Industrial and Logistics, market data - Figures first quarter 2026 Spain

The logistics market in Spain began 2026 showing resilience and solid demand, against a more moderate macroeconomic backdrop. During the first quarter, national leasing activity exceeded 751,000 square meters, representing year-over-year growth of +5%, with activity primarily concentrated in the two major hubs of Madrid and Catalonia.

 

The Central Region recorded take-up of 345,000 square meters, representing 39% year-over-year growth, placing it above the historical average. Activity continues to be marked by a concentration on large transactions, with an average size rising to 14,400 square meters, and where nationwide transactions account for 62% of take-up.

 

For its part, Catalonia reached 222,000 square meters (+74% year-over-year), maintaining its momentum. Activity continues to be marked by limited availability which, while still concentrating demand in the first and second rings, is driving transactions in more peripheral locations with greater absorption capacity.

 

In secondary markets, which account for nearly a quarter of national leasing activity, the trend is more mixed. While Zaragoza consolidates its growth, other markets such as Valencia and Sevilla are seeing a decline in volumes following a previous year marked by exceptional transactions.

 

Limited availability in prime markets

 

Vacancy rates remain low in the major markets. In Madrid, the vacancy rate stands at 10.3%, with nearly 1.75 million square meters available, amid a strong influx of new supply.

 

In Catalonia, pressure on supply is significantly higher, with an availability rate of 3.1%, reflecting a highly strained market, especially in the most established areas.

 

In secondary markets, the shortage of product is even more pronounced, with availability levels below 3% in most locations, which limits the ability to respond to new demand and intensifies competition for quality assets.

 

The pipeline under construction totals approximately 604,000 square meters in Madrid and 391,000 square meters in Catalonia, although a significant portion is already committed, suggesting a gradual improvement in supply, though still insufficient in prime locations.

 

Rents continue to show an upward trend, particularly in markets with the tightest supply. In Madrid, prime rent stands at €7.25/sqm/month (+5.1% year-on-year), driven by the scarcity of well-located quality space. In Catalonia, it reaches €9.25/sqm/month, with growth of +2.8%, amid strong pressure on availability.

 

Investment: A cautious start to the year with a focus on quality

 

Logistics investment in Spain reached 281 million euros in the first quarter of 2026, reflecting a more cautious start to the year, characterized by greater fragmentation of transactions and smaller deal sizes.

 

Madrid and Catalonia account for the bulk of the activity (more than 70% of the total), reaffirming their position as the primary destinations for capital. Notable individual transactions include the closing of portfolio deals, such as the Alba Portfolio, which accounted for a significant portion of the quarter’s volume.

 

Investor interest remains focused on core and core+ assets, with a higher degree of selectivity in the investment process, resulting in a subdued start to the year in terms of volume, though with active underlying demand for quality assets.