2026-08-24-莱坊-Spain_In_focus_logistics_Q2_2026_10页_2mb

In Focus: Logistics Market in Spain - Q2 2026

Core Content Summary

This report provides an in-depth analysis of the logistics market in Spain, with a focus on Madrid and Barcelona, and outlines the national investment trends. The findings highlight the continued growth and resilience of the sector despite geopolitical uncertainties, with strong demand, limited supply, and evolving market dynamics shaping the landscape.

Key Market Trends

Madrid Logistics Market

• Take-up Activity:

  • In H1 2026, logistics take-up reached nearly 630,000 sq m, with total leased space expected to exceed 1 million sq m by year-end.
  • High-quality assets (Grade A and B+) dominated the take-up, indicating occupiers' preference for modern, efficient facilities.
  • Net Expansion accounted for 85% of total take-up, consistent with 2025 levels, showing a market in expansion.

• Geographic Concentration:

  • The third ring led in take-up, driven by land availability and large-scale logistics facilities.
  • The first ring ranked second, with a higher transaction volume, representing nearly 40% of all deals.
  • The A-2 and A-4/A-42 corridors remained the primary logistics hubs, accounting for over 90% of total take-up.

• Rental Trends:

  • Prime rents in Madrid are expected to reach €7.25/sq m/month by year-end 2026, driven by strong demand and limited supply.
  • The second ring is experiencing a more moderate upward trend, with prime rents forecasted at around €5.50/sq m/month.

• Supply and Availability:

  • Logistics stock in Madrid is projected to increase by 640,000 sq m in 2026, bringing total stock close to 16.3 million sq m.
  • Vacancy rates are expected to fall from 8.7% at year-end 2025 to 7.1% by year-end 2026.
  • The third ring holds nearly half of all available logistics space as of H1 2026.

• Future Supply:

  • Future supply is expected to be concentrated in the third ring (52%) and first ring (42%) for 2026 and 2027.
  • The third ring is dominated by large-scale, build-to-suit developments, while the first ring sees speculative schemes due to strong demand.

Key Barcelona Logistics Market Trends

• Take-up Activity:

  • In H1 2026, over 508,000 sq m of logistics space was leased, surpassing the average half-year take-up from the last two years by over 70%.
  • The prime zone and first ring accounted for 40% of total take-up, with the third ring contributing 45%.
  • The seven largest transactions accounted for over 40% of total take-up, highlighting the significance of large deals.

• Rental Trends:

  • Prime rents in Barcelona reached €9.25/sq m/month in Q2 2026, up 5% quarter-on-quarter.
  • Continued upward pressure on rents is expected due to the shortage of high-quality institutional-grade logistics space.

• Supply and Availability:

  • Logistics stock in Barcelona surpassed 11.2 million sq m in H1 2026, reflecting steady expansion due to e-commerce and supply chain optimisation.
  • Vacancy rates have declined by 50% compared to year-end 2025, reaching approximately 1.7% in Q2 2026.

• Future Supply:

  • Over 1.6 million sq m of new logistics space is expected to be delivered in H2 2026 and the 2027-2028 period.
  • Significant projects include Goodman's 150,000 sq m multi-storey logistics scheme in La Bisbal del Penedès and Segro's 66,000 sq m development in Palau-solità i Plegamans.

National Investment Trends

• Investment Volume:

  • In H1 2026, investment volume exceeded €660 million.
  • By year-end 2026, total logistics investment in Spain is forecasted to reach €1.5 - 1.7 billion, surpassing 2025 levels.

• Regional Breakdown:

  • Madrid accounted for nearly 55% of total investment volume.
  • Barcelona represented over 20%, while Valencia accounted for about 6%.
  • The remaining investment was spread across other regions.

• Prime Capital Values:

  • Prime capital values have shown a sustained upward trend since 2023.
  • As of Q2 2026, Barcelona had the highest values at €2,265/sq m, followed by Madrid (€1,720/sq m), Valencia (€1,380/sq m), and Zaragoza (€1,000/sq m).

• Prime Yields:

  • Prime yields in Q2 2026 were 5.00% in Madrid, 4.90% in Barcelona, 5.25% in Valencia, and 5.75% in Zaragoza.
  • Yields are expected to rise further by year-end due to market uncertainty and investor caution.

Key Transactions

Madrid

• Major Take-ups:

  • Azuqueca de Henares (54,000 sq m), Illescas (51,900 sq m), Alovera (43,000 sq m) were among the largest transactions.
  • The first ring saw significant activity, including 37,600 sq m leased by Truck & Wheel and 36,990 sq m by SF Express.

• Major Investments:

  • M7 acquired the Project Pine portfolio for over €150 million.
  • Other significant deals include the Mango Logistics Complex and Project Alpha Getafe.

Barcelona

• Major Take-ups:

  • CEVA Logistics leased a 66,500 sq m warehouse in La Bisbal del Penedès.
  • EGD Logistics leased a 26,670 sq m facility in La Bisbal del Penedès.
  • Torca leased a 24,750 sq m warehouse in La Roca del Vallès.

• Major Investments:

  • The Flora Portfolio and Mango Logistics Complex were among the largest investment transactions.

Conclusion

The Spanish logistics market is showing strong resilience and growth, with Madrid and Barcelona leading the charge. The sector is driven by e-commerce and tourism, and demand remains robust despite global uncertainties. The shift towards high-quality assets and build-to-suit developments is evident, with Madrid's third ring and Barcelona's third ring being key areas for future supply. Investment volumes are rising, and prime yields are expected to increase further, indicating a healthy and evolving market environment.