Spain is strengthening its position as one of Europe's most dynamic and attractive logistics markets. This is highlighted in Waypoint: Global Industrial Dynamics 2026, Cushman & Wakefield's latest report, which ranks the Spanish market among those with the strongest rental growth prospects and the most solid fundamentals across the continent.
According to the report, prime logistics rents have increased by 13% in Barcelona and 11% in Madrid over the past two years, significantly outperforming the European average of 3.3%. This trend is expected to continue in the coming years, with additional rental growth forecast at 7% in Barcelona and 6% in Madrid through 2028, compared with an average projected increase of 1.9% across Europe.
Cushman & Wakefield also forecasts an increase in investment activity during 2026, with logistics investment expected to reach approximately €1.4 billion by year-end, representing a 17% increase compared with 2025. Investment volumes during the first half of the year are projected to total around €700 million, up 5% year-on-year. At the same time, approximately 300,000 sq m of new logistics space is expected to be delivered in Madrid and 200,000 sq m in Barcelona, reflecting developers' and investors' confidence in the strength of the Spanish market.
These figures confirm the resilience of Spain's logistics sector amid a global environment shaped by geopolitical uncertainty, supply chain tensions, and rising operating costs. At the international level, the report anticipates a gradual decline in vacancy rates and a shift towards increasingly balanced or landlord-favourable markets, supported by constrained supply and resilient demand.
“Spain has moved beyond being an emerging market within European logistics to become a core market. The combination of diversified demand, limited supply, strategic infrastructure, and a growing presence of institutional capital is reinforcing its appeal to both occupiers and investors,” said Pere Morcillo, Head of Industrial & Logistics at Cushman & Wakefield Spain.
Supply Shortages and Sustained Demand
Limited availability remains one of the key factors underpinning the strength of the Spanish logistics market. Barcelona currently records a vacancy rate of 3.7%, down from 5.7% in the first quarter of 2025, representing a reduction of 200 basis points in just one year. In Madrid, availability stands at 8.8%, compared with 9.6% a year earlier. This progressive reduction in available space across the country's main logistics hubs is intensifying competition for high-quality assets and contributing to continued upward pressure on rents.
Demand continues to be driven by traditional sectors such as e-commerce, retail, and distribution, which remain the main engines of logistics leasing activity. The growing penetration of e-commerce in Spain, which already accounts for between 10% and 15% of retail sales, continues to increase demand for regional distribution platforms and last-mile logistics facilities.
These sectors are now being complemented by new demand drivers linked to digitalisation, artificial intelligence, and data centres. Madrid has established itself as one of Europe's leading emerging data centre hubs, alongside cities such as Milan, Berlin, and Warsaw, attracting investment from major technology operators and reinforcing demand for land and specialised infrastructure. In addition, the energy and aerospace sectors are emerging as new sources of logistics demand.
Spain Strengthens Its Role as a Strategic Logistics Hub
Spain's status as a core logistics market is supported by factors that extend beyond rental growth. These include the depth and liquidity of the investment market, the consolidation of Madrid and Barcelona as leading logistics hubs, the strategic importance of the ports of Valencia, Barcelona, and Algeciras, as well as the growing institutionalisation of logistics assets and the integration of ESG standards.
On a global scale, Cushman & Wakefield's report concludes that the logistics sector is entering a new phase defined by resilience, cost optimisation, and strategic location decisions. In this context, Spain is positioned as one of the markets best placed to capture growth arising from evolving supply chains, digitalisation, and industrial transformation.
