The logistics market starts 2026 strongly

The logistics market exceeds 545,000 sqm of take-up in Madrid and Barcelona in the first quarter, representing growth of more than 70% compared with the same period last year, driven by strong occupier demand and a gradual reduction in availability across both markets.

Madrid: Strong start to the year and sustained demand

In Madrid, logistics take-up exceeded 310,000 sqm during the first quarter, marking the strongest start to a year since Q4 2022 and a 46% increase compared with the same period in 2025. On a rolling 12-month basis, leasing activity has already surpassed one million sqm, with improvements recorded across all logistics submarkets. Forecasts indicate that total take-up could once again exceed one million sqm by the end of 2026.

The Madrid market also continues to show positive momentum in average deal size, supported by growth in both the number of transactions and total leased space. During the first quarter, more than 23 transactions were completed, with an average deal size exceeding 14,000 sqm. Demand for units ranging from 2,000 sqm to 13,000 sqm was particularly strong.

At the same time, rents continue to strengthen across most micro-markets, with prime rents exceeding €7/sqm/month, representing a 4% increase compared with the first quarter of the previous year. Meanwhile, the vacancy rate continues to tighten and has now fallen below 9%.

Barcelona: Strong demand pressure and growing importance of peripheral locations

Barcelona has also recorded an exceptionally strong start to the year. Logistics take-up surpassed 235,000 sqm in the first quarter, making it one of the best quarterly performances of the last five years and more than doubling (+110%) the volume recorded during the same period in 2025. For the full year, take-up is expected to exceed 600,000 sqm.

Over the last 12 months, total take-up has reached 700,000 sqm, reinforcing the resilience of the Catalan market. Geographically, 50% of all transactions were concentrated along the AP-7 corridor, while 92% of leased space was located in the second and third logistics rings. This trend highlights the growing relevance of peripheral locations, driven by the shortage of available product in more central areas and rising occupancy costs in prime locations.

As in Madrid, average deal size continues to increase steadily. During the first quarter, more than 21 transactions were completed, with an average leased area exceeding 11,000 sqm.

Rents continue to trend upwards, with prime rents around €9/sqm/month, representing a 6% increase compared with the first quarter of 2025. Vacancy rates continue to decline and now stand below 4%, reflecting robust and sustained demand.

Investment market

The investment market continues to show positive momentum, with several ongoing transactions expected to close in the coming months. A key transaction during the first quarter of 2026 was the sale of Blackstone’s Alba Portfolio to CapitaLand. Against this backdrop, logistics investment in Spain is forecast to exceed €1.2 billion over the course of the year.

Pere Morcillo, International Partner and Head of Industrial & Logistics Spain at Cushman & Wakefield, commented:"The logistics market in Madrid and Barcelona has entered 2026 with its fundamentals remaining strong, supported by active occupier demand that continues to absorb available stock while maintaining upward pressure on rents and vacancy levels. In this environment, Cushman & Wakefield has positioned itself as one of the market’s most relevant players during the quarter, particularly in terms of transaction volume, having participated in more than 20% of the activity recorded."