- The growth in headline rents in Spain stands above the 4.1% average in the EMEA region. This dynamism is especially concentrated in major logistics hubs such as Madrid and Barcelona.
- Investment in the logistics and industrial sector in Spain reached €1.4 billion in 2024. For 2025, a 5% growth compared to the previous year is expected.
Spain consolidates its position as one of the most attractive logistics markets in Europe, thanks to a combination of robust headline rent growth, competitive operating costs, and sustained demand. This is reflected in the Waypoint 2025 report, prepared by Cushman & Wakefield, which analyzes the evolution of the logistics and industrial sector across 127 markets worldwide.
During 2024, headline rents in logistics in Spain grew by around 10%, one of the highest increases in Europe, above the 4.1% average in the EMEA region. This dynamism is especially concentrated in major logistics hubs such as Madrid and Barcelona, highlighting strong and expanding demand. Specifically, the average rent in Madrid in 2024 stood at €4.98/m²/month, while in Barcelona it reached €6.06/m²/month, with a clear upward trend. In Barcelona’s case, there is a strong shortage of supply in prime areas such as the ZAL, which has a vacancy rate of just 1.3%.
In parallel, the logistics and industrial market in Spain continues to show solid momentum in 2025. In the first half alone, nearly €600 million have already been confirmed, suggesting that by year-end, the figure recorded in 2024—€1.4 billion—could be surpassed. In fact, current forecasts point to growth of at least 5%, driven by increased activity and active portfolio rotation.
Additionally, around 100,000 m² in Madrid and 214,000 m² in Barcelona are expected to be added to the logistics stock for the remainder of 2025 and 2026.
Spain also stands out within the EMEA region for having a more competitive operating cost structure than its main European markets. Both labor costs and electricity prices—slightly below the global average according to the report—enhance its appeal for operators seeking efficiency without compromising connectivity or access to major consumption centers. Moreover, in light of rising costs for materials, energy, and labor, refurbished or second-generation facilities are gaining attractiveness among operators, reinforcing their role as a viable solution to meet demand.
Cycle shift in Europe: supply pressure and new balance
The Waypoint 2025 report also anticipates a cycle shift in the European market, marked by a growing scarcity of available land and increased pressure on supply. This evolution strengthens the role of landlords in setting conditions and prices, in contrast to the previous stage, where tenants had greater negotiating power.
Currently, the European logistics market shows moderate balance: 33% of markets offer more favorable conditions for tenants, and 29% where landlords hold a more advantageous position. The report forecasts that over the next three years, around 40% of markets will move toward a balanced environment, while those favorable to tenants will drop to 21%.
This cycle shift, as revealed by the report, is largely due to the exponential 289% growth of e-commerce worldwide over the past decade. It is the main driver of demand for logistics space in the EMEA region. In Spain, the impact of e-commerce has been even more notable, with an increase of over 500%. Alongside e-commerce, sectors such as automotive and retail are also playing a relevant role in this trend. In the Spanish context, the food sector stands out especially, positioning itself as a key driver of logistics growth.
“Spain brings together all the ingredients to consolidate itself as one of the most competitive logistics markets in Europe: solid demand, growing headline rents, contained operating costs, and a strategic position within the EMEA region. The dynamism of hubs such as Madrid and Barcelona, along with sustained investor interest, reinforce its role as a preferred destination for operators and investment funds,” says Pere Morcillo, Head of Industrial & Logistics at Cushman & Wakefield Spain.
