The Surge in Logistical Rental Rates in Spain: A 10% Increase

Spain’s Logistics Market: A Strong Player in Europe

Spain is standing tall as one of Europe’s most enticing logistics markets, evidenced by significant growth in rental rates for logistics facilities. According to a report from Waypoint 2025, prepared by Cushman & Wakefield, the logistics and industrial sector in Spain is on an upward trajectory. This report underscores the interplay of robust rental growth, competitive operational costs, and ongoing demand—which altogether create a vibrant market atmosphere.

Current Trends in Rental Rates

Throughout 2024, rental rates for logistics spaces in Spain have soared by approximately 10%, marking it as one of Europe’s highest increases, notably outpacing the regional average of 4.1% across the EMEA area. Key metropolitan regions like Madrid and Barcelona are harnessing most of this growth, showcasing a resilient and expanding demand for logistic spaces. Specifically, average rental prices in Madrid have reached €4.98/m²/month, while in Barcelona, they peaked at €6.06/m²/month, with both markets illustrating a clear upward trend.

The situation is particularly acute in Barcelona, where prime areas such as ZAL are experiencing a tremendous shortage, resulting in a mere 1.3% availability rate.

Future Outlook for the Logistics Sector

The outlook remains optimistic for Spain’s logistics and industrial market into 2025, with nearly €600 million in confirmed transactions recorded in the first half alone. If this momentum persists, there’s a strong possibility that the end-of-year figures could eclipse the previous record of €1.4 billion set in 2024, with predictions suggesting at least a 5% growth driven by increased activity and active portfolio turnover.

Additionally, the logistic landscape is set to expand further, with around 100,000 m² anticipated to be added in Madrid and approximately 214,000 m² expected in Barcelona by the end of 2025 and into 2026.

Competitive Operational Costs

Spain shines within the EMEA region by maintaining a competitive structure of operational costs compared to its main European counterparts. Labor costs and electricity prices are notably lower than the global average, bolstering Spain’s appeal for logistics operators seeking efficiency without sacrificing connectivity or access to major consumer hubs. Furthermore, the rising expenses associated with materials and energy have led to increased interest in refurbished or second-generation facilities, providing a feasible solution to meet the growing demand.

Economic Changes and Market Dynamics

The Waypoint 2025 report also anticipates a transitional phase in the European market, characterized by increasing scarcity of available land and pressure on supply. This shift is poised to empower property owners in setting conditions and pricing, contrasting with an earlier phase where tenants held more negotiating leverage.

Currently, the European logistics market is experiencing a balanced dynamic: 33% of markets favor tenants, while 29% lean towards owners. Projections indicate that nearly 40% of markets may reach a balanced state within the next three years, reportedly dropping tenant-friendly markets to just 21%.

The E-commerce Boom and its Impact

A significant driver of this market evolution is the explosive growth in e-commerce, witnessing an astounding 289% rise globally over the past decade, which acts as the primary force behind demand for logistic spaces in the EMEA region. In Spain, the effects of e-commerce have been even more pronounced, with a staggering increase surpassing 500%. Sectors like automotive and retail are also playing critical roles, with the food industry in particular emerging as a key facilitator of logistical expansion.

Conclusion: Spain’s Competitive Edge

Spain boasts a winning combination of strong demand, increasing rental rates, controlled operational costs, and its strategic location within the EMEA region. As highlighted by Pere Morcillo, Head of Industrial & Logistics at Cushman & Wakefield Spain, the dynamism of logistics hubs like Madrid and Barcelona, coupled with sustained investor interest, solidifies their status as preferred destinations for operators and investment funds.

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