Industrial and Logistics market data - Figures second quarter 2025 Spain

Despite the generalized slowdown of the logistics market in Europe, Spain has managed to maintain a differential trajectory in recent years, being the only European market with positive contracting rates and extraordinarily record levels.

Absorption in the Central Zone in the first half of the year reached 399,000 sqm, 7% less than in the same period of 2024. Despite the uncertain macroeconomic and political context, demand remains active, with stable forecasts for the second half of the year, reaching levels in line with the historical average. Prime rent continues to rise, reaching €7.00/sq m/month, driven by high demand and a scarce supply of quality product.

The Catalan market reached 288,000 sqm in the first half, which represents an increase of 11% compared to the same period of the previous year. Demand remains stable, with forecasts to close the year above the historical average, although slightly below the previous year.

During the first half of 2025, the regional logistics markets have shown an uneven evolution, with Valencia standing out as the most active, including the main hubs. With nearly 316,000 sqm contracted, and a growth of 76%, it is positioned as the second national market. Seville occupies the second regional position, with 115,000 sqm, doubling the figure for 2024. In Zaragoza, contracting reaches 87,000 sq m, 50% less than in 2024, although above the historical average. Bilbao, for its part, presents a stable activity compared to the previous year, although conditioned by the scarcity of adequate product. In Malaga, demand continues to rapidly absorb the limited supply available.

Confidence in the sector remains positive with more than 550 million invested

The sector has concentrated an investment volume of more than 550 million euros so far this year, a 37% increase compared to the same period of 2024. The transactional activity of these first six months has been significant, with 25 closed operations. 68% of the operations corresponded to assets of less than 20 million euros, representing 24% of the total volume, compared to 30% in 2024. This dispersion in the size of the operations reflects a more fragmented investment strategy, with the presence of both industrial and private capital, and an interest distributed between core and value-add assets.

For the end of the year, an evolution of investment in line with the levels of 2024 is expected, in a context of investor caution and sensitivity to the macroeconomic environment. According to our latest Logistics Confidence Index, the sector's confidence remains positive, with active expansion plans by the occupants. This combination of stability in demand, scarcity of prime product, and pressure in the main locations reinforces the resilience of the logistics segment within Spanish real estate.