Portugal's Logistics Stock Surges 30% Since 2019 Amidst Critical Space Shortage
A new market analysis by CBRE has revealed that Portugal's national logistics stock has grown by more than 30% between 2019 and 2025. The findings, published in the “Realizing Potential in Logistics” study, show an expansion from approximately four million square meters to 5.5 million square meters. This statistical announcement highlights a period of intense growth and transformation for the sector.
The data was compiled by CBRE's research division, analyzing public records, developer data, and market transactions over the past six years. The methodology involved tracking new constructions, take-up rates, and investment volumes to provide a comprehensive overview of the market's evolution. The report serves as a key indicator of the health and direction of the industrial and logistics real estate segment in Portugal.
Despite the significant increase in total stock, the most striking numerical finding is the structural scarcity of available space. The market is currently facing historically low availability rates, recorded at less than 1% in the Porto region and 4% in the Lisbon region. The Lisbon figure is notably influenced by the Palmela sub-market, which has a higher availability rate of over 10%. This overall lack of space is putting immense pressure on the market.
The geographic breakdown shows a concentration of demand and activity around Portugal's two main economic hubs, Lisbon and Porto. The scarcity of modern, well-located facilities is a nationwide issue but is most acute in these metropolitan areas. This has led to a significant appreciation in rental values across the board, affecting both prime and non-prime assets as operators prioritize location above all else.
In a year-over-year comparison, the market continues a strong trajectory. The average annual take-up, which was around 200,000 square meters before 2020, has stabilized at approximately 400,000 square meters per year post-pandemic. For 2025, the take-up reached 150,000 square meters by the end of August, consistent with the previous year's pace. Prime rents have seen a dramatic increase of about 40% between 2019 and 2025, rising from €3.5/m² to a current range of €5.5-€6.0/m².
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The market segment analysis indicates that demand is strong across various types of logistics facilities, from large distribution centers to last-mile delivery hubs. The report notes that future demand is expected to be driven by traditional retailers enhancing their omnichannel strategies, rather than a pure-play e-commerce boom. This suggests a need for a diverse range of modern logistics spaces.
Industry expert commentary from Nuno Torcato, Director of Industrial and Logistics at CBRE Portugal, points to the dual nature of the findings. “Portugal today faces one of the lowest availability rates in Europe, which confirms the resilience and attractiveness of the market, but also exposes a clear deficit of modern spaces,” he stated. He called the modernization of the logistics park an “imperative” for the country's strategic positioning.
There has been no specific government or regulatory body response to this data, but the findings underscore the need for policies that facilitate new development and the modernization of existing stock. The market's performance has already attracted significant investment, with €124 million transacted by August 2025. CBRE forecasts a year-end investment volume between €280 and €360 million, making 2025 a potential record year.
In a historical context, the current market dynamics represent a structural shift from the pre-2020 era. The combination of low availability, rising rents, and attractive prime yields (5.75% in Lisbon) makes Portugal one of Europe's most competitive logistics investment markets. This challenging environment presents a clear opportunity for developers and investors willing to build new projects or requalify older assets to meet the high demand.
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