2026-02-11-莱坊-Spain_Logistics_Snapshot_Q4_2025_2页_630kb

报告摘要

Logistics Snapshot Summary - Q4 2025

Core Content

This summary provides an overview of the logistics market performance in Spain for the fourth quarter of 2025, highlighting key trends in both the occupier and investment markets in Madrid and Barcelona. The data reflects real market activity and is based on comprehensive analysis by Knight Frank Spain experts.

Occupier Market Overview

Madrid

Total Take-up in 2025: 1,099,500 sq m
Comparison to 2024: A decrease of approximately 50,000 sq m
Occupancy Deals:
- 79,000 sq m | Guadalajara (ID Logistics)
- 30,000 sq m | Toledo (Logisfashion)
- 30,000 sq m | Madrid (Primafrio)

Barcelona

Total Take-up in 2025: 639,500 sq m
Comparison to 2024: A decrease of approximately 107,000 sq m
Occupancy Deals:
- 38,100 sq m | Barcelona (Grupo Linde)
- 26,370 sq m | Castellbisbal (Leng D'or)
- 23,420 sq m | Subirats (Logista Pharma)

Key Market Trends

Quality Preference: Operators in Madrid showed a strong preference for high-quality logistics facilities, with 70% of the take-up in Grade A warehouses and 90% including Grade B+.
Supply Constraints: In Barcelona, the reduced take-up was mainly due to limited supply rather than weak demand, leading to a lower vacancy rate of 3.4%.
Vacancy Rates:
- Ring zero: N/A
- 1st ring: 7.8%
- 2nd ring: 8.3%
- 3rd ring: 9.3%
- Total: 8.6% (Madrid), 3.4% (Barcelona)

Investment Market Overview

Total Investment Volume in 2025: €1.37 billion
Comparison to 2024: A decrease from €1.65 billion, primarily due to volatility at the start of the year caused by US tariff policies.
Top Investment Deals Q4 2025:
- €46.4 million | San Agustín de Guadalix (Madrid) – DWS from Scannell Properties
- €30.8 million | Villanueva de Gallego (Zaragoza) – Iroko from P3 Logistics
- €18.8 million | Leganés (Madrid) – Pictet&Freo from Kennedy Wilson

Market Outlook for 2026

Demand and Investment: Expected to continue with moderate growth in investment volume.
Rent Increases: Anticipated in certain submarkets.
Portfolio Transactions: Will remain a significant trend.
First Quarter Projection: Investment volume is expected to exceed €400 million, maintaining the market's positive momentum.

Regional Insights

Madrid and Barcelona: Remain the most active markets in Spain, driven by high logistics demand and industrial density.
Valencia: Is gaining increasing prominence year after year.

European Prime Yields (Q4 2025)

City	Prime Yield (%)
Amsterdam	4.60%
London*	5.00%
Munich	4.40%
Brussels	4.90%
Prague	5.00%

*Data as of Q3 2025

Contact Information

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