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The logistics real estate market in Catalonia closed 2025 with a total take-up of 609,483 m², according to the latest report published by FORCADELL. Although this figure represents a 15.9% year-on-year decline compared to 2024 take-up, the analysis highlights performance in line with expectations, with a preference for modern platforms and activity largely concentrated in the 2nd Ring.
The average size per deal for the full year was 12,190 m² in Catalonia, above the usual level due to several exceptionally large transactions recorded this year. Throughout 2025, most demand was concentrated in the 2nd Ring, both in number of deals and in leased area. FORCADELL notes this was driven by the availability of large platforms and operators’ preference for locations with strong logistics connectivity. Meanwhile, the 3rd Ring maintained its role as an alternative for large industrial plots and repositioning projects, while the 1st Ring saw more selective, smaller-scale activity.
Gerard Plana, Director of FORCADELL’s Industrial & Logistics Department, highlights that “this year-end has confirmed market behavior aligned with forecasts and, in our view, it is a positive result, especially if we take into account the context of international uncertainty marked by conflicts and tariff policies.”
The final stretch of the year, however, saw a one-off correction. In the fourth quarter, logistics space leasing in Catalonia totaled 175,475 m², 22.8% lower than in the same period of 2024.
Leasing of new stock also maintained a significant share during the fourth quarter, as 50% of the contracted volume corresponded to newly built warehouses or turnkey projects—an indicator confirming demand’s preference for modern, efficient product.
The number of transactions in the quarter reached 14, with a clear concentration in the 2nd Ring, which recorded the highest number of deals (8) and the largest contracted area, with 137,169 m² (78% of the total). This was followed by the 3rd Ring, with 5 deals and 35,621 m² (20% of the total), and the 1st Ring with 1 deal and 2,685 m² (2% of the total).
Regarding investor appetite, it remained strong in Catalonia’s logistics market in 2025 and, despite reaching a high volume, it was not higher due to the lack of product for sale, FORCADELL’s analysis notes. As Gerard Plana points out, “some national portfolios have come to market and the most attractive assets within these portfolios have always been concentrated in Catalonia.”
Land transactions also played an important role this year, with Barcelona’s 2nd Ring as the main target.
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