The European logistics market reaches its turning point and anticipates a solid recovery by 2026

 

The logistics market in Europa has begun a transition phase towards growth, according to the report Logistics Rent Index 2026 posted by Prologis Inc.After an initial adjustment, demand from large operators and the modernization of platforms point to a full recovery of the sector by the year. 2026.

 

Income analysis and market dynamics

 

One of the pillars of the report prepared by Prologis Inc. is the behavior of the Net Effective Rents (NER) or net effective rents. This indicator, which discounts incentives such as grace periods, reveals that the European market adjustment is being channeled through trade concessions rather than drastic cuts in nominal rents. This strategy allows for the stability of asset value while the market absorbs the available supply.

 

The current context is marked by factors that limit the entry of new supply, which acts as a natural support for prices. These factors include:

 

• Structural shortage of developable land in strategic locations.
• Increasing regulatory limitations and restrictions on the capacity of the electricity grid.
• Replacement costs that consistently remain above current market rents.

 

Strategic situation in Spain

 

Within the south of Europa, España It stands out for its relative dynamism. The expansion of E-commerce And the strength of domestic consumption has allowed demand to remain active, albeit more selectively. Operators are now prioritizing top-quality assets, known as prime assets. Prime , which offer better technical specifications and operational efficiency.

 

Cristian Oller, SVP, Head of Asset Management Southern Europe de Prologis, points out that: «In España We are seeing increasingly selective and quality-oriented demand. Prime assets, well-located and with high technical specifications, continue to attract the interest of operators.” According to the executive, discipline in development is key to maintaining the resilience in this phase of the economic cycle.

 

Key data on the logistics market 2026

 

The following are the key indicators that define the change in trend in the logistics real estate sector, according to data from PrologisResearch:

 

Key Indicator	Detail / Trend
Recovery horizon	Year 2026
Price indicator	Net Effective Income (NER)
Demand drivers	E-commerce and strategic consolidation
Supply restrictions	Soil, regulations and electrical grid

 

The monitoring carried out by Prologis It demonstrates that, despite macroeconomic challenges, logistics remains a critical asset for global supply chains, especially in markets where supply is geographically limited.

 

Key points and frequently asked questions about the logistics market

 

What are the Net Effective Rents (NER) mentioned in the report?

These are the effective net rents that reflect the true value of rental contracts, adjusting the nominal rent to include incentives such as rent-free periods and price escalations. It is the most accurate indicator for measuring the true health of the market.

 

Why is a recovery expected by 2026?

Due to the acceleration of demand from large operators in the second half of 2025, and a very limited supply due to high construction costs and a lack of land, the market will balance towards growth.

 

What is the specific market situation in Spain?

Spain is showing great resilience thanks to e-commerce. There is a clear preference for modern and efficient assets, where the scarcity of land in key areas guarantees long-term rent stability.