Typology of industrial property in Morocco

Vocation: storage and flow. Clear height 10-12m (Grade A), floor load 5 t/sqm, dock density 1 per 1,000-1,500 sqm, ESFR sprinklage, quartz concrete slab. Typical tenants: 3PL, distribution, e-commerce, automotive suppliers. Reference zones: Tanger Med Industrial Platform, Atlantic Free Zone Kenitra, Mohammedia, Ain Sebaa. Valuation: income approach (DCF or direct capitalisation) if leased, comparable if vacant. Grade A asks rents Morocco 2025: MAD 186-232/sqm/month.

Vocation: integrated process production. Line process (assembly, transformation), HV power supply, fluids connection (steam, compressed air, process water), effluent treatment, often significant ICPE classification. Surface: highly variable — thousands to tens of thousands sqm. Moroccan examples: Stellantis Kenitra (535,000 vehicles/year capacity after 07/2025 expansion), Renault Tanger (410,000 vehicles in 2024), Gotion High-Tech Kenitra (battery gigafactory, 20 GWh phase 1). Valuation: cost approach — DRC method codified by RICS VPGA 5, mandatory for bespoke assets rarely traded.

Vocation: mixed production-storage-office buildings, modular. Clear height 6-9m, unit surface 500-5,000 sqm. Typical tenants: SMEs, MRE entrepreneurs, young industrialists, subcontracting workshops. Zones: Sidi Maarouf park, Ain Sebaa, Tit Mellil, Tetouan Park, peri-urban subdivisions Marrakech and Agadir. Valuation: comparable often applicable, with capitalisation cross-check.

Vocation: serviced industrial subdivision (utilities, telecom, truck access, common management). Public/parapublic operator (MEDZ, TMSA, AFZA) prepares land. Examples: Tanger Med Industrial Platform (3,000 ha, 1,500+ companies), Tanger Automotive City (1,185 ha post-09/2024), Midparc Nouaceur (128 ha, aerospace), MEDZ Jorf Lasfar park (500 ha). Land valuation: comparable for standard lots; residual method (IVS 410 + VPGA 10) if theoretical buildable programme drives value.

Vocation: high-density IT hosting. Electrical density 10-30 kW/sqm IT, N+1 or 2N redundancy (power, cooling, operator fibre), enhanced physical security, Tier or TIA-942 standards. Moroccan market: still emerging segment, driven by digitalisation and data sovereignty. Valuation: VPGA 4 (trading-related) if combined with colocation operation, VPGA 5 DRC for bespoke shell.

Vocation: refrigerated warehouse. Three classic temperature ranges: +2 to +4°C (fresh), -18 to -22°C (frozen), -25°C and below (deep-frozen). Sandwich panel insulation, reinforced civil works, ammonia or CO2 compression chillers. Moroccan market: driven by agribusiness (fruit-vegetable exports, citrus), fisheries (Atlantic coast), pharma cold chain. Reference zones: Tanger Med, Casablanca, Agadir ports; Souss-Massa, Loukkos, Gharb logistics corridors. Valuation: VPGA 5 DRC primary.

• Asset family clearly identified (warehouse, factory, light, park, data center, cold storage)
• Grade classification verified (A/B/C for logistics warehouse)
• Process integration documented (if factory)
• Operator identified (TMSA, MEDZ, AFZA, private)
• Tenant typology assessed (3PL, distribution, manufacturing, etc.)
• Appropriate RICS valuation method selected based on family

• Mixed-use asset valued as single family
• Light industrial passed as Grade A logistics
• Data center valued without VPGA 4 / 5 consideration
• Cold storage valued by comparable without DRC cross-check