The real estate investment operations to T3 2017 already exceed the accumulated direct purchases throughout 2016, reaching 10,300 million euros. Investment in retail, hotel and logistics assets has also surpassed the figure for the entire previous year. Offices reaches 2,500 million euros to only 200 million euros of the closing of 2016. The investment in office assets in Barcelona already exceeds the quota of all 2016, with a cumulative of 800 million euros.
The activity of the summer in Spain has registered a high activity in the real estate investment with a volume of 3,000 million euros and an accumulated figure since the beginning of year of 10.300 million euros. Taking into account the corporate operations, very important last year, 2016 exceeds the accumulated T1-T3 2017 in 3,000 million euros. This is confirmed by the report Investment Insight Spain, prepared by the consultant Cushman & Wakefield.
The investment volume at the close of 2017 is expected to exceed 12,000 million euros in a straight line of the year that is expected very active, given the processes open in the market and the strong appetite investor. The expected growth in production and employment for the next few years supports purchases of profitability in Spain. In any case, the search for quality assets, which meet the requirements of institutional investors, is progressively more arduous, accusing the shortage of quality product, common to the main places of investment in Europe.
With a 30% share in the volume invested in 2017, retail assets lead the ranking, which has been catapulted mainly by acquisitions of shopping centers.
Office assets remain the second largest asset with an investment volume (share of 24% of the total volume in Spain). Investors are concentrated in Madrid and Barcelona, holding these places 90% of the investment in this type of asset. It is in Barcelona that already exceeds the quota of all 2016, with a cumulative of 800 million euros, twice the record of last year.
The tourist sector maintains the attraction towards hotels, which show an exponential growth in their investment, going from the 1.2 billion euros investment in 2016 to 2,000 million at the end of September 2017. The highest concentration of hotel acquisitions is recorded areas of the Costa Brava, Costa del Sol, Palma de Mallorca, the Canary Islands and Madrid.
Logistic assets also display great interest, especially the ships located in Madrid and Barcelona. The volume of investment in this type of assets has continued growing since 2012 and between T1 and T3 in 2017 have reached 811 million euros of investment volume, 100 more than in all 2016. Investment in alternative assets has also been an important note this year.
After a process of rapid compression of returns in all the assets, these begin to stabilize in the prime segment of retail and offices. This stability reflects a lower growth of capital values that is offset by growth in revenues. In other cases it reflects stability in the price of assets. For assets such as hotels, logistics and alternative, although there is a margin of compression, as demand continues at the end of the year and in 2018.