> **来源：[研报客](https://pc.yanbaoke.cn)** # Logistics Market Summary - Q1 2026 ## Core Content This summary outlines the performance of the logistics market in Spain during the first quarter of 2026, focusing on leasing activity and investment trends in Madrid and Barcelona. It includes key data on take-up volumes, vacancy rates, asset quality, and prime yields, along with notable transactions. --- ## Leasing Market Overview ### Madrid - **Take-up Volume**: 345,140 sqm in Q1 2026, an increase from 247,660 sqm in Q1 2025. - **Top 3 Occupancy Deals**: - 54,000 sqm in Guadalajara (Obramat) - 51,900 sqm in Toledo (Primor) - 37,600 sqm in Alovera (Cainiao) - **Asset Quality**: - 70% of the take-up volume is concentrated in Grade A properties. - Combined with Grade B+ assets, this accounts for 95% of total take-up. - **Vacancy Rates**: - **1st ring**: 6.6% - **2nd ring**: 7.5% - **3rd ring**: 8.5% - **Total**: 7.7% ### Barcelona - **Take-up Volume**: 245,670 sqm in Q1 2026, up from 147,620 sqm in Q1 2025. - **Top 3 Occupancy Deals**: - 27,000 sqm in Gerona (Primafrio) - 25,800 sqm in Martorelles (ISDIN) - 22,150 sqm in Esparreguera (ESBO Logistics) - **Asset Quality**: - 70% of the take-up volume is concentrated in Grade A properties. - Combined with Grade B+ assets, this accounts for 95% of total take-up. - **Vacancy Rates**: - **1st ring**: 2.1% - **2nd ring**: 0.6% - **3rd ring**: 7.5% - **Total**: 2.9% --- ## Investment Market Overview ### Q1 2026 - **Total Investment Volume**: €280 million, a 20% decrease from €345 million in Q1 2025. - **Top 3 Investment Deals**: 1. **Project Alba**: €124 million, comprising six logistics assets across Madrid and Barcelona. Transaction managed by Knight Frank. 2. **Project Jupiter**: €49.5 million, two assets in Barcelona, purchased by Nuveen. 3. **Villaverde**: €39 million, a warehouse in Madrid sold by La Salle. ### Annual Outlook for 2026 - **Total Investment Volume**: Expected to reach approximately €1.7 billion, slightly higher than the €1.7 billion recorded at year-end 2025. - **Market Leaders**: - Madrid and Barcelona are expected to account for **85%** of total investment volume. - Valencia is also expected to consolidate its position due to its strategic location and emerging as an alternative to traditional markets. ### Prime Yields - **Madrid**: 4.75% - **Barcelona**: 4.65% - **European Prime Yields**: - **Amsterdam**: 4.90% - **London**: 5.00% - **Munich**: 4.40% - **Brussels**: 4.90% - **Paris**: 4.90% (upward trend) --- ## Key Insights - **Leasing Activity**: Both Madrid and Barcelona showed strong leasing activity in Q1 2026, with Madrid recording over 345,000 sqm and Barcelona over 245,500 sqm. - **Demand Trends**: Demand in Barcelona has surged, exceeding the quarterly average of the past two years by more than 40%, but the limited supply may hinder long-term growth. - **Vacancy Rates**: Vacancy levels are decreasing across all rings in both cities, indicating a healthy market. - **Asset Quality**: The majority of leasing activity is concentrated in high-quality Grade A and B+ assets, suggesting strong tenant confidence. - **Investment Trends**: Investment volume in Spain decreased in Q1 2026, but the annual outlook remains positive, with Madrid and Barcelona expected to lead the market. - **Geopolitical Impact**: Prime yields are expected to experience a moderate outward adjustment due to the evolving geopolitical situation. --- ## Summary Table | City | Take-up Volume (Q1 2026) | Take-up Volume (Q1 2025) | Vacancy Rate (Total) | Prime Yield | |------------|--------------------------|--------------------------|----------------------|-------------| | Madrid | 345,140 sqm | 247,660 sqm | 7.7% | 4.75% | | Barcelona | 245,670 sqm | 147,620 sqm | 2.9% | 4.65% | --- ## Contact Information - **James Cowper-Coles** Head of Logistics +34 600 919 105 james.cowper-coles@es.knightfrank.com - **Adrián Romero-Amich** Director Logistics Leasing and Development +34 600 919 125 adrian.romero-amich@es.knightfrank.com - **Daniel Caprarin** Head of Research, Marketing & PR +34 600 919 087 daniel.caprarin@es.knightfrank.com