> **来源：[研报客](https://pc.yanbaoke.cn)** # 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.