Logistics take-up in Spain exceeded one million sqm during the first half of 2026, an 80% increase on the same period the previous year, driven by the dynamism of the Madrid and Barcelona markets, according to the latest report from Cushman & Wakefield.
Madrid accounted for more than 600,000 sqm of leased space between January and June, following a 123% year-on-year increase in the second quarter, which recorded a volume similar to that of the first three months of the year. Both quarters exceeded 300,000 sqm, making the start of 2026 one of the busiest in recent years.
Demand continues to put pressure on supply and has reduced the vacancy rate to below 9%, while continuing to shift towards state-of-the-art logistics facilities. In fact, 62% of transactions exceeding 5,000 sqm finalised this year relate to Grade A assets, a preference that is also reflected in the trend in rents. Prime rent in Madrid now stands at €7.25 per sqm per month, 7% higher than a year ago.
Barcelona also recorded one of its strongest first halves in recent years, with take-up exceeding 480,000 sqm, 90% higher than a year earlier. Between April and June alone, 245,000 sqm were let, an 80% increase year-on-year, leading the consultancy to forecast that the market will exceed 600,000 sqm by the end of the financial year.
Activity was mainly concentrated along the AP-7 corridor, which accounted for 60% of transactions, while 80% of take-up was located in the second and third logistics rings. This trend is driven both by the scarcity of available space in the areas closest to the city and by rising occupancy costs in prime locations.
During the first six months of the year, more than 40 transactions were completed, with an average area of over 11,000 sqm, practically the same volume of contracts recorded throughout 2025. At the same time, the vacancy rate fell below 3.5% and prime rent stood at €9.15 per sqm per month, 5% higher than the figure recorded a year earlier.
In terms of investment, Cushman & Wakefield forecasts that the transaction volume for logistics assets will exceed €1.5 billion by the end of 2026, buoyed by several portfolio deals completed in recent months. Should this forecast prove accurate, the year would be the best for the sector since 2021.
Pere Morcillo, Head of Industrial and Logistics for Spain at Cushman & Wakefield, attributed this performance to strong demand, particularly for state-of-the-art assets, and believes that, if the macroeconomic environment remains stable, the market could reach new investment highs in 2027 and 2028.
