first half with an appreciation of 7%, which would place its valuation 11% above pre-pandemic values. As for the floorfrom the consultancy it is explained that it resists the increase in construction costs and the metropolitan areas of Madrid and Barcelona have adjusted in 2021 and will maintain in 2022 the appraisal of their assets in both locations at levels of the fourth quarter of 2019. Fernando Fuente, Senior Director of valuation & advisory services from CBRE explains that the land market has shown a stable evolution in recent quarters with a positive outlook for the coming months. “It has been estimated that the value of the land is at pre-Covid levels, fundamentally due to the scarcity of finished land and the reactivation of the market, which has caused the prices of the finished product to grow slightly, offsetting part of the increase in construction costs. construction”.

Regarding the malls located in areas prime They have not yet recovered their prices, with falls of 3.8% up to June compared to pre-pandemic appraisals, while the adjustment in the value of centers located in secondary areas is still notable and could exceed the 19.4% decrease.

In the case of localCBRE’s forecasts for the end of the second quarter of the year point to a 2% half-yearly rise in the amount of assets located in the main shopping streets of Barcelona and Madrid.

segment hotelier maintains a stable evolution marked by the increase in occupancy together with that of operating costs. In this line, the price of the assets does not foresee a variation compared to the end of 2021, leaving the adjustment to 2019 at 4% lower in the case of forecast vacation hotels until June, and for the urban product in a decrease of 4.5%. In this way, they maintain their recovery position in both cases, compared to a fall that reached almost 12% in both cases during 2020.

“Our forecast regarding the evolution of the value of hotel assets is one of stability, since the materialization of the book reservations for this coming summer must be verified and that international demand really returns to our country in the short term”, explains Fuente.”If the health situation continues its favorable course and the political situation stabilizes, we hope that this year will be the turning point in terms of hotel values, which could recover their pre-pandemic levels before the end of this year.”

For the Offices in zone prime In Madrid and Barcelona, ​​CBRE predicts that their appraisals will improve compared to pre-pandemic times, with an appreciation of around 2.5%. In the case of offices in secondary areas, their valuation will still be slightly below pre-pandemic values, with a decrease of 2.44%. Those located in peripheral areas will still register a reduction close to 8%.

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