2026-06-04-莱坊-Spain_In_focus_logistics_Q1_2026_6页_2mb

报告摘要

Summary of Logistics Market Analysis in Spain (Q1 2026)

Core Content

The logistics market in Spain, particularly in Madrid and Barcelona, is showing a positive trend with strong demand and increasing investment. The market is influenced by e-commerce growth and tourism, which have driven the sector's expansion. Key metrics and trends are outlined below.

Main Demand Drivers

E-commerce growth: Recorded a significant increase of over 22% in the first half of 2025, the largest growth since the pandemic.
Tourism: Spain is the second most visited country globally, contributing to the demand for logistics infrastructure.
Logistics activity: The market is in a phase of normalisation, with strong take-up and a focus on modern, efficient facilities.

Madrid Market Overview

Take-up and Contracted Space

In Q1 2026, the Madrid logistics market absorbed over 345,000 m² of space, with a forecast of reaching 1 million m² by year-end.
High-quality warehouses (Grade A and B+) accounted for 95% of the contracted space, indicating a preference for modern facilities.
Net Expansion remained at 97%, consistent with 2025 levels, showing the market is still in an expansion phase.
A-2 and A-4/A-42 corridors dominated the market, accounting for nearly 90% of the total take-up.

Take-up by Rings

The third ring was the main absorption hub due to availability of land and large logistics platforms.
The first ring recorded the highest number of transactions, accounting for 50% of signed contracts, despite concentrating a smaller total area.
Large-format transactions are increasingly concentrated in more peripheral zones, such as Azuqueca de Henares, Illescas, and Alovera.

Rents by Ring

First ring: Prime rent is expected to reach €7.25/sqm/month by year-end, driven by strong demand and limited supply.
Second ring: Prime rent is expected to reach €5.50/sqm/month, with a more moderate upward trend.
Third ring: Rent growth has slowed due to increased vacancy and longer marketing periods, with a stabilised trend over the past year.

Stock and Availability

The total logistics stock in Madrid is expected to reach 16.4 million m² by the end of 2026, with a 30% increase compared to 2025.
Availability rate is forecasted to decrease from 8.7% in 2025 to 7.3% in 2026.
As of Q1 2026, 49% of the available space is located in the third ring.

Future Supply

Future supply in 2026 and 2027 is primarily concentrated in the third ring (52%) and first ring (42%).
The majority of developments are Build-to-Suit (BTS), especially in the third ring, due to the need for specialized logistics platforms.
Speculative supply is also increasing, particularly in the first ring, driven by strong demand.

Barcelona Market Overview

Take-up

In Q1 2026, 245,500 m² of logistics space was taken up, exceeding the quarterly average of the previous two years by over 40%.
The prime area and first ring accounted for 35% of take-up, while the third ring made up the remaining 40%.
The five largest transactions of the quarter account for 45% of total take-up, with notable deals in Martorelles and El Far d'Empordà.

Rents

Prime rent in Barcelona reached €9.15/sqm/month in Q1 2026, a 5% increase quarter-on-quarter.
Rents in the second ring also showed a slight increase compared to the end of 2025.
The first and third rings have seen more stable rent levels.

Stock and Availability

The total logistics stock in Barcelona is 11.2 million m², with a vacancy rate of 2.9%.
Prime (Ring 0) and first ring have limited availability, driving upward pressure on rents.
The third ring is the most available, with a significant portion of the total stock.

Future Supply

Expected future supply for 2026 and 2027 is over 1,070,000 m², with a strong concentration in the first and third rings.
Notable developments include Goodman's multi-storey project on the former Nissan site and Segro's 66,000 m² project in Palau-Solità i Plegamans.
The first ring will see the largest share of new supply, with 47% of the total.

National Investment Trends

Investment Volume

In Q1 2026, the national investment volume was close to €280 million, with a forecast of €1.7 billion for the full year.
This is expected to be higher than the investment recorded in 2025.

Main Markets

Madrid accounts for over 50% of quarterly investment, followed by Barcelona (35%) and Valencia (4%).

Prime Capital Value

Prime capital value has been on the rise since 2023, with Barcelona leading at over €2,320/sqm, followed by Madrid (€1,800/sqm), Valencia (€1,400/sqm), and Zaragoza (€1,000/sqm).
The prime yield for Madrid is 4.75%, and for Barcelona, it is 4.65%, with other regions like Valencia and Zaragoza showing higher yields.

Notable Transactions

The Flora Portfolio and Project Alba were the most significant transactions, with Project Alba involving six logistics assets and a value of €125 million.
These transactions highlight the trend of portfolio deals and the increasing role of large-scale logistics developments in the market.

Key Trends and Insights

E-commerce and tourism are the main drivers of logistics demand in Spain.
The third ring is the primary area for logistics absorption, while the first ring is the hub for transaction volume.
Grade A and B+ warehouses are preferred, indicating a trend towards modern, efficient facilities.
Net Expansion remains high, indicating continued growth in the logistics footprint.
Rents are rising in the first and second rings, while the third ring is experiencing stabilization.
Investment is concentrated in Madrid and Barcelona, with Barcelona showing the highest prime capital value.
Build-to-Suit (BTS) developments are increasing, particularly in the third ring, due to the need for specialized logistics platforms.