The Spanish logistics real estate market closed out an extraordinary 2024, becoming a key pillar of real estate growth. Driven by factors such as the expansion of e-commerce, the increase in domestic consumption, and a favorable macroeconomic environment, it recorded notable figures in terms of both occupancy and investment, positioning itself as one of the most dynamic and resilient segments. According to Alberto Larrazábal, National Executive Director of the Industrial & Logistics segment at CBRE, in a statement to Expansión, factors such as the need for proximity to customers, GDP growth, and the reduction of labor and energy costs have consolidated Spain as a strategic logistics hub in Europe.
Madrid, Barcelona, and Valencia as activity hubs
Logistics real estate occupancy reached record levels in 2024. According to the CBRE Industrial & Logistics Trends 2025 report, Spain experienced a significant increase in logistics warehouse rentals over the past year, surpassing 2.5 million square meters leased. This marks a 23% rise compared to the previous year, exceeding both the five-year average (+16%) and the ten-year average (+44%).
By region, the central area—which includes Madrid and parts of Castilla-La Mancha—accounted for the highest volume, with 1.1 million m² leased, up 10% from the previous year. Catalonia, another major logistics hub, recorded historic results with 710,000 m² leased, a 33% increase compared to 2023. The Valencia region closed 2024 with 228,000 m² leased, a 21% decrease primarily due to limited available supply. This surge in demand is reflected in a 23% nationwide increase in logistics rental prices, in contrast to the 12% drop recorded in Europe.
According to the 2024 Logistics Real Estate Report by Colliers, the year ended with nearly 2 million m² occupied in key locations like Madrid, Barcelona, and Valencia. Madrid saw a 31% rise compared to the previous year, exceeding 1 million m² leased in 2024—its second-best year of the decade, behind only 2022. Barcelona stood out with a prime rent of €9.00/m²/month, reflecting the ongoing demand for high-quality logistics space. In Valencia, while growth was more modest (228,000 m² leased, 21% less than in 2023), the vacancy rate hit a historical low of 0.4%, due to supply shortages and the impact of the DANA storm in the region.
Logistics investment in 2024
Logistics sector investment in Spain also saw a significant boost in 2024, reaching €1.4 billion—21% more than the previous year. This volume of transactions is in line with the ten-year average. Among the most notable operations were Brookfield’s acquisition of Tritax’s pan-European portfolio and GLP’s sale of logistics assets in Madrid and Barcelona to EQT Exeter. While smaller transactions (under €20 million) continue to dominate, an increase in larger portfolios is expected.
Colliers estimates total investment in logistics assets at €1.6 billion, representing a 19% increase compared to 2023. This growth was especially pronounced in Spain’s major logistics zones—Central Spain, Catalonia, and the Valencia region—which accounted for 90% of total investment. Additionally, the fourth quarter of the year stood out with €525 million invested, making up nearly a third of the annual total.
Yields, though slightly adjusted, remain attractive in key markets: 5.15% in Madrid, 5.0% in Barcelona, and 5.40% in Valencia. This adjustment reflects the growing demand for quality logistics assets but also highlights the challenges investors face in achieving target returns in an increasingly competitive market.
Outlook for the spanish logistics real estate market in 2025
Logistics investment is expected to grow by 10–15% in 2025, according to CBRE estimates. In the first quarter alone, transactions exceeding €400 million were completed, including Mapletree’s acquisition of logistics warehouses from Blackstone for €215 million.
With strong demand for logistics space and positive investment forecasts, Spain’s logistics real estate sector is heading into 2025 with a solid growth foundation. However, lack of availability in key logistics hubs remains a concern. In Madrid, availability reached 10.1% in Q3 2024, but ended the year at 9.6%, according to Colliers. In Valencia, the rate stood at a historically low 0.4%, highlighting the severe supply shortage. This scenario could put upward pressure on rental prices, which have already risen in major logistics zones: in Barcelona, prime rents reached €9.00/m²/month, while in Madrid they were €6.95/m²/month, and in Valencia, €5.60/m²/month.
