This increased activity pushed the rolling 12-month aggregate up by 1.4 per cent to more than 21.5 million square metre for the first time in over a year. However, fluctuations have been minimal over this period, reflecting a stabilisation in take-up levels. Previously underperforming markets are now leading the year-on-year recovery.
Annual net absorption remained muted but positive, totalling 11.7 million sq m compared with 15.2 million sq m one year earlier.
The average vacancy rate rose again quarter-on-quarter, but only by 14 basis points to 5.5 per cent. The year-on-year comparison remains challenging, with an increase of more than 100 basis points. However, Spain now records a lower vacancy rate than at the same time last year, making it the first market where the supply response has reversed the upward trend.
Rolling 12-month completions remained stable quarter-on-quarter at 16.7 million square metre, which is 21.3 per cent below the five-year annual average. In addition, space under construction remained subdued, down 17 per cent from Q3 2024.
Annualised weighted prime rental growth increased to 3.29 per cent, driven by best-in-class developments.
ALCHEMPro News Desk (RR)
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