Logistics real estate in Iberia is no longer just about location

For years, talking about logistics real estate almost always meant talking about square metres, location and availability. These factors remain important, but they no longer explain, on their own, what is happening in logistics real estate in Iberia.

The conversation has changed.

Today, behind a logistics or industrial decision there are many more layers: energy, land, permits, automation, cold storage, geopolitical risk, construction costs, pressure on the first rings and a supply chain that is no longer designed solely to be efficient, but also to withstand disruptions.

This was discussed during the round table on the impact of the geopolitical situation on the future of logistics real estate, held as part of SIL 2026 during the Desayuno Inmologístico organised by GSE Iberia together with Baker McKenzie and Cadena de Suministro.

The session was moderated by Ricardo Ochoa de Aspuru, from Cadena de Suministro, who opened the discussion with an overview of the market: strong performance in take-up and rents, a recovery in investment and availability remaining under control, although with clear tensions in markets such as Barcelona and Valencia, a correction in Madrid, less speculative development and pressure resulting from the lack of land in first-ring locations.

Logistics real estate in Iberia: an active market, but one that is more difficult to interpret

Demand is still there, but it does not behave in the same way as it did a few years ago.

David Oliva, from CBRE, noted that the market remains strong and that demand is highly active across different markets. Madrid and Barcelona remain key locations, but Valencia, Seville and Zaragoza are gaining importance in logistics take-up.

He also pointed to a clear trend towards large-format transactions. As he explained, some of this demand comes from retailers, logistics operators, e-commerce companies and activities linked to sectors such as the automotive industry. In the case of Barcelona, he highlighted the lack of availability, with vacancy below 3%, leaving unmet demand, particularly for large surface areas.

The relevant point is not only that demand exists. It is that this demand comes with more conditions, more urgent technical requirements and less room for standard solutions.

The standard logistics warehouse is no longer enough

One of the clearest messages from the discussion was the evolution of the logistics product.

Guillermo García-Almuzara, from Mountpark, summarised it directly: it is no longer enough to build “a box” and wait for the client to move in. Warehouses are becoming increasingly technically complex and require greater flexibility, more listening and closer adaptation to the user’s actual operations.

During his contribution, he also mentioned the growing importance of automation and artificial intelligence. Compared with the more standard model of a few years ago, he explained that many projects now require additional months of study and definition before the client can move in.

This changes the way projects are designed.

The building ceases to be a container and becomes part of the client’s operation. This means listening earlier, carrying out more detailed studies and improving coordination between the real estate, technical and operational aspects.

For developers, investors and users, this development has a direct consequence: the risk no longer lies solely in finding land or agreeing a rent. It also lies in developing an asset that may fall short of the occupier’s actual needs.

Geopolitics, supply and increased storage in Europe

The discussion also highlighted a fundamental change: the supply chain is no longer designed solely according to the logic of “just in time”.

Tiago Martins Leite, from Confluence, explained that reshoring is one of the areas of growth and that an increasing amount of stock is being stored in Europe. During his contribution, he linked this trend to a logic of greater prevention: storing more to reduce the risk of supply chain disruptions.

He also spoke about the shift towards a “just in case” approach, in which companies prefer to have greater storage capacity in order to prevent continuous business chains from being disrupted by potential crises or blockages.

Jesús Lancharro, from Panattoni, pointed in the same direction. As he explained, since 2020–2021, growing interest has been detected among major multinationals in having different centres and reducing their dependence on distant locations. He added that many of these companies arrive with very specific technical needs and, in some cases, power requirements that are difficult to meet.

The opportunity exists. But it cannot be secured solely by being well positioned on the map.

Energy has become a location criterion

One of the topics that generated the most discussion was electricity availability.

Guillermo García-Almuzara, from Mountpark, argued that the sector must look beyond competition between specific locations. During his contribution, he noted that some international clients no longer compare only municipalities or regions, but countries: Spain, Poland or other European markets.

From this perspective, electricity connection becomes an additional barrier when a client is looking for a location. To attract logistics and industrial activity, it is not enough to have land: projects must also be able to connect, operate and grow.

Luis Lázaro, from Merlin Properties, reinforced this idea from a planning perspective. He compared the situation with other markets where, as he explained, infrastructure, substations and future needs are planned further in advance. His criticism focused on the lack of long-term vision and on planning that, in his opinion, does not always keep pace with the actual market.

In a traditional logistics asset, energy may have been an important technical issue. In an industrial, automated or refrigerated asset, or one involving energy-intensive processes, it can become a decisive factor.

When the land is available but the energy is not, the project loses competitiveness. And when the timescales are unclear, the investor or user may decide to move to another market.

Land is not just land: it is time, permits and infrastructure

Another recurring topic was the need for administrative agility.

Guillermo García-Almuzara, from Mountpark, argued that one of the most important decisions public authorities can make is to listen to the private sector. As he explained, sector professionals can put forward specific proposals and help identify what the market really needs in order to grow.

Luis Lázaro, de Merlin Properties, habló de colaboración público-privada, pero matizó que no se trata de quedarse en el titular. Para él, esa colaboración debe servir para resolver problemas reales: infraestructuras, subestaciones, accesos, plazos y condiciones que permitan que los proyectos salgan adelante.

Jesús Lancharro, from Panattoni, added two key concepts: agility and commitment to deadlines. He noted that when timescales can vary unpredictably, it becomes very difficult to explain a project to an investor or client. This lack of predictability, he pointed out, does not help public-private collaboration to function effectively.

El sector puede identificar demanda, diseñar proyectos y asumir inversión, pero si el suelo tarda años en poder desarrollarse, la oportunidad se diluye. Lo mismo ocurre con las licencias, las infraestructuras asociadas o la tramitación urbanística.

Logistics real estate in Iberia has potential, but it needs a longer-term vision

Spain and Portugal have strong arguments for reinforcing their role as a European logistics and industrial platform: their geographical position, ports, consumer capacity, connections with international markets and an already established logistics base.

Tiago Martins Leite, from Confluence, focused on the geographical position of the Iberian Peninsula, its ports and the need to improve rail connections. He also pointed to the potential of dry ports and the possibility of turning Spain and Portugal into a more competitive gateway if certain infrastructure obstacles are overcome.

Rail potential was also mentioned during the discussion. Guillermo García-Almuzara, from Mountpark, argued that Spain is a country with suitable conditions for rail distribution, although he highlighted the complexity involved in coordinating negotiations, public authorities and territories.

Beyond the major traditional markets, Jesús Lancharro, from Panattoni, discussed the growth of new areas with sufficient population density. As he explained, provinces or metropolitan areas of a certain size may increasingly require more logistics space, provided that administrative flexibility, land, permits and infrastructure are available.

Demand will look for alternatives. The question is which territories will be prepared to receive it.

Industry and logistics are moving closer together, but not automatically

The relationship between industry and logistics was another relevant point in the discussion.

Luis Lázaro, from Merlin Properties, clarified that industry no longer has the same weight in Spain as it did in previous periods and that certain narratives should not be overstated. However, he acknowledged that some sectors are generating new logistics needs and that certain industrial activities may require greater adaptation of the asset.

During his contribution, he highlighted the role of 3PL operators, retailers and the food sector, as well as the growth of operations involving cold storage, food handling and projects combining several uses within the same platform. He also mentioned cases in which the same operation combines cross-docking, traditional logistics, positive-temperature cold storage or specialised warehousing.

This requires projects to be approached differently. It is no longer enough to build a warehouse and wait for an occupier. It will become increasingly important to understand which operation will occupy the building, how it may evolve and which technical requirements will affect the asset from the outset.

Logistics real estate in Iberia: building better rather than building more

Logistics real estate in Iberia is entering a less predictable but also more interesting stage.

Demand remains active, although it has become more demanding. Users need more flexible assets. Investors seek greater certainty. Territories compete not only through location, but also through energy, timescales, land and infrastructure. Technical projects also require a more detailed understanding of the operations they will accommodate.

In this context, building more will not be enough.

The difference will lie in building better: with greater anticipation, more listening, closer technical coordination and a more realistic understanding of what logistics and industry need today.

At GSE Iberia, we work at this intersection: where real estate strategy, technical complexity and construction execution must come together for a project to work. Because the future of the sector will not depend solely on the demand that arrives, but on the ability to turn that demand into viable, efficient assets that are built to last.