Industrial and Logistics, market data - Figures fourth quarter 2025 Spain

National logistics demand closed 2025 with more than 2.7 million sqm contracted, 7% more than in 2024, supported by large-format operations and the rapid absorption of the scarce space available in several regional centres.

 

The Central Area exceeds one million sqm of absorption in 2025, +2% year-on-year, with a higher concentration of closures in the second half of the year. The third ring accounts for 50% of the take-up, while axes A 2 (41%) and A 4 (38%) account for nearly 80% of annual activity. The availability rate is around 10%, which represents 1.69 million sqm due to the volume of deliveries since 2022, with a pipeline under construction of 730,000 sqm by 2026 and limited risk of oversupply. Prime rent stood at €7.25/m²/month at the end of the year.

 

Catalonia: active demand, very tight supply

 

Catalonia, for its part, closes 2025 with 615,000 sqm contracted, a –13% year-on-year increase explained by the lack of product in the most stressed arches, although in line with historical records. Availability fell to 2.92% at the end of the year and the pipeline totals 305,000 sqm by 2026 with more than 80% pre-leased. Prime rent rises to €9.25/sqm/month.

 

Regional hotspots: Valencia and Seville lead the drive

 

Valencia consolidates its position as the third national market with 517,000 sqm and a growth of 42% year-on-year, with a strong weight of new warehouses and self-development. Seville has signed a record year with 192,000 sqm, more than double that of 2024, in a context of restricted supply. Zaragoza reaches 120,000 sqm, in year-on-year decline but still above its historical average, with activity conditioned by availability. Bilbao, on the other hand, stands at 34,000 sqm due to the structural shortage of suitable product, especially for large supermarkets, while Malaga adds 57,000 sqm and quickly absorbs the limited supply. In terms of prices, Bilbao has the highest prime rent (€6.75/sqm/month) and Valencia reaches €5.65/sqm/month at the end of the year.

 

Investment: greater weight of large operations and stabilization of prime profitability

 

Investment in the Industrial and Logistics sector reached 1.3 billion euros in 2025, 10% less than the previous year, in a year marked by greater selectivity and the growing weight of large operations. In total, 53 transactions were closed, with a clear concentration of capital: 47% of the volume was allocated to operations above 50 million euros, while the 20–50 million tranche contributed another 32%, keeping the average ticket up.

 

By location, Barcelona and Madrid once again led the activity, with 450 million and 424 million euros, respectively, which represents nearly 70% of the total volume. Prime logistics profitability adjusted to 4.85%, registering a compression of 35 bps and entering a stabilization phase, driven by sustained interest in core product in an environment of lower volatility in the cost of capital.