2025-08-14-莱坊-Spain_Logistics_Snapshot_Q2_2025页_650kb

报告摘要

Logistics Market Summary - Q2 2025

Core Content

This summary outlines the state of the logistics market in Spain, with a focus on Madrid and Barcelona, for the second quarter of 2025. It includes insights on the occupier market, investment trends, and prime rents and yields.

Occupier Market

Madrid

Take-up in Q2 2025: 126,650 sqm
Total take-up for H1 2025: Nearly 380,000 sqm
Comparison to previous years: The take-up is approximately 15% below the average for the same period over the past two years.
Notable Deals:
- 25,625 sqm | Madrid | CAT Group | Parla
- 13,850 sqm | Madrid | Vinted | Torrejón de Ardoz
- 12,060 sqm | Madrid | Arquimea | Torrejón de Ardoz
Prime Rents: €6.75/sqm/month, with forecasts of €6.85/sqm/month by year-end.
Logistics Stock: 15.2 million sqm
Vacancy Rate: 8.75%, with a sharper decline in the first ring (8.10%)

Barcelona

Take-up in Q2 2025: 160,200 sqm
Total take-up for H1 2025: Nearly 308,000 sqm
Comparison to previous years: A 3% increase compared to the average for the same period over the past two years.
Prime Rents (First Ring): €8.85/sqm/month
Overall Vacancy Rate: 4.70%

Average Prime Rents by Rings

Ring	Madrid	Barcelona
1st	5.60 – 6.80	6.60 – 8.75
2nd	4.60 – 5.20	5.10 – 6.60
3rd	3.95 – 4.25	4.10 – 5.10

Investment Market

Spain

Investment Volume in Q2 2025: €250 million (€280 million in Q2 2024)
Total Investment for H1 2025: Nearly €575 million
Forecast for Year-End: Total investment could reach approximately €1.5 billion, with €500 million in transactions expected to close in Q3.
Regional Breakdown:
- Madrid: Over 25%
- Barcelona: Almost 50%
- Combined: Over 75% of national investment

Top Investment Deals in Q2 2025

€51M | Madrid
- Vendor: Hines
- Purchaser: Abrdn
- Capital Value: 1,615 €/sqm
- Broker: Knight Frank
€29.7M | Barcelona
- Vendor: AXA
- Purchaser: IBA CAPITAL
- Capital Value: 870 €/sqm
- Source: Logistics Capital Markets
€24.8M | Madrid
- Vendor: DeA Capital
- Purchaser: Delin Property
- Capital Value: 1,385 €/sqm
- Broker: Knight Frank

Notable Transactions

Abrdn acquired a logistics portfolio in the Vallecas area of Madrid for more than €50 million.
IBA Capital purchased AXA's warehouses in Palau (Barcelona) for approximately €30 million, which were immediately sold to AB Sagax.
Delin Property acquired two warehouses in Madrid (Pinto and Villaverde) for a total of €24.8 million.

Prime Yields

Madrid: 4.85%
Barcelona: 4.75%
Expected Trend: Further compression in the coming months.

European Prime Yields - Q2 2025

City	Prime Yield
London	5.00%
Dublin	5.00%
Paris	4.75%
Brussels	4.90%
Prague	5.00%

Key Contacts

James Cowper-Coles
Head of Logistics
+34600919105
james.cowper-coles@es.knightfrank.com
Adrián Romero-Amich
Director Logistics Leasing and Development
+34600919125
adrian.romero-amich@es.knightfrank.com
Daniel Caprarin
Head of Research, Marketing & PR
+34600919087
daniel.caprarin@es.knightfrank.com