ECONOMIC CONTEXT
Spain’s logistics sector in Q1 2025 is influenced by ongoing macroeconomic stability, with GDP growth at 3.40% and unemployment rates at 10.61% nationally, 9.06% in Madrid, and 7.87% in Barcelona. The sector faces uncertainty from geopolitical tensions and new US trade policies, which may delay decisions and investments. However, the drop in interest rates and strong economic fundamentals, especially in Catalonia, support continued growth and resilience in the industrial market.
DEMAND OVERVIEW
Leasing activity remains robust in both Madrid and Barcelona. In Madrid, take-up exceeded 225,000 sqm in Q1 2025, with 20 new deals and a significant increase in average transaction size, driven by large deals in the third ring (notably along the A-4/A-42 axis). The food sector and demand for adaptable cold storage facilities are gaining prominence, and 60% of larger deals involved Class A assets. In Barcelona, take-up surpassed 150,000 sqm, a 38% year-on-year increase, with over 80% of activity concentrated in rings 2 and 3. Major transactions included:
- Action Retail Spain SL leasing 65,000 sqm in Banyeres del Penedès (Ring 3, AP-7 axis)
- K-line windows leasing 20,000 sqm in Lliçà de Vall (Ring 2, AP-7 axis)
- Naeko leasing 10,000 sqm in Barcelona Prime
The AP-7 axis in Barcelona remains the preferred location for tenants, with limited availability in prime and first ring areas.
VACANCY TRENDS
Madrid’s vacancy rate is stable at around 10%, even after a substantial increase in stock, indicating strong absorption and sector resilience. In Barcelona, the vacancy rate has fallen to 5.7%, reflecting high demand and limited new supply, especially in prime areas where availability is close to 1%. The stabilisation of vacancy rates, despite significant new deliveries, underscores the strength of both markets.
RENT TRENDS
Rents continue to rise in both Madrid and Barcelona. Madrid’s prime rents reached €6.75/sqm/month, with average rents in the €5.50–€6.00/sqm/month range, driven by demand for quality platforms. In Barcelona, prime rents climbed to €8.50/sqm/month, nearly 8% higher year-on-year, with average rents under upward pressure across all rings. No significant mention of landlord concessions was noted.
CONSTRUCTION & SUPPLY PIPELINE
Construction activity remains dynamic in both Madrid and Barcelona. In Madrid, over 1,000,000 sqm of new supply was added in the last 12 months, bringing total stock above 14,000,000 sqm. Major projects delivered in Q1 2025 include:
- 31,063 sqm in San Fernando de Henares (Havi, Segro)
- 23,914 sqm in San Fernando de Henares (Velzia, Hines Interests)
- 22,298 sqm in Madrid (LPG)
- 32,113 sqm in Sant Fruitós De Bages (P3 Logistic Parks)
- 9,279 sqm in Lliçà d'Amunt (Kefren Capital Real Estate)
