High-end logistics market records the lowest historical vacancy | 2Q20222
Market remains warm and prices are on the rise.
The market for high-end logistics condominiums continues to grow. The vacancy rate in the second quarter of this year is 9.34%, the lowest ever recorded since the sector began to be monitored in 2013. The index is 3.53 p.p. lower compared to the same period last year. The data are from the First Look study carried out by the real estate consultancy JLL. Gross absorption was 1.2 million m² and net absorption reached 984 thousand m² from May to June.
André Romano, manager of JLL's Industrial and Logistics Division, highlights that the drop in vacancy is even more significant because we had new stock delivered. “More than 680,000 m² were delivered in several states. In the year, we have already accumulated more than 1.2 million m² of new logistics spaces. Many of them have already been absorbed in their entirety, demonstrating the sector's appetite”, evaluates the specialist.
The projection is that, by the end of 2022, another 2.4 million m² of new stock will be delivered across the country. “This high volume could cause vacancy to rise by about 2 p.p., but there will be no drop in prices. There are variations in values according to the region, however, on average, the price per square meter is 11.30% higher than a year ago, reaching R$ 21.98”, points out the executive. According to JLL's research, the values should come into balance in most of Brazil and states that are with the most heated markets may have higher rental values, such as Minas Gerais and Rio de Janeiro.
MG: a successful hub
Minas Gerais has frequently stood out within the logistics condominiums sector. In the second quarter of 2022, the region reached a vacancy rate of 0.81%, that is, there are almost no more spaces available to be absorbed. Because of this scenario, the state should receive more than 500 thousand m² of new stock by the end of the year. “Minas' relevance has gradually grown because it is a strategic hub: it is close to the Rio-SP axis, with prices that are often competitive, and it has an outlet to the interior of Brazil”, says Romano. The expectation is that, by the end of 2023, the Minas Gerais stock of logistics condominiums will exceed that of Rio de Janeiro.
