2025-06-15-莱坊-Spain_Logistics_Snapshot_Q1_2025_2页_646kb

2025 Q1 Logistics Market Summary

Core Content

The first quarter of 2025 presents a dynamic period for the logistics market in Spain, marked by significant investment activity and steady demand. Knight Frank Spain's quarterly sector indicators highlight the ongoing trends and data-driven insights in the logistics sector.

Investment Trends

• Logistics Investment Growth: In Q1 2025, logistics investment in Spain reached nearly €350 million, a 65% increase compared to Q1 2024.
• Regional Breakdown:
  • Barcelona accounted for over 50% of the national investment.
  • Madrid contributed around 20%.
  • Valencian Community and Aragon also gained importance, together representing 20% of the national logistics market investment.
• Top Deals:
  • €214 million deal: Sale of a Blackstone logistics portfolio by Knight Frank, acquired by Mapletree. The assets are located in Catalonia, the Valencian Community, and the Community of Madrid.
  • €29.7 million deal: Sale of a portfolio by Aberdeen (ASLI) to Fidelity Real Estate Logistics.
  • €24.7 million deal: Acquisition of a logistics asset in Burgos by IBI Lion.

Occupier Market Activity

• Madrid:
  • Take-up in Q1 2025 reached 250,615 sq m, slightly below the Q1 2024 level of 265,885 sq m.
  • Rents remained stable compared to the previous quarter but are expected to increase towards the end of the year due to reduced supply.
  • The 3rd ring saw strong activity, with Azuqueca de Henares and Illescas leading the take-up with over 40,000 sq m and nearly 37,500 sq m respectively.
  • Getafe and Villaverde in the 1st ring also showed significant absorption.
• Barcelona:
  • Take-up in Q1 2025 reached nearly 150,000 sq m, consistent with the quarterly average of the past two years.
  • Prime rent increased slightly to €10.65/sq m, continuing its upward trend.
  • Availability rate decreased to 4.8%.

Market Indicators

• Logistical Stock: Increased slightly to 15.15 million sq m, driven by deliveries in the 1st ring.
• Availability Rate: Dropped to 8.8% in Madrid, reflecting strong demand.
• Prime Yields:
  • Madrid: 5.0%
  • Barcelona: 4.90%
  • Forecasted to decline further to 4.75% in Madrid and 4.60% in Barcelona.

European Context

• Prime Yields in Europe (Q4 2024):
  • Prague: 5.00%
  • Milan: 5.50%
  • Paris: 4.75%
  • Dublin: 5.00%
  • Warsaw: 6.50% (↓)

Key Contacts

• James Cowper-Coles – Head of Logistics
  Email: james.cowper-coles@es.knightfrank.com
  Phone: +34600919105

• Adrián Romero-Amich – Director Logistics Leasing and Development
  Email: adrian.romero-amich@es.knightfrank.com
  Phone: +34600919125

• Daniel Caprarin – Head of Research, Marketing & PR
  Email: daniel.caprarin@es.knightfrank.com
  Phone: +34600919087

Summary

The Q1 2025 logistics market in Spain demonstrates robust investment growth, with a 65% year-on-year increase, driven by major portfolio transactions. Madrid and Barcelona remain key hubs, with Madrid showing a slight decline in take-up but strong absorption in the 3rd ring, while Barcelona continues its upward trend in prime rents. The availability rate in Madrid has dropped to 8.8%, indicating high demand. Prime yields in both regions are expected to decline further, with Madrid and Barcelona projected to reach 4.75% and 4.60% respectively. The Blackstone portfolio sale was the most significant transaction of the quarter, highlighting the growing interest in logistics assets across Spain.