ECONOMIC CONTEXT
At a time when tariffs have become one of the most prominent global issues, logistics was expected to be among the most impacted sectors. However, it has thus far demonstrated remarkable resilience. Data from the first half of 2025 confirms that activity remains dynamic, with healthy leasing volumes and upward pressure on rents.
DEMAND
- In Barcelona, take-up in the first half of 2025 increased by 32% compared to the same period last year. Between April and June, 15 transactions were signed, totaling 180,000 sqm—representing a significant rise in both the number of deals and total space leased compared to the first quarter. Notably, transactions signed in Q2 accounted for 44% of the total take-up for the semester.
- Availability remains stable, indicating a healthy balance between supply and absorption, especially considering the increase in stock over recent years.
- As a general trend, average rents in Barcelona’s logistics market continue to experience upward pressure.
- In Madrid, demand remains concentrated along the two main logistics corridors, which together accounted for 85% of total take-up in the first half of the year. However, the first ring of the A-3 corridor continues to attract strong interest, with leasing activity boosted this quarter by the delivery of new projects.
- Prime rents stood at €6.75/sqm/month at mid-year, reflecting the value of well-located, high-quality assets—particularly in the first ring.
- Availability has increased slightly. Despite this, the market has absorbed a significant portion of the new supply, further highlighting the structural strength of Madrid’s logistics sector.
INVESTMENT
- Despite ongoing uncertainty, logistics remains one of the most attractive sectors for investors, alongside the living segment, thanks to its solid fundamentals and synergies with other areas of the economy.
- The industrial logistics sector closed the first half of the year with figures broadly in line with the same period in 2024.
