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

Spain’s industrial and logistics sector maintained solid momentum in the first half of 2026, supported by strong occupier demand, constrained availability and fundamentals that continue to underpin the sector’s appeal. National logistics take-up reached nearly 1.51 million sqm, 15% above the same period in 2025, consolidating one of the strongest historical performances for the market.

Activity remained mainly concentrated in the Central Area and Catalonia, which together accounted for more than 70% of national take-up. However, secondary markets continue to gain relevance, representing 26% of take-up during the first half of the year and reflecting the increasing decentralisation of logistics demand.

Logistics demand: strong activity in Madrid and Catalonia

The Central Area once again led logistics take-up in Spain, with close to 644,000 sqm absorbed during the first half of the year, up 57% year-on-year. In the second quarter alone, take-up reached nearly 294,000 sqm, driven primarily by third-party logistics operators, development and construction companies, food companies and e-commerce operators.

Catalonia also recorded a very positive performance, with take-up reaching nearly 467,000 sqm in the first half, up 62% year-on-year. Demand was particularly concentrated in the third logistics ring, while third-party logistics operators remained the main driver of activity, accounting for more than half of the space taken up.

Outside the main logistics hubs, Valencia remained the most active regional market, with close to 157,000 sqm taken up, followed by Zaragoza, Seville, Malaga and Bilbao. Activity in these markets continues to be shaped by limited availability of quality product and a shortage of new developments.

Limited supply and rental growth

Availability continues to decline across the country’s main logistics markets. Land scarcity and high absorption levels continue to limit the delivery of new supply.

In the Central Area, the vacancy rate fell to 9.2%, while Catalonia once again recorded one of the lowest levels in Europe, with vacancy at just 2.7%. In some regional markets, such as Zaragoza and Bilbao, availability remains below 1%.

The development pipeline remains active, with approximately 726,000 sqm in the Central Area and 559,000 sqm in Catalonia, a significant share of which has already been committed through pre-let agreements.

Rents continue to follow an upward trajectory, driven by the limited availability of product. Prime rents stand at €7.25/sqm/month in Madrid and €9.25/sqm/month in Catalonia, which remains the country’s tightest market.

Investment: activity recovers

Logistics investment in Spain reached €690 million in the first half of 2026, up 24% on the same period in 2025. The second quarter accounted for more than €405 million, reflecting a clear acceleration in investment activity compared with 2025.

Madrid accounted for 46% of investment, followed by Barcelona and the rest of the regional markets. Several large portfolio transactions closed during the period, while international investors continued to play a growing role. The United Kingdom, the United States and Singapore led foreign investment, while domestic capital accounted for 16% of total volume transacted.