Warehouse for sale in Spain: buying a nave industrial to let or to use

A warehouse (nave industrial) in Spain sells for about €780 per m² in 2026: around €840 in Madrid, €900 in Barcelona and €550–575 in Valencia and Alicante.

It rents for €4–6 per m² a month. Sellers offer tenanted warehouses at 5.7–8% gross yield, while prime logistics parks trade at about 5%.

Below: what warehouses sell and rent for in five provinces, what exactly you are buying (a tenanted warehouse, a vacant one or a sale and leaseback), when buying for your own business makes sense, what to check before signing, how the income works and which taxes the buyer and the owner pay.

The page includes a payback calculator with an illustrative 1,500 m² tenanted warehouse.

What a warehouse costs in Spain

We analysed 313 sale listings and 383 rental listings of industrial units from 150 m² on fotocasa in 2026 (downloaded on 19 October 2026).

These are asking prices, which usually fall in a deal. The price per m² is based on the full built area, offices and mezzanines included.

A typical warehouse for sale is 500–900 m² at €475,000–595,000.

The bigger the unit, the cheaper the metre: about €950 per m² under 500 m², about €630 for 1,000–2,000 m², about €330 above 5,000 m².

Madrid’s and Barcelona’s logistics belts cost more than their provincial averages: the Henares corridor (the A-2 from Madrid towards Guadalajara) is around €780 per m² with rents of €6 a month, and Baix Llobregat by Barcelona’s port and airport around €1,030.

Málaga is expensive because units there are few and small, with a median of 565 m².

Examples from the sample: a 1,100 m² unit in Arganda del Rey near Madrid at €690,000; a 1,560 m² unit in Coslada at €1,125,000; an 856 m² unit with a yard in Velilla de San Antonio at €700,000.

What yield warehouses give

Divide the median rent by the median price and listed warehouses “yield” 7–9% a year in Madrid, Barcelona and Valencia and about 6% in Alicante.

Treat this as a ceiling: the units for sale and for rent differ, and both prices are asking prices. Warehouses sold with a tenant already in place show it better.

In nine such listings sellers quote yields of 5.7% to 8%: a 5,125 m² warehouse in Alzira (Valencia) let for 10 years at €7,000 a month is offered at €1,050,000 (8%); a 255 m² unit in L’Hospitalet near Barcelona with €22,000 a year in rent at €385,000 (5.7%).

The top end is the large logistics parks that funds buy.

According to Knight Frank’s Q2 2026 report, prime warehouses rent for €7.15 per m² a month in Madrid and €9.25 in Barcelona and trade at yields of about 5.00% and 4.90%.

A small unit on an industrial estate rents for less but also costs less, so it yields 1–3 points more.

The gap is the price of risk: a single tenant, an older building, a void when the tenant leaves.

What you are buying: three kinds of deal

• A tenanted warehouse. You buy a building and an income. The buyer steps into the landlord’s shoes with all rights and obligations (art. 29 LAU), so the lease is the heart of the deal. A warehouse lease is a non-residential lease: the parties set its terms freely and the law only fills the gaps the contract leaves (art. 4.3 LAU); the deposit is two months’ rent (art. 36.1). The term, the tenant’s break options, CPI indexation, a bank guarantee on top of the deposit, who pays IBI and roof repairs — all of this sits in the lease, not in the law. The longer the committed term and the stronger the tenant, the higher the price.
• A vacant warehouse. Cheaper per metre, but income starts only once you find a tenant. Budget 6–12 months of void, an agent’s fee (usually one month’s rent) and works for the new tenant. Vacant units are also what owner-occupiers buy.
• Sale and leaseback. A company sells its warehouse and leases it straight back for 10–15 years to free up cash for its business. The buyer gets a tenant who has already invested in the building and is unlikely to leave. The risk is the tenant itself: check its accounts at the Mercantile Registry and its debts, not just the building.

By law a warehouse tenant has a right of first refusal: the seller must notify the price, and the tenant may buy first within 30 days (arts. 31 and 25 LAU) unless the lease excludes it.

Article 25 was amended in October 2026 by a decree-law that Congress has not yet ratified, so check the wording in force on the day of the deal.

If the warehouse is sold together with the company that owns it, you are buying shares — see Buying a company in Spain.

A warehouse for your own business: buy or rent

If you need the warehouse yourself — for logistics, trade or manufacturing — compare the price with the rent.

In our illustrative example a 1,500 m² unit costs €1.2m and renting a similar one costs €84,000 a year: buying equals 14 years of rent.

Owning protects you from rent rises and forced moves but ties up capital that could work in the business.

A common structure is to hold the warehouse in a separate company that leases it to the operating company at market rent.

The building is then shielded from the business’s debts, and the business can be sold without it. See Holding company in Spain.

For manufacturing a building alone is not enough: you also need the plot’s permitted use to cover the activity, enough grid capacity and, for many kinds of production, an environmental permit from the region.

Permits and checks

• Planning status. What can be done on the plot is set by the town plan: industrial use (uso industrial), logistics, sometimes storage only, with no production. The activity licence (licencia de actividad) or declaration is obtained by whoever operates the warehouse — the tenant — under municipal and regional rules: Madrid’s OLDRUAM bylaw, Catalonia’s activity-control law Ley 20/2009, the Valencian Ley 6/2014. For the owner what matters is that the permitted use suits future tenants.
• Land Registry and Cadastre. The Land Registry extract (nota simple) shows the owner, mortgages, attachments and any soil-contamination note. The cadastral record gives the area and the cadastral value on which IBI is charged. The area in the listing, the Cadastre and the Registry often differ.
• Soil. The seller must state in the transfer deed whether a potentially contaminating activity took place on the plot, and this is noted in the Registry (art. 98.3 Ley 7/2022); such businesses file a soil status report with the region (art. 3 RD 9/2005). It is not a formality: if the polluter cannot be made to pay, the owner is liable for the clean-up (art. 100.1 Ley 7/2022). If fuel, chemicals or metals were handled on site, have the soil tested before signing.
• Fire safety. Industrial warehouses fall under the RSCIEI fire regulation (RD 2267/2004); the owner must have an accredited body inspect them at least every 5 years for low risk, 3 for medium and 2 for high (arts. 6 and 7). Ask for the last inspection report: a unit that would fail it for a new tenant will need money.
• Energy certificate. Industrial buildings or parts with low energy demand — an unheated warehouse, for instance — are exempt from the energy performance certificate (art. 3.2.c RD 390/2021); the office part usually needs one.

What a warehouse earns: an illustrative example

The calculator holds an illustrative 1,500 m² unit on an industrial estate in the Henares corridor, let to a logistics company for 10 years with CPI indexation.

The price is €1,200,000 (€800 per m², close to Madrid’s median), plus €85,000 for 6% transfer tax, notary, Registry and building survey.

Rent is €7,000 a month (€4.67 per m²: an older lease below market), i.e. €84,000 a year or 7% of the price.

The owner’s costs are €900 a month: IBI, insurance, roof and structural repairs, accountant, estate fees. There are no supplies or staff.

Pre-tax profit is €73,200 a year and about €58,800 after tax; the €1,285,000 investment pays back in about 22 years, a return of about 4.6% a year after tax.

A 22-year payback does not make the warehouse a bad buy: you keep the building, and its value usually rises with the rent.

Compare the yield instead — with bonds, deposits or other property. How to include the building’s value at the end is covered in Payback period and NPV: net present value.

Three caveats:

• Voids. Six months empty over 10 years cuts after-tax profit to €55,500 a year, a full year to €52,200. Rent of €6,000 instead of €7,000 cuts it to €49,300.
• Depreciation. The calculator leaves it out. If the building is 60% of the price, writing off 3% of its value a year (as for an individual under art. 14.2.a of the IRPF regulation; unlike housing, warehouse rent gets no income reduction under art. 23.2 of the IRPF law) lowers the tax: after-tax profit rises to about €63,400.
• Company tax. Letting property counts as a business activity for a company only if it employs at least one full-time worker for it (art. 5.1 LIS). A company whose assets are mostly such a warehouse is a holding-type “patrimonial” entity (art. 5.2), and the reduced small-company rates do not apply to it (arts. 29.1 and 101.1) — it pays 25%. In our example that cuts after-tax profit to €54,900. The calculator’s 19% and 21% rates are for a company with a real business.

A full model with a loan, rent indexation, voids and an exit sale is built for the specific property — see our services for investors.

Purchase taxes: VAT or transfer tax

• A new warehouse from the developer carries 21% VAT. Second and later sales of buildings are VAT-exempt (art. 20.Uno.22º Ley 37/1992), but a business seller may waive the exemption when the buyer is also a business entitled to deduct VAT (art. 20.Dos); a landlord counts as a business for VAT (art. 5.Uno.c). The buyer then self-charges the VAT and deducts it in the same return (art. 84.Uno.2º.e) — no cash goes on VAT.
• Without the waiver the buyer pays transfer tax (ITP) at the regional rate. Where a region has not set its own rate, ITP is 6% (art. 11.1.a TRLITPAJD); in a VAT deal stamp duty on the notarial deed (AJD) applies instead, 0.5% absent a regional rate (art. 31.2). ITP also applies when the warehouse is sold as part of a whole business transferred outside VAT (art. 7.5).
• Regional rates. Madrid charges 6% ITP; the Valencia region in 2026 charges 9% up to €1m and 11% above, and 2% AJD when the VAT exemption is waived. On a €1.2m warehouse the gap between ITP and AJD runs to tens of thousands of euros, so agree the tax route with the seller before the deposit.

Selling a warehouse together with a running lease can in some cases count as transferring a business, in which case no VAT is charged at all and ITP applies. Settle the structure with a tax lawyer.

Taxes for the owner

• VAT on rent. Warehouse rent carries 21% VAT: the exemption covers housing only (art. 20.Uno.23º Ley 37/1992). The owner files VAT returns and deducts VAT on costs.
• Withholding. A corporate tenant withholds 19% of the rent excluding VAT and pays it to the tax agency on the landlord’s behalf (arts. 75.2.a and 100 of the IRPF regulation), save for the cases in art. 75.3.g. The amount withheld is credited against the owner’s tax.
• A resident individual pays IRPF on the progressive scale on rent less expenses and depreciation.
• A non-resident. Non-resident income tax is 24%, or 19% for EU and EEA residents (art. 25.1.a TRLIRNR), and only EU and EEA residents may deduct expenses. In our example a non-EU owner pays about €20,200 a year on the gross rent, an EU resident about €13,900.
• A company (SL) pays corporate tax; the 25% rate for a patrimonial company is explained above. How to take money out of an SL: Salary or dividends from a Spanish SL.
• IBI and IAE. IBI is 0.4–1.10% of cadastral value, and town halls may set a higher rate for the most valuable non-residential properties (art. 72 TRLRHL); warehouse leases usually pass it on to the tenant. Individuals and companies with turnover under €1m are exempt from IAE (art. 82.1.c).

What to check before buying a warehouse

1. The lease. Remaining and committed term, the tenant’s break options, indexation, guarantee, who pays IBI, insurance and repairs, whether the tenant has a right of first refusal.
2. The tenant. Accounts at the Mercantile Registry, debts to the tax agency and Social Security, 2–3 years of rent payments on bank statements.
3. Building documents. Nota simple, Cadastre, matching areas, first-occupation licence or equivalent, permitted use under the town plan.
4. Condition. Roof (older units often have asbestos panels), structure, eaves height, doors and docks, grid capacity, the fire inspection report.
5. Soil. Past activities on the plot, any Registry note, the soil status report; if in doubt, a soil test before the deposit.
6. Tax route. VAT with waiver or ITP, AJD at the regional rate, whether the deal counts as a business transfer.

Legal, tax and financial checks on the property and the tenant are done before the deposit — see due diligence.

If you are moving to Spain for this business

A non-resident can buy a warehouse without any residence permit.

But letting a warehouse is passive income, and the self-employment residence permit does not cover it: that permit is granted for a business you actually run yourself, initially for one year.

The golden visa has been abolished, and the startup visa does not suit this kind of business.

If you need the warehouse for your own business — logistics, trade, manufacturing — that business can be the basis; Relotus explains how the self-employment permit works in “Cuenta propia in Spain”.

The sensible order: first confirm the permit suits you, then pay a deposit.

Frequently asked questions

How much does a warehouse cost in Spain?

In a sample of 313 listings from 2026 the median is about €780 per m², with the middle half between €520 and €1,040. Madrid is around €840, Barcelona around €900, Valencia and Alicante €550–575. The bigger the unit, the cheaper the metre. These are asking prices.

How much does it cost to rent a warehouse in Spain?

The median across 383 listings from 2026 is €4.6 per m² a month: around €6 in Madrid, €5.6 in Barcelona, €4.2 in Valencia and €2.9 in Alicante. Prime logistics parks rent for more: €7.15 in Madrid and €9.25 in Barcelona.

What yield does a warehouse give in Spain?

Sellers offer tenanted warehouses at 5.7–8% gross, while funds buy large logistics parks at about 5%. In the illustrative €1.2m example the return after costs, purchase tax and company tax is about 4.6% a year.

Is it better to buy or rent a warehouse for my own business?

In the illustrative example buying equals 14 years of rent. Owning protects you from rent rises and moves but ties up capital. Many owners hold the warehouse in a separate company and lease it to their business at market rent.

What tax does a warehouse buyer pay?

A new warehouse from the developer carries 21% VAT. A second-hand one carries regional transfer tax (6% by default), or VAT with the exemption waived if the buyer is a business entitled to deduct: the buyer then self-charges and deducts the VAT and pays AJD stamp duty.

Does the lease pass to the new owner of the warehouse?

Yes: the buyer steps into the landlord’s shoes with all rights and obligations. So read the whole lease before the deal — the term, the tenant’s break options, indexation and who pays IBI and repairs.

Can I get residency in Spain by buying a warehouse?

No. The golden visa has been abolished, and letting a warehouse is passive income, for which the self-employment permit is not granted. Only a business you run yourself from the warehouse can be the basis.

Key facts about buying a warehouse in Spain

• A warehouse costs about €780 per m² on average: from €550 in Valencia and Alicante to €900–1,000 in Barcelona and Málaga; rent is €3–6 per m² a month.
• Tenanted warehouses are offered at 5.7–8% quoted yield, large logistics parks at about 5%.
• The lease and the tenant are the heart of the deal; the lease passes to the buyer.
• Before the deposit, check the soil, fire safety, permitted use and the areas in the Registry.
• The tax route — VAT with waiver or ITP — is worth tens of thousands of euros; a company holding a warehouse without staff pays 25%.

Sources

• LAU (Ley 29/1994), arts. 4, 25, 29, 31, 36 — BOE.
• Ley 7/2022 on waste and contaminated soil, arts. 98 and 100 — BOE; RD 9/2005 — BOE.
• RSCIEI (RD 2267/2004) — BOE; RD 390/2021 (energy certificates) — BOE.
• Ley 37/1992 (VAT) — BOE; TRLITPAJD (RDLeg 1/1993) — BOE; TRLRHL (RDLeg 2/2004) — BOE.
• Ley 27/2014 (corporate tax) — BOE; IRPF law and regulation — BOE, BOE; TRLIRNR (RDLeg 5/2004) — BOE.
• Knight Frank, Spain Logistics Snapshot Q2 2026 — knightfrank.com.
• Valencia region ITP and AJD rates 2026 — guiafiscal.es.
• Warehouse sale and rental listings — fotocasa, October 2026.