西班牙物流2025年第四季度快照

Q4 2025 Thesectorindicatorsarecompiledquarterlyfromadetailedandexhaustive study prepared by experts in the Knight Frank Spain officeandarebasedonrealdataandmarkettrends. knightfrank.com/researchknightfrank.com/research 2025 closed with a robust take-upof logistics space in Madrid andBarcelona Madrid On the investment side, activity remained dynamicthroughout the year, moving from lower levels at thebeginning of the year -due to added uncertainty from Ustariff policies- to higher levels in the second half of the year. Take up 20251.,099,500 sq m(1,149,000 sqm 2024) rather than a weakness in demand,as new stock delivered was scarce,resulting in a reduced vacancy rateof 3.4%. OCCUPIERMARKETMADRIDANDBARCELONA Top3 occupancydeals Q42025 The logistics market in Madridremains very dynamic, withnearly 1.1 million square metersleased in 2025. Most of this takeup is due to the expansion ofoperators' logistics footprints, i.e..anincreaseinthespacethey 79,000 sq m IGuadalajaraID LogisticsI Tortola de Henares 30,000 sq m IToledoLogisfashion Ontigola Primafrio| Pinto The quality of logistics facilitiescontinues to be a major attractionfor operators, 70% of total take upin 2025was in Grade Awarehouses(thehighestquality).Including take up in Grade B+warehouses raises this share to Barcelona Takeup2025(746,700 sq m 2025) On the supply side, Madrid'slogistics stock increased byapproximately 510,000 sqm,roughly half of the space deliveredin2024. Top3occupancydealsQ42025 38,100 sq m IBarcelonaGrupo Linde I Martorell In Barcelona, the logisticsmarket recorded a take up ofaround640,o00sqmapproximately15%lower than theprevious year. This adjustmentprimarily reflects limited supply 26,370 sq m IBarcelonaLeng D'or I Castellbisbal 23,420 sq m IBarcelonaLogista Pharma ISubirats INVESTMENTMARKET SPAIN Spain This quarter, notabletransactions includeDws's acquisition fromScannell Properties of alogistics asset in SanAgustin de Guadalix(Madrid)for46.4 million. In addition,Iroko completed thepurchase from P3Logistics of an asset inZaragoza for overC30million.Othersignificant deals in theMadrid market includethe acquisition of an assetin Leganés (Pictet & Freobuying from KennedyWilson) for approximatelyC19million During2025,investorinterestremained strong.However, volatilityat the beginning of the year (Ustariff policy) delayed the signing ofsome transactions, resulting in alower-than-expected logisticsinvestment volume for 2025,reachingnearlyl.4billion. Investment volume 2025 1,370 ME (1.650 Me 2024) Top3investmentdealsQ42025 46.4 M Is. Agustin Guadalix, MadridVendor:ScannellPropertiesIPurchaser:DwSCapital value:1,075/sqmSource: Logistics Capital Markets Madrid and Barcelona willcontinue to be the most activemarkets, capturing the majority ofinvestment due to their highlogistics demand and industrialdensity.Nonetheless,Valenciaissteadily gaining prominence yearafteryear. 30.8 M IVillan. Gallego, ZaragozaVendor:P3LogisticsIPurchaser: IrokoCapital value:650/ sqmSource: Logistics Capital Markets For 2026, demand andinvestment activity in the logisticssegment are expected to continue,withmoderategrowthininvestmentvolume.Additionally,furtherrentincreases are anticipated in certainsubmarkets,alongsidesustainedactivity in portfolio transactions,which will remain one of the mainmarkettrends.Duringthefirstquarter,investmentvolumeisexpected to exceed 400 million,consolidatingthemarket'spositivemomentum. 18.8 M I Leganes, Madrid* Vendor:KennedyWilsonIPurchaser:Pictet&FreoCapital value: 1,150 c/sqmSource: Logistics Capital Markets "Transaction managed by Knight Frank We like questions, if you've got one about ourresearch, or would like some property advice,wewould lovetohearfromyou. JamesCowper-ColesHead of Logistics+34600919105james.cowper-coles@es.knightfrank.com Adrian Romero-AmichDirectorLogisticsLeasingandDevelopment+34600919125adrian.romero-amich@es.knightfrank.com Daniel CaprarinHead of Research, Marketing & PR+34600919087daniel.caprarin@es.knightfrank.com *DataasofQ32025