西班牙重点物流2026年第二季度

Madrid Market.Occupancy. Take-up The key demand drivers in the logisticssector continue to demonstrate remarka-ble strength, particularly physical goodse-commerce, which recorded a 26% in-crease in 2025, marking the highest an-nual growth rate since 2020. This is fur-ther supported by the tourism sector, asSpain ranks as the world's second mostvisited country, behind only France, andleads Europe in terms of tourism reve-nues. This backdrop continues to supportlogistics activity and points to a positiveoutlook for the sector. during the first half of the year was con-centratedin high-quality assets(GradeA and B+), highlighting occupiers' prefe-rence for modern and efficient facilities(Chart 2). This momentum is also reflec-ted in the share of Net Expansion withintotal take-up, which stood at 85% at theend of H1, broadly in line with 2025 levels(Chart 4). In 2026, the logistics market has main-tained its positive momentum, underpin-ned by strong take-up levels during thefirst half of the year despite an environ-ment of geopolitical uncertainty. In theMadrid logistics market and its area ofinfluence, logistics take-up reached near-ly 630,000 sq m in H1 (Chart 1), with totalleased space expected to surpass 1 millionsq m by year-end, reflecting the sector'scontinued resilience. More than 90% of the space transacted Net Expansion (a metric developed byKnight Frank Research) measures changesin logistics operators’ warehouse footprint.A high ratio indicates that the market isin an expansionary phase, with occupiersincreasingtheir storage capacity.It isworth noting that this metric differs fromNet Absorption, as it does not take intoaccount new supply entering the market. During the first half of the year, the A-2andA-4/A-42 corridors reinforced theirposition as Madrid’s leading logistics hubs,accounting for more than 90% of total take-up. Their prominence is driven both bytheir well-established infrastructure andtheirability to accommodate large-sca-le developments, making them preferredlocations for occupiers seeking efficiencyand connectivity. Source: Knight Frank Research.Excluding zones A-6and Urban Madrid as they are not representative.2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 The third ring continues to be the maindriver of take-up, supported by land avai-lability and the presence of large-scalelogistics facilities capable of accommo-dating high-volume operations. The firstring ranks second, maintaining strongleasing activity thanks to its proximityto the city and the quality of its assets(Chart 3). In fact, while it accounts for asmaller share of total occupied space, itleads in terms of transaction volume, re-presenting nearly 40% of all deals signed. year were three major lettings in Azuquecade Henares (54,000 sq m), Illescas (51,900sqm)andAlovera(43,000sqm),furtherhi-ghlighting the importance of large-formatfacilities in the outer logistics corridors. Over the 2020-H1 2026 period, around35% of all transactions corresponded tounits of up to 5,000 sq m (Chart 6), re-flecting the strong demand for smallerwarehouses in the first ring. By contrast,the third ring is characterised by largerlogistics platforms, recording fewer tran-sactions but significantly larger deal sizes(Chart 5). Rents Although the Madrid market continues toshow a growth trajectory, it is important toanalyse performance by ring, as market dyna-mics vary significantly across these submarkets.The first ring currently records the lowest vacan-cy rate of the three. After standing at around 10%in 2024, availability has fallen to 7.4% in Q2 2026.The combination of strong occupier demandand limited supply is exerting clear upwardpressure on rents, with prime rents expectedto reach €7.25/sq m/month by year-end 2026. Thesecond ring,meanwhile,experienceda rental uplift last year driven by the deliveryof Grade A product and is currently maintai-ninga more moderate upward trend,withprimerents forecast to reach approximate-ly €5.50/sq m/month by the end of the year. In contrast, the third ring is exhibiting weakerfundamentals, with vacancy rates gradually in-creasing and marketing periods lengthening.As a result, rental values have stabilised, a trendthat has persisted for more than a year. by positive net take-up across the market. Asof the end of H1 2026, nearly half of all availa-ble logistics space was located in the third ring(Chart 12).Superficie disponible por coronas.2026 (T1) Stock and availability Source: Knight Frank Research201620172018201920202021201620172018201920202021 On the supply side, Madrid’s logistics stockisexpected to increase by approximately640,000 sq m in 2026. This represents morethan a 35% increase compared with 2025 andwill bring total logistics stock close to 16.3 M sqm (Chart 11). Regarding the speculative versusbuild-to-suit split, 38% of the upcoming su-pply is speculative, while the remaining 62%corresponds to build-to-suit developments,already reflecting the shift in market dyna-mics tha