Spain leads logistics growth in Europe
The Spanish industrial and logistics market continues to defy trends seen across the rest of Europe. While many countries are experiencing a slowdown in space take-up and a moderation in investment, Spain is maintaining solid growth and consolidating its position as one of the continent’s leading logistics hubs.
This dynamism is reflected in leasing, rental, and investment figures, which show how the country is sustaining the strength of its traditional hubs while boosting the growth of strategic regional markets. In addition, the diversification of locations and the growing interest from specialized investors reinforce the stability and revaluation potential of its logistics assets.
Logistics Take-Up: Strength in Hubs and Regional Growth
During the first half of 2025, according to BNP Paribas data, Spain leads Europe in logistics growth, with an 18% increase in leasing activity compared with a 7% decline across the rest of the continent. Madrid could surpass one million square meters leased, Catalonia could reach between 650,000 and 700,000 m², and Valencia is expected to hit around 450,000 m², consolidating their appeal as strategic hubs. This progress highlights both the strength of demand and the limited supply available, keeping Spain a key market for international operators.
At the regional level, CBRE data show that the Central region reached 399,000 m² leased in the first six months of the year, in line with the historical average. The Valencian Community grew by 76%, Catalonia by 11%, and other markets such as Seville, Zaragoza, Bilbao, and Malaga also stood out, evidencing the regional diversification of the market and operators’ growing interest in new strategic locations.
Supply and Rents: Upward Pressure in Prime Locations
The shortage of modern, well-located warehouses continues to push rents upward. In Madrid, prime rents remain around €7/m²/month, and land scarcity is reinforcing the competitiveness of high-quality logistics spaces, according to CBRE. Limited availability and the need to be near major logistics centers consolidate the region’s status as Spain’s logistics benchmark.
Meanwhile, in other provinces, BNP Paribas data show even greater pressure on available supply: in Catalonia, availability near Barcelona is below 1%, which has driven prime rents up to €8.75/m² and close to €10/m² in areas near the port. Valencia maintains its appeal thanks to its strategic location on the Mediterranean corridor and the presence of the most important port in the western Mediterranean, consolidating itself as an alternative for operators looking to expand closer to southern Europe.
Logistics Investment: Record Figures and Optimistic Forecasts
The first half of 2025 closed with an investment volume above €550 million, according to CBRE, 37% more than in the same period of 2024. Smaller-scale transactions represented a significant share of the total, reflecting the diversification of investor profiles, while prime yields held at around 5%. This trend shows a balanced flow of capital from industrial, private, and specialized funds, with interest both in core assets located in prime zones and in value-add opportunities—spaces with revaluation potential that nevertheless require additional investment.
BNP Paribas also highlights that investment in Spain grew by 21% during this period to reach €650 million, well above the European average of 7%. If the current pace continues, logistics investment could end the year between €1.5 and €1.7 billion, representing annual growth of 12–13%, approaching the highest activity levels seen after the post-2020 boom. Stabilized interest rates, solid demand, and improved macroeconomic prospects have encouraged the entry of specialized investors, core players, and family offices, strengthening confidence in the Spanish market.
Outlook: Confidence Amid Caution
The stability of demand and pressure on prime spaces underpin the resilience of the Spanish logistics segment. Occupiers continue to pursue active expansion plans, and investors—though more selective—remain interested in strategic assets. Investment in 2025 is expected to close at levels similar to or higher than those of 2024.
With consolidated hubs, regional growth, and a diversified investor profile, Spain stands out as a solid logistics market, offering development opportunities and revaluation potential in the short and medium term.
