Logistics and commercial asset prices fall the most in 2022

The rise in interest rates and the consequent economic slowdown and uncertainty among investors led to a generalised fall in prices for all types of properties last year, according to the real estate consultancy CBRE. The most affected assets in terms of price falls were logistics and retail assets.

Specifically, the annual adjustment in logistics assets reached a fall of 2.66%, although in the second half of the year it was especially strong, 6.83%, as shown by the evolution of the valuations of assets belonging to listed companies valued by CBRE.

In the case of the residential sector (acquired by investors and intended for rental), the year-on-year adjustment was 0.31%, after falling by 1.16% from July to December. Finally, in offices, the 12-month correction was 1.81% and 3.18% in the final part of the year. CBRE’s calculation takes into account a total of 175 assets, with a surface area of more than 3.1 million square metres and an aggregate value of 8,090 million euros.

According to CBRE, in retail activity, shopping centres have recovered pre-pandemic sales levels, although inflows are still slightly below the old levels (7.5% by December 2022).

With regard to logistics, for the second consecutive year, the sector recorded record demand, closing 2022 with a total of 2,820,000 m2 of contracting and a falling level of availability.