CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}
SPAIN-Hero image_Marketbeat Industrial - mobile.png SPAIN-Hero image_Marketbeat Industrial.jpg

Insights

Marketbeat Spain Industrial

Industrial Marketbeat is a summary of the Spain industrial and logistics property sector providing comment on recent trends as well as market data and analysis.

Download Q4 2025 report

Key Takeaways
  • 2025 closed in a context of geopolitical uncertainty and cautious decision-making, yet the Spanish logistics sector demonstrated strong resilience, supported by healthy take-up levels and rising rents across key markets.
  • Madrid consolidated a very active year, exceeding 950,000 sq m of take-up, while Barcelona reached 565,000 sq m, with both markets recording their strongest activity during the final quarter.
  • Demand continues to focus on high-quality assets, with A-rated warehouses accounting for over 60% of large transactions, reflecting occupiers’ growing ESG and specification requirements.
  • Vacancy rates tightened further in Barcelona (4.0%) and edged down in Madrid (9.0%), reinforcing upward pressure on prime rents, which closed the year at €9.00/sq m/month in Barcelona and €7.00/sq m/month in Madrid.
  • Large-scale transactions remained a key driver of activity, particularly in secondary logistics rings, as limited availability in prime locations pushed demand outward.
  • Overall, the industrial and logistics sector closed 2025 with solid fundamentals, confirming its position as one of the most stable and attractive segments of the Spanish real estate market.

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.

Q4 Spain Industrial Marketbeat

Access Q4 2025 commercial real estate results for the Industrial sector.

Download report

Author

INDUSTRIAL MARKETBEAT. PREVIOUS REPORTS

Click on title to begin download

Insights

Portadainplace4-0_HEROIMAGE.jpg
Research • Workplace

In Place 4

A forward-looking perspective that brings together key insights to address the challenges of the post-pandemic work environment. This report presents the main findings from the In Place 4 survey, highlighting the evolution of expectations and the most relevant trends around remote work, the office, and the balance between both models.
Oscar Fernández • 27/06/2025
25009_ European Luxury Retail report 2025_Web Card (SMALL) 750x456px.png
Research • Investment / Capital Markets

European Luxury Retail

Explore the dynamics of the European luxury retail real estate market.
13/03/2025
climate-risk-card.jpg
Research • Sustainability / ESG

Climate Risk Global Cities Outlook

Explore current and future climate risk hazard exposure in 100 global cities and learn real estate strategies to manage these risks.
23/09/2024
European-Retail-Radar-web-card
Research

European Retail Radar

A comprehensive overview of the retail industry across Europe, backed by thorough research conducted on transactions in 13 European countries and 231 cities.
Sally Bruer • 08/05/2024
View All

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.
CONTACT US
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
MORE OPTIONS
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Cookie preferences
Agree All
Reject All
SAVE SETTINGS
Essential
Non Essential
Marketing