西班牙聚焦物流2025年第三季度

Madrid market.Occupancy. Take-up During the first nine months of 2025, thelogistics market has shown dynamic activi-ty, with a take-up exceeding 763,000 sq m. renewals or relocations. This high percentage suggests that themarketremains in an expansion phase,with logistics operators increasing capaci-ty rather than merely reorganizing existingspace. The outlook for the rest of the year is op-timistic, suggesting that the annual totalcould reach one million square meters lea-sed, in line with the average of the last threeyears (Chart 1). In 2025, the A-2 and A-4/A-42 corridorscontinue to lead the market, accounting forthe majority of take-up (93%). Regarding Thisdevelopment confirms the trendthat began in 2024, when Madrid surpas-sed one million square meters of logisticsleasing, reaching over 1.1 million sq m, agrowth of more than 10% compared to thefive-year average. More than 85% of theleased space corresponded to high or veryhigh-qualitywarehouses,reflecting themarket’s clear preference for modern andefficient facilities, a trend that continues in2025 (Chart 2). This dynamism is also reflected in thepercentage of net expansion over total take-up, which accounted for over 85% in 2024and exceeds 95% so far this year (Chart 4),indicating that most of the leased spacecorresponds to new occupancy rather than the logistics rings, the third ring remainsthe main absorption area, driven by largeplatforms. The first ring remains in second positiondue to its high demand, favored by proxi-mity to the city and the quality of its ware-houses (Chart 3), although it leads in termsof the number of transactions, with 52% ofthe total. Over the past nine months, in the 3rdring,themunicipalities of Noblejas recorded80,000 sq m leased, while the areas aroundIllescas and Numancia de la Sagra each sawaround 60,000 sq m. In the 1string, Getafeand Torrejón remain active, with approxi-mately 79,000 sq m and 59,000 sq m, res-pectively. From 2020 up to the third quarter of2025, nearly 40% of take-up involved tran-sactions under 5,000 sq m (Chart 5), which Source: Knight Frank Research.Excluding the A-6 andUrban Madrid areas as they are not representative.201620172018201920202021202220232024 Source: Knight Frank Research is expected since the first ring concen-trates the largest number of transac-tions and mainly hosts smaller logisticsfacilities. In contrast, in the third ring,larger platforms dominate, with fewertransactions due to their size (Chart 6). ce of approximately 60,000 sq m in Nu-mancia de la Sagra, also in Toledo. Both transactions were recently clo-sed during the third quarter (Chart 7). Overall, the data observed in recentmonths indicates an expanding market,with logistics operators increasing theircapacity and consolidating sector grow-th, both in terms of volume and the qua-lity of facilities. Among the largest transactions duringQ1–Q3 2025 are the lease of 70,000 sq mby Consum in Noblejas, Toledo, and therental by FM Logistics to Logistik Servi- Rents During 2025, rents in Madrid have con-tinued the upward trend observed in re-cent years (Chart 8), showing increases incertain submarkets due to the addition ofnew high-quality spaces and rising cons-truction costs. This impact has been parti-cularly notable in Madrid’s first ring, giventhe high demand for these spaces and theirlimited availability. Prime rent in Madrid stood at €6.75/sq mat the end of 2024, while 2025 is showingslight increases, with the prime rent ex-pected to reach €7,00/sq m by year-end,mainly as a result of a potential decrease inavailable supply. Source: Knight Frank Research Stock and availability Source: Knight Frank ResearchSuperficie disponible por coronas. As of the third quarter of 2025, the logis-tics stock in Madrid has surpassed 15.6 mi-llion square meters (Chart 9), an increase ofnearly one million compared to the sameperiod last year. Of this stock, approximate-ly half corresponds to very high or high-qua-lity assets, classified as A and B+ (Chart 10). Of the 1.4 million square meters availableas of the third quarter of 2025, 45% is loca-ted in the third ring, 30% in the first ring,and 25% in the second ring (Chart 13).T3 2025 Future supply During the last quarter of 2025 and in2026, approximately 635,000 sq m is expec-ted to be added to the market, with a signi-ficant concentration in the first ring (54%)and also in the third ring (41%). At the end of 2024, completions reachedlevels comparable to the historical recordof 2019 (Chart 11), when the logistics sec-tor experienced significant growth. Mostof these new developments have been spe-culative (Chart 12), with 95% being very hi-gh-quality spaces and a significant concen-tration in the third ring (46%). As a resultof this increase, the availability rate stoodat around 8.9% at year-end, with a slightrise observed by the third quarter of 2025(around 9%). The strong rental demand re-lative to forecasted completions suggeststhat this percentage is likely to