ECONOMIC CONTEXT
Despite a complex macroeconomic environment, logistics activity remained dynamic throughout 2025. Strong occupier demand and limited availability of modern space continued to support rental growth in both Madrid and Barcelona, underlining the sector’s structural resilience.
DEMAND
Madrid recorded more than 950,000 sq m of take-up in 2025, including over 290,000 sq m in Q4 alone, driven by major transactions and growing average deal sizes. Barcelona closed the year with 565,000 sq m, with 190,000 sq m signed in the final quarter, marking its strongest period of activity.
Demand remains concentrated in rings 2 and 3 in both markets, as scarcity of prime space redirects occupiers towards emerging logistics hubs. High-specification assets dominate leasing activity, with more than 60% of transactions over 5,000 sq m signed in A-grade buildings.
Prime rents reached €7.00/sq m/month in Madrid and €9.00/sq m/month in Barcelona, supported by falling vacancy rates and sustained interest in well-located, high-quality product.
INVESTMENT
Investment activity remains supported by solid market fundamentals and strong occupier demand for modern logistics platforms. Despite ongoing uncertainty, the sector continues to attract investor interest, benefiting from rental growth, limited prime supply and its strategic role within supply chains.
