What is cold storage and why is it growing?
Cold storage encompasses those logistics facilities designed to store and distribute goods under temperature-controlled conditions. Among the sectors driving its growth most are:
- Fresh and frozen food.
- Large-scale distribution and supermarkets.
- E-commerce of perishable products.
- Pharmaceutical and biotechnological industries.
- Medical devices and vaccines.
In Europe, demand for cold chain services maintains a strong upward trend, driving investment in refrigerated warehouses, automation systems and specialised logistics platforms.
One of the logistics categories with the greatest potential in EMEA
Within the logistics real estate market, cold storage ranks among the segments with the best growth prospects.
| Asset type | Demand level |
|---|---|
| Standard logistics warehouse | High |
| Last-mile warehouse | Very high |
| Data centres | Very high |
| Cold storage | Very high and growing |
The major challenge: shortage of specialised supply
One of the most relevant factors in understanding the sector's evolution is the lack of available product.
According to JLL estimates, temperature-controlled facilities represent approximately 2% of the available logistics stock in Spain, concentrated mainly in Madrid and Catalonia. Availability is particularly low in the most consolidated markets:
| Market | Refrigerated warehouse stock as a share of the total |
|---|---|
| Madrid | 1.6% |
| Catalonia | 1.1% |
This limited supply is driving the development of new bespoke projects and increasing the interest of investors and operators in this type of asset.
The rise of the Build-to-Suit model
The shortage of existing product and high technical requirements are favouring the development of turnkey or Build-to-Suit (BTS) projects.
According to JLL forecasts, 55% of the new logistics space developed in Spain up to 2026 will correspond to turnkey solutions, with a particular focus on:
- Refrigerated warehouses.
- Automated platforms.
- Large-format logistics centres.
Unlike conventional warehouses, cold storage facilities require specific designs for different temperature ranges, advanced energy systems and spaces adapted to automated processes.
Why is Spain well-positioned to lead this trend?
Spain combines several factors that favour the growth of refrigerated logistics.
1. European agrifood powerhouse
Spain is one of the main European producers and exporters of fruit, vegetables, fish, meat and frozen products. This activity generates a constant need for refrigerated storage and specialised distribution.
2. Growth of the pharmaceutical industry
The expansion of biologics, temperature-sensitive medicines and pharmaceutical distribution chains increases the need for certified thermal control facilities.
3. Strategic location
Spain acts as a logistics hub connecting Europe, the Mediterranean, North Africa and Latin America, reinforcing its role as a strategic hub for cold chain operations.
The markets with the greatest potential for leasing refrigerated warehouses
Demand is not evenly distributed. The main growth areas are:
| Market | Key drivers |
|---|---|
| Madrid | National distribution and pharmaceutical sector |
| Barcelona | Port, import-export and food sector |
| Valencia | Port and fruit & vegetable exports |
| Murcia | Agrifood production |
| Andalusia | Fresh produce exports |
Furthermore, in markets such as Barcelona, the limited availability of industrial and logistics land can put additional pressure on rents for modern and specialised assets.
About the article
This article has been prepared based on the analysis of trends in the Spanish logistics market, combining sector sources and data from JLL Research (report “Logistics Market Dynamics EMEA Q2 2026”), which analyses the evolution of demand, supply, investment and new drivers in the sector.
Pablo Fernández Gregorio is Head of Industrial & Logistics Leasing at JLL Spain, with extensive experience advising both landlords and occupiers on logistics and industrial transactions nationwide. He leads the company's Industrial & Logistics business, participating in some of the most significant transactions in the Spanish market and providing a strategic vision on the evolution of demand, occupier needs and new industry standards.
For enquiries regarding the logistics market, leasing transactions or occupancy strategies:
Email: pablo.fernandez@jll.es
You can also explore available warehouse opportunities at: inmuebles.es/naves-alquiler/naves
