The logistics real estate sector in Spain kicked off the first quarter of 2026 confirming its structural strength and showing a trajectory that blends prime markets with high rents and cost-competitive alternative hubs. MVGM’s Iberia Market Report Q1 highlighted the resilience of demand amid tight supply in the leading locations.
In the rental market, Madrid registered a notable acceleration by taking its prime rent up to €7.30 per square meter per month, representing a year-on-year increase of 6.5%. This behavior solidifies the region as a key strategic node for national distribution, supported by sustained demand that contrasts with the scarcity of top-tier well-located product. These results reflect a two-speed dynamic where the lack of land and high-quality properties in the most demanded areas continues to push rents higher.
Carlos González, MVGM’s Head of Logistics in Spain, explains: “the first quarter of 2026 has shown that Spanish logistics is structured around prime hubs and secondary markets with clear competitive advantages. The 6.5% uptick in Madrid rents is underpinned by solid structural demand, coexisting with the appeal of locations such as Zaragoza and Valencia for operators looking to optimize their distribution costs”.
MVGM’s report also highlights a milestone in Catalonia, marking the highest prime rent in the market at €9.20 per square meter per month (up 0.3% year-on-year), a figure driven by solid and sustained demand tied to the Barcelona area and the shortage of quality logistics stock in core locations.
As for the buy/sell market, the average asking prices continue their upward trajectory. The Community of Madrid leads values with an average price of €783 per square meter, up 1% quarter-on-quarter and 4.3% year-on-year. Meanwhile, Catalonia shows strong momentum with a 4.8% quarter-on-quarter rise and a 7% year-on-year increase, placing its average price at €633 per square meter.
Alternative hubs: Zaragoza and Valencia deliver cost competitiveness
Facing pressure from the two main markets, key corridors such as Zaragoza and Valencia are consolidating as efficient alternatives for logistics operators. Zaragoza has registered a prime rent of €4.10 per square meter per month (+0.5% year-on-year), placing it below the main hubs thanks to its excellent connectivity and cost competitiveness. In the sale market, the average price in Zaragoza stands at €266 per square meter, reflecting a quarterly adjustment of 4.4% but a positive annual balance of 5.1%.
Meanwhile, Valencia offers a more competitive and stable rent at €5.60 per square meter per month (+0.1% year-on-year). The tight supply in the area keeps rents steady, while the average sale price has reached €397 per square meter, recording a slight quarterly change of -1.6% but a solid year-over-year advance of 5.3%.
“Our outlook for the rest of the year points to Madrid and Catalonia continuing to lead prime rent levels. Meanwhile, Valencia’s port-related component and Zaragoza’s strategic positioning within the major distribution corridors will keep interest in these secondary markets dynamic,” concludes Carlos González.
