en.Wedoany.com Reported - Spain's three major logistics property markets—Madrid, Barcelona, and Valencia—got off to a strong start in the first quarter of 2026. According to consulting firm analysis, the national logistics property sector exhibits four fundamental characteristics: sustained strong demand, tightening supply—with Barcelona and Valencia facing relative shortages and Madrid seeing slight adjustments—speculative projects focusing on reasonable scale, with fewer risky developments in Madrid, and steady rent increases driven by warehousing facility upgrades, rising construction costs, and insufficient land supply in core areas. On the investment front, after adjustments in Q1, the market rebounded significantly in Q2; yields rose due to external economic conditions, enhancing attractiveness, with core-plus investors dominating the market, while traditional core investors are still waiting for the right entry point.

The Madrid market showed higher activity levels in early 2026 compared to the same period last year, with a solid demand base. Data shows that cumulative leasing area from January to March reached 320,269 square meters, up 28.07% from the same period in 2025; 26 transactions were completed, up from 23 in the previous quarter, reflecting strong tenant demand at the start of the year. The average transaction size was 12,318 square meters. Large-scale deals this quarter were concentrated in major logistics corridors, including a 54,000-square-meter turnkey project in Azuqueca de Henares on the Henares Corridor and a 51,825-square-meter new platform in Illescas on the southern axis. Of the total leased area, new or turnkey projects accounted for 62%, while second-hand platforms made up 38%. Rents saw little change, with the average rent at €5.50 per square meter per month, up 2.2% year-on-year; prime rents remained at €7.50 per square meter per month, up 7.14% year-on-year, with the highest rent in the Villaverde area reaching €7.00 per square meter per month this quarter. Due to strong demand and fewer risky projects, the vacancy rate remained stable, edging down 1 basis point to 8.97% over the past three months, despite a 5.97% increase in total logistics park area during the same period. By submarket, the first logistics ring had a vacancy rate of 10.75%, the second ring 7.54%, and the third ring 8.76%. Development activity continued to slow, with projects currently under construction expected to enter the market within the next 12 months, totaling approximately 129,650 square meters; permitted logistics space ready for immediate development reached 4,000,000 square meters, mainly concentrated in Villaverde, Alcalá de Henares, and Vicálvaro. Based on available data, the vacancy rate is expected to decline further in the coming months.

Catalonia recorded one of its best leasing performances in recent years in Q1 2026, with total leased area exceeding 832,483 square meters. Market absorption in the first three months reached 238,575 square meters, surging 61.6% year-on-year; 21 contracts were signed, with an average size of 11,361 square meters. The average rent in the region was €6.40 per square meter per month, up 1.58% year-on-year; prime rents remained stable at €9.00 per square meter per month, supported by the scarcity of products in the first logistics ring, and may rise further in the coming months due to new pre-sale project rents. The vacancy rate at the start of 2026 was 3.96%, with the first ring at just 0.51%, the second ring at 3.2%, and the third ring at 5.68%. Consulting firms predict that the region will add 170,289 square meters of supply over the next 12 months, all located in the second logistics ring.

The Valencia logistics market continues to be attractive, ranking as one of Spain's key locations. Strong demand has kept vacancy rates low across submarkets, making it challenging to find available rental space, thereby constraining absorption. In Q1, total absorption reached 152,188 square meters, spread across 13 transactions; similar to the same period last year, high leasing levels were partly driven by the completion of an 81,594-square-meter turnkey project in Sagunto. The average transaction size was 11,707 square meters, while the median fell to 5,426 square meters. The average rent rose 6.16%, reaching €4.57 per square meter per month in early April; prime rents in the Cheste area reached €5.85 per square meter per month, up 3.54% from the same period in 2025. In terms of vacancy rates, Q1 2026 saw an increase to 2.42%, compared to just 0.92% in the same period last year. Over the next twelve months, total projects under construction in Valencia amount to approximately 332,212 square meters, concentrated in strategic areas such as Cheste, Loriguilla, and Picassent, as well as along the A-7 highway and near the port in areas like Bétera, Moncada, and Albal.

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