Spain’s logistics market remains highly dynamic in the first half of 2026 and continues to demonstrate strong resilience despite an international environment marked by geopolitical uncertainty. According to Cushman & Wakefield’s latest analysis, both Madrid and Barcelona are experiencing robust leasing activity, a gradual decline in vacancy rates, and sustained rental growth for high-quality assets.
In Madrid, logistics take-up exceeded 600,000 sq m during the first half of the year, confirming that the Spanish market has so far not experienced any significant impact from the conflict in the Middle East.
The second quarter of 2026 recorded a 123% increase compared with the same period in 2025, reaching figures similar to those achieved in the first quarter. Both the first and second quarters surpassed 300,000 sq m of take-up, marking one of the strongest starts to a year in recent memory.
Demand continues to drive positive net absorption, accompanied by a gradual reduction in availability, which had already fallen below 9% by the end of the second quarter.
Companies continue to favour next-generation logistics platforms. In fact, 62% of transactions exceeding 5,000 sq m completed in 2026 involved Grade A assets, highlighting the growing demand for efficient, sustainable facilities designed to meet modern supply chain requirements.
This market performance continues to support rental growth, with prime-quality assets recording positive rental trends across all logistics submarkets. Prime rents in Madrid have reached €7.25/sq m/month, representing a 7% increase compared with 2025 and reinforcing the upward trend seen in recent quarters.
Barcelona records one of its strongest first halves in recent years
Barcelona’s logistics market is also maintaining strong momentum. During the first half of 2026, take-up exceeded 480,000 sq m, representing a 90% increase compared with the same period of the previous year.
In the second quarter alone, 245,000 sq m were leased, an increase of 80% year-on-year. Based on these results, Cushman & Wakefield expects the Barcelona logistics market to surpass 600,000 sq m of take-up by year-end.
Activity remains concentrated along the region’s main logistics corridors. Sixty percent of transactions completed in 2026 were located along the AP-7 corridor, consistent with the market’s historical pattern, while 80% of take-up occurred in the second and third logistics rings. This trend reflects the growing importance of peripheral locations, driven by limited availability in inner logistics areas and rising occupancy costs in prime locations.
The market is also seeing a sustained increase in the average size of transactions. During the first half of the year, more than 40 deals were completed, with an average unit size exceeding 11,000 sq m, nearly matching the total transaction volume recorded throughout 2025, when 45 leases were signed.
At the same time, average rents continue to strengthen across most logistics micro-markets. Prime rents in Barcelona stand at approximately €9.15/sq m/month, representing a 5% increase year-on-year.
Meanwhile, the vacancy rate continues to decline and is now below 3.5%, reflecting the strong balance between supply and demand and the Catalan logistics market’s high capacity for absorption.
Investment market regains momentum
Spain’s logistics investment market is also showing a clear recovery in 2026. Following the completion of several large portfolio transactions in recent months, logistics investment in Spain is expected to exceed €1.5 billion by the end of the year, with a strong likelihood of becoming the sector’s best-performing year since 2021.
This development confirms the consolidation of a market that has regained stability following the adjustments seen in recent years and continues to attract strong interest from both domestic and international investors.
“The Spanish logistics market continues to benefit from very solid fundamentals. Demand remains strong, particularly for next-generation logistics platforms, while the limited availability of high-quality assets is driving a gradual reduction in supply and continued growth in prime rents. At the same time, the investment market has regained significant momentum, with several large-scale transactions reflecting investor confidence in this segment. Strong leasing performance, combined with highly robust market fundamentals, suggests that if the macroeconomic environment remains favourable, 2027 and 2028 could see new investment highs, supported by an increase in transaction volumes,” said Pere Morcillo, Head of Industrial & Logistics Spain at Cushman & Wakefield.
