Industrial and Logistics Properties: A Booming Asset with Its Own Rules

18 August 2026 · 6 min read

The growth of e-commerce, the reorganisation of supply chains and the nearshoring of European industry have turned industrial and logistics properties into one of the most sought-after asset classes by institutional investors over the past five years. For the private investor approaching this segment for the first time, there are specific criteria that do not apply to other asset types.

E-commerce as the demand driver

Every euro that migrates from physical to digital commerce requires approximately three times more logistics space than traditional retail — storage, order preparation, returns management. E-commerce penetration in Spain is still below the European average, which suggests that demand for logistics space has structural upside for at least the next decade.

Returns and risk profile

Prime logistics units in major hubs (Madrid, Barcelona) are currently transacting at cap rates of 5–5.5%. In well-located secondary markets — Zaragoza, Valencia, Bilbao — cap rates sit between 6% and 7.5%, with contracts that tend to be longer-term than offices or retail. Vacancy risk is lower when the unit is well located and well specified technically: demand exceeds supply in most Spanish markets.

The major logistics hubs in Spain

Location is the most important criterion in logistics. The three main axes are the Henares corridor (Madrid), the Metropolitan Area of Barcelona, and the Ebro axis — which includes Zaragoza as the central node between Madrid, Barcelona, the Basque Country and northern Europe. Zaragoza has the advantage of being the only point where the high-speed rail network, the Mediterranean motorway, the Ebro motorway and the country’s largest cargo airport converge, with a logistics platform (PLAZA) established as the national benchmark.

What to assess before investing in an industrial unit

• Location and access: distance to motorway, connection to main distribution routes, availability of public transport for employees.
• Clear height: modern units require at least 10–12 metres of clear height to install high-bay racking. Older units with 6–7 metres have more limited uses.
• Loading docks and doors: number of docking bays, access for articulated lorries, adequate manoeuvring yard.
• Electrical capacity: critical for e-commerce and automation operations. Inadequate electrical supply can be a bottleneck that is difficult and costly to resolve.
• Floor area and shape: rectangular floor plates are more efficient; irregular shapes limit internal organisation.

Differences between logistics, industrial and mixed-use units

A logistics unit is optimised for storage and distribution: loading docks, high clear height, minimal office proportion. An industrial unit has lower clear height but greater product transformation capacity: more electrical power, reinforced floors, possible fume extraction. A mixed-use unit combines both functions. The distinction matters because it conditions the tenant type, lease duration and market value of the asset.