Madrid attracted €483 million in industrial and logistics investment during the first half of 2026, making it the second-largest market among the main European hubs analysed by JLL, behind Dublin, which recorded €551 million.
The Madrid market outperformed London, with €464 million, Hamburg, with €425 million, Stockholm, with €406 million, and Düsseldorf, with €244 million. The increase came amid a recovery in European investment activity, with transaction volumes rising 15% year-on-year to €18.8 billion, although the UK, France and Germany remained the leading countries by investment volume.
In Spain, logistics investment reached €903 million in the first six months of the year, up 40% compared with the same period in 2025. If the pace is maintained during the second half of the year, JLL estimates that annual investment could reach around €1.9 billion.
Among the main transactions in Madrid were the acquisition of 11 assets in Project Pine, Project Apex, which included a 30,300 sqm property in Valdemoro valued at €31 million, and ECI's €39 million transaction in Villaverde. Project ACE, a portfolio spanning Madrid and Barcelona and including another asset in Villaverde, also contributed to activity.
The return of larger transactions is also evident across Europe, where an increase in portfolio deals has pushed the average transaction value for industrial and logistics assets to €36 million, compared with €24 million for individual asset transactions.
Madrid's investment performance coincided with a new record for logistics take-up in the Central Zone, which reached 620,778 sqm between January and June, up 58% year-on-year and the strongest first-half result on record. Prime rents stood at €7 per sqm per month, up 2.2% year-on-year, with further increases expected as demand remains strong.
JLL attributes investor interest in the Spanish market to the development of distribution networks linked to e-commerce, the reorganisation of supply chains and the growth of third-party logistics (3PL) operators in the Iberian Peninsula. Lower real estate costs than in the main Central European markets and improvements to multimodal infrastructure are also supporting demand.
Catalonia recorded 473,026 sqm of logistics take-up during the first half, 50% more than in the same period of 2025 and also its strongest first-half performance on record. The third ring accounted for half of take-up, while 3PL operators represented 64% of demand, supported by transactions such as the lease of a 65,000 sqm warehouse in La Bisbal del Penedès.
Availability fell to 2.1% in the second quarter, maintaining pressure on rents, particularly in the first ring. Prime rents reached €9.25 per sqm per month, up 2.8% year-on-year. Around 278,000 sqm is under construction for the second half of the year, with 53% corresponding to speculative developments.
