Panattoni, Europe’s largest developer and deployer of institutional capital in industrial and logistics real estate, has started the construction of a 66,430 sqm GLA (gross lettable area) speculative project within its Panattoni Park Tarragona development to the south of Barcelona. The logistics park will have 146,179 sqm GLA upon completion and represents a total estimated investment of €145 million by Panattoni.
Panattoni Park Tarragona is located 45 minutes from Barcelona port and 25 minutes from the harbour of Tarragona.
Gustavo Cardozo, Panattoni Managing Director for Spain and Portugal, said: “Strong demand and constrained availability of land and warehouse supply in and around Barcelona have pushed the new hub of the city’s logistics market outwards to the third ring road area. Panattoni Park Tarragona will be by far the largest private-sector logistics development in the Barcelona logistics real estate market and, we are very confident there will be strong demand for our new speculative project now kicking off at this strategic location.”
Panattoni Park Tarragona is located in La Bisbal del Penedés on Barcelona’s third ring road, a strategic enclave next to the intersection of two of the most important arterial highways for freight traffic in Spain. The park has high visibility from the A-2 highway, which connects Barcelona with Madrid, and is also close to the AP-7, which runs along Spain’s Mediterranean axis. This makes it an exceptional location for companies that require large surface areas in the Catalonia region with excellent connections to the main communication routes and logistics and intermodal infrastructures.
Logistics space take-up in the greater Barcelona market rose 13% to 178,348 sqm in Q3 2022 compared with the same period of 2021, according to real estate consultants Forcadell. The third ring road area, between 40 km to 100 km from the city’s port, accounted for just under 60% of the tenant take-up. Total investment in the Catalan real estate logistics market reached a record €607 million in the first nine months of this year, agent CBRE reported.
The new speculative project in the early stages of construction at Panattoni Park Tarragona will have 61,400 sqm of warehouse space and up to 5,030 sqm of offices. Due to the flexibility of the design, it will be able to accommodate up to four different tenants in units ranging from 13,150 sqm to 17,500 sqm, depending on requirements. The warehouse will have 84 loading docks, a 35-metre truck manoeuvring area, and a clear height of 11 metres to optimise storage capacity.
Upon completion, scheduled for mid-2023, the project will meet the highest sustainability standards with a BREEAM 'Very Good' certification, in line with the: 'Go Earthwise with Panattoni' philosophy. The entire logistics park will be equipped with 100 kW solar panels, smart LED lighting and waste management systems, as well as a car park with 500 spaces, 13 of which will have charging points for electric vehicles.
The speculative project is the second development at Panattoni Park Tarragona. The first existing building is currently leased to Naeko logistics while construction of a third warehouse with 39,335 sqm GLA is expected to get underway soon.