More warehouses, more operations, and more contracted square meters. Barcelona's logistics market grew by almost 70% in the first nine months of 2026. Between January and September, the contracted area approached 740,000 square meters, according to data from the real estate company Forcadell, which places the year-on-year increase at 70%. JLL offers a slightly lower estimate of 728,688 square meters and a growth of 65%. In both cases, the contracted volume already far exceeds that recorded throughout 2025, according to JLL data.
But this jump is not necessarily explained by companies suddenly needing 70% more space. The need for logistics space has been present for a long time, but it has not always found a response in the available supply. During 2025, many operations were conditioned by the lack of warehouses. With the entry of new projects into the market, a part of this demand that had been on hold has been able to materialize into contracts. More than a sudden explosion of demand, this growth reflects the market's capacity to meet the needs of a sector that continues to seek space to expand its operations and drive new growth projects.
According to data from both consultancies, large-area operations have played a decisive role in this growth. During the third quarter alone, Barcelona's logistics market recorded 21 operations, with an average area of 12,057 square meters, according to Forcadell. In fact, ten contracts of more than 10,000 square meters accounted for 82% of all contracted area between July and September, totaling 206,458 square meters.
"64% of the contracted area during the third quarter corresponds to new-build properties"
In fact, one of the most notable operations of the quarter was that of Consum, which leased a 50,000 square meter warehouse in the Zona Franca of Barcelona. Movements of this dimension explain a large part of the contracting jump, in a market where a relatively small number of operations can significantly alter the quarterly balance.
And, of course, the entry of new warehouses has been decisive. According to Forcadell, 64% of the contracted surface area during the third quarter – a total of 162,946 square meters – corresponds to new-build properties. The remaining 36%, about 90,000 square meters, has been concentrated in existing warehouses. The figures reinforce the idea that the incorporation of new spaces into the market has allowed operations to materialize that would have been difficult to fit into such a limited offer.
The second ring leads the quarter, but the third leads the year
Activity has been distributed among the three rings of the Barcelona logistics market, albeit with differences depending on the time of year. During the third quarter, the second ring, which mainly corresponds to the metropolitan area, concentrated the highest volume of contracting, with 92,043 square meters, 36% of the total, according to Forcadell.
But the picture changes if the view is broadened to the whole year. According to JLL, the third ring has concentrated 44% of all contracted surface area throughout the year. Thus, while the metropolitan area has led the activity of the quarter, the locations further away from Barcelona continue to play a leading role in the accumulated balance of 2026.
Demand keeps prices rising
The growth in contracting coexists with rising rental prices, especially in locations closest to Barcelona. This increase in prices responds to a common dynamic in markets with high and constant demand, and a tight supply: when many companies compete for a limited number of available warehouses, rents tend to rise, especially in locations closest to Barcelona.
Thus, the prime rent in the first ring stood at 9.25 euros per square meter per month during the third quarter, 2.8% more than a year earlier, according to JLL data. And Forcadell also places closing rents in the first ring at this level, although he warns that the sample of operations is small.
In the second ring, the weighted average rent for operations closed during the quarter was 7.10 euros per square meter per month, above the 6.80 euros of the previous quarter. And in the third ring, prices are in a range of between 3.50 and 5.25 euros, depending on the age of the warehouses.
A availability rate of 1.9%
The pressure on prices is framed within a market with very little immediate supply. JLL places the availability rate at 1.9%, a proportion that limits the options for companies looking for logistics space in Barcelona and its surrounding areas.
During the third quarter, 103,000 square meters of new surface area were incorporated into the market, of which 55% were still available. In addition, there are 200,575 square meters under construction with expected delivery in the fourth quarter. Of this volume, however, only 61,520 square meters —31%— are being built without yet having a committed tenant.
The data shows that a significant part of the new developments already have occupancy secured before completion. This is a dynamic typical of built-to-suit projects, where warehouses are designed and built to the specific needs of a company, which agrees to rent them before the property is finished. This model reduces risk for developers and allows operators to plan their space needs in advance.
Logistics investment exceeds 180 million euros
Interest in the sector is also reflected in the investment market. Between January and September, logistics real estate operations in Catalonia totaled some 183 million euros, according to JLL, a figure that represents 14% of the capital invested in this segment throughout Spain. Among the notable operations is the acquisition by AEW of a 10,700 square meter warehouse in Lliçà d'Amunt.
Investment activity thus accompanies a rental market with high contracting, but conditioned by limited availability and the capacity of new developments to expand supply.
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