The logistics market in Spain closed 2024 with outstanding figures for contracting and investment, surpassing the previous year's figures and consolidating its position as one of the most dynamic sectors in the real estate market. According to CBRE, total contracting reached 2.5 million sqm, 23% more than the two million sqm recorded in 2023, achieving the third highest figure in the historical series. Net absorption accounted for approximately 70% of the total.
In the Central Zone, take-up exceeded 1,100,000 sqm, 10% more than in 2023 and above the 10-year average of 770,000 sqm. More than 65% of the contracts corresponded to new product, and 60% to turnkey assets. CBRE highlights that Madrid maintains its activity at around one million sqm under contract and forecasts similar figures for 2025.
Catalonia closed the year with almost 710,000 sqm of take-up, 33% above 2023 and reaching record figures that exceed the averages of the last 5 and 10 years. Of this volume, 50% was concentrated in new product. Among the most significant transactions advised by CBRE, ID Logistics leased a speculative warehouse of more than 26,000 sqm in Castellar del Vallés.
Prime rents recorded significant increases in 2024. In Madrid, rents rose by 5.4%, reaching €6.85/sqm/month, while in Catalonia they increased by 6%, reaching €9.00/sqm/month at the end of the year.
In terms of investment, volumes reached €1.4 billion, 21% more than in 2023 and in line with the average of the last ten years. Highlights included the acquisition of Tritax's pan-European portfolio from Brookfield and the purchase of GLP assets in Madrid and Barcelona. In addition, the dynamism in smaller transactions, below €20 million, continued.
The sector's prime yield compressed to 5.20% at the end of the year, with further declines expected to around 5% in the near term. ‘The 2024 year-end data confirms good rental market activity and a healthy investment market. The forecasts for the sector are positive, and at CBRE we remain market share leaders in both leasing and investment transactions,’ said Alberto Larrazábal, Executive Director & Head I&L of the consultancy firm in Spain.
