Madrid: absorption of recent stock and upward pressure on rents
Madrid’s logistics market closed 2025 with a leasing volume of 900,000 sqm and more than 80 transactions recorded. The final quarter of the year showed particularly dynamic performance, with close to 250,000 sqm leased and 22 new contracts signed, 5% above the same period of the previous year, thereby consolidating market stabilization after the intense cycle of platform deliveries experienced in prior years.
Despite the increase in availability recorded in previous years, the market is gradually absorbing recent stock, with leasing volumes ranging between 850,000 and 1,000,000 sqm. In this context, rents have continued their upward path for the second consecutive year. Average rents in the first ring exceed last year’s €5.95/sqm/month and reach €6.25/sqm/month, while prime rents stand at €7.00/sqm/month, with expectations of further increases throughout 2026.
The vacancy rate declined to 9% at the close of 2025, compared to 10% at the beginning of the year, in a market with a total stock exceeding 15 million square metres.
From a sectoral perspective, the year was marked by the strong presence of the food sector, with a significant number of transactions linked to cold storage platforms, as well as by the arrival of new international operators in the Iberian market.
Barcelona: sustained demand in a market strained by lack of supply In Barcelona, logistics leasing reached 570,000 sqm in 2025, spread across more than 40 transactions. The fourth quarter once again stood out for its dynamism, with 190,000 sqm leased and 13 transactions closed, confirming the strength of demand even in an environment of tight supply constraints.
Activity was largely concentrated along the AP-7 corridor, which accounted for 67% of the year’s transactions, in line with its historical share of leasing activity. By rings, 40% of the surface area was located in the third ring, significantly boosted by a 65,000 sqm transaction in Camp de Tarragona during the first quarter, reflecting the growing importance of peripheral locations in response to the shortage of product in more central areas and rising occupancy costs in prime locations.
The vacancy rate stood at 4% at the end of 2025, maintaining a clearly downward trend and remaining well below the market’s structural average, highlighting a strained environment in which speculative supply continues to be insufficient to absorb demand.
Prime rents continued their ascent, reaching €9/sqm/month, 6% higher than the previous year, consolidating the ZAL as the main rental benchmark. This evolution reflects the pressure on well-located assets and operators’ preference for high-quality facilities, particularly those close to the last mile.
Pere Morcillo, International Partner and Head of Industrial & Logistics Spain at Cushman & Wakefield, stated: “Madrid and Barcelona’s logistics market closed 2025 confirming the strength of its fundamentals, with active demand capable of absorbing available stock and maintaining pressure on rents and availability, even in a context of limited supply along the main logistics corridors.”
