Madrid's logistics market recorded 220,000 square metres of contracted space in the first quarter, according to data provided by the consultancy firm Savills. Despite a 17% decrease compared to the same period last year, take-up is still 68% higher than the average for the first quarters prior to the pandemic, with expectations of recovery for the rest of the year.
Most of the activity has been centred in the southern part of the capital, where 58% of the total number of square metres have been contracted. During this period, 18 transactions were closed with an average size of 12,970 sqm, exceeding the levels of the same period in 2023.
The average rent has reached €5.33/sqm/month, marking the highest figure recorded to date in the historical series. Aitor Álvarez, national director of industrial and logistics at Savills, points out that "this increase is mainly due to the higher quality reflected in the construction of the assets and the inflation present in the market".
With regard to new supply, 456,636 square metres of space is expected to be added to the logistics market by the end of the year. Of the total forecast, 26% is already in use and this figure is expected to increase on a quarterly basis throughout the year.
In geographical terms, 95% of the new surface area will be developed in the southern area and in the Corredor del Henares, while the remaining 5% will be located in the northern area of Madrid.
