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Spain logistics rent growth upgrade, but Madrid to trail

Spanish industrial rent growth beat expectations in Q1 this year, outpacing rises elsewhere in the euro-zone. However, this was mainly due to Barcelona, where we have raised our prime rent forecast. Madrid rent gains were more sluggish and this trend is set to persist in the coming years as a glut of availability and strong supply undermine rent growth there and occupier demand drivers tilt in favour of Barcelona.

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