JACQUES PERDRIX - HEITMAN | IBERIAN REITS & LISTED -2025

The scarcity of supply will benefit existing asset owners, as those who already have access to power and infrastructure will be in a strong competitive position. This is particularly relevant in Europe, where regulatory and energy constraints have already limited new development in major hubs like Dublin and Amsterdam. As a result, investment is shifting towards Tier 2 markets, including Madrid, Zaragoza, and Bilbao, where Spain is gaining a competitive edge.