Logistics in Spain and Portugal: the New Focus of Real Estate Investment
Over the past decade, the real estate sector in the Iberian Peninsula has undergone profound transformations, with residential assets standing out as the main focus for investors. However, a combination of factors has positioned the industrial and logistics sector as an emerging protagonist, with Spain and Portugal becoming key markets.
According to the Spanish Logistics and Transport Business Association (UNO), demand for logistics space grew by 18% in Spain in 2024, while it declined by 11% across Europe, highlighting the growing interest of companies in logistics assets in the Iberian Peninsula.
The drivers behind the logistics boom: what explains the appeal of this segment?
Long regarded as a relatively unattractive sector for investors, logistics has now taken a central role in real estate investment strategies, gaining relevance due to the structural transformation the segment has undergone. Today, logistics real estate—the property arm of the logistics sector—demonstrates its strength in Spain, with investments reaching €495 million in the third quarter of 2025.
Portugal and Spain are in a privileged position, consolidating themselves as one of the main drivers of investor interest in the logistics sector. Their geostrategic location enables connections between European, African and Latin American markets through an extensive network of infrastructure and logistics platforms.
The main logistics corridors linking Spain and Portugal with European countries and domestic hubs are the Mediterranean Corridor and the Atlantic Corridor. Meanwhile, five of Europe’s busiest ports (the Port of Leixões, the Port of Las Palmas, the Port of Valencia, the Port of Barcelona and the Port of Algeciras) connect with Asia, the Americas and Africa. According to Spain’s Ministry of Transport and Sustainable Mobility, maritime traffic exceeded 557.7 million tonnes in 2024, placing Spain just behind the Netherlands. At the same time, cities such as Madrid, Barcelona, Porto and Lisbon concentrate a significant share of logistics activity.
Another factor driving demand in this segment lies in changes in consumer habits and the reorganisation of supply chains. The rise of online transactions has been one of the main catalysts behind this transformation. According to Spain’s National Commission on Markets and Competition (CNMC), e-commerce activity in Spain alone recorded 474 million transactions in the first quarter of 2025. The shift from traditional retail outlets to home delivery has forced companies to reorganise their warehouse networks, moving from a single national distribution centre to multiple regional hubs aimed at improving operational efficiency.
The figures behind success: how demand confirms the strength of the logistics sector
Market data confirms that the logistics segment is experiencing one of its most robust periods in terms of demand and investor interest. It is now the second most attractive sector for investors after residential living, according to CBRE’s European Investor Intentions Survey 2025. This preference is reflected in interest in acquiring logistics parks, which, according to the same survey, reaches 68%. At the same time, the growing contribution of logistics to the Spanish economy highlights its relevance, representing around 7% of national GDP in 2024 alone.
Another key indicator attracting investors is the high level of occupancy. In Spain, occupancy rates stand at around 90.7%, according to data published by CBRE, while Portugal shows a slight decline to 89.3%. These figures underline operational stability and point to low tenant turnover.
At the same time, the real estate consultancy reveals that the average lease length—another critical factor in the segment—stands at eight years across Iberia. Rental growth is also evident in the prime segment, with average rents reaching €18 per sqm in Europe, while in Madrid they stand at €6.85 per sqm and in Catalonia reach €9 per sqm, according to CBRE. Prime logistics yields currently stand at around 5%, as confirmed by the consultancy.
What is happening in the sector?
The deep operational and structural transformations experienced by the sector have had a direct impact on the logistics real estate market, reinforcing its appeal as a strategic asset.
In Spain, both major regional hubs and key logistics corridors continue to record strong demand, according to BNP Paribas Real Estate. Among the most notable markets, Madrid saw take-up reach 379,831 sqm in the third quarter of 2025, representing a 160% increase compared to the previous quarter.
Long-term leases, tenants focused on process innovation and an increasingly competitive environment create an attractive landscape for large funds and institutional investors. At the same time, a growing number of private investors are adding logistics assets to their portfolios. Given the range of investment structures available, retail investors can also participate in projects of this scale through crowdfunding platforms.
What to expect from the logistics real estate sector in 2026
Automation and innovation in logistics parks are set to be among the most relevant trends shaping the sector. According to JLL, custom-built facilities, also known as build-to-suit developments, will be one of the most significant trends defining 2026. These assets are primarily designed for advanced operations and incorporate innovative machinery and technology.
Demand for prime logistics warehouses consolidated as a clear trend in 2025 and, according to a recent study by Colliers, is expected to remain a key driver throughout the coming year. The report also identifies other regions such as Aragón and Castilla–La Mancha as areas with potential for value appreciation.
