Trammell Crow Company and CBRE Investment Management launch development of c.250,000 sqm Madrid logistics park

Trammell Crow Company (TCC), a leading commercial real estate developer, and CBRE Investment Management (CBRE IM), on behalf of a fund sponsored by the firm, have started construction on the first building at Blue Hub Logistics Park, a new large-scale logistics complex in the Madrid metropolitan area. This milestone follows TCC and CBRE IM receiving the building permit for the first phase of the masterplan, having acquired the 40-hectare plot in 2025.

Blue Hub Logistics Park will comprise approximately 250,000 sqm of gross leasable area, expected to be delivered over multiple phases. The project is designed to provide a flexible mix of speculative and build-to-suit logistics space, responding to occupier demand in Madrid's most established southern logistics corridor.

Located in Illescas, approximately 32 km south of Madrid city center, the site benefits from immediate access to the A-42 motorway, connecting Madrid with Toledo and the south of Spain, as well as wider connectivity to the M-40 and Madrid airport. Illescas forms part of Madrid's established A-4/A-42 logistics corridor, which has become an increasingly important location for industrial and distribution occupiers.

With delivery targeted for early 2027, the first building in Phase I will provide approximately 25,000 sqm of GLA across five flexible modules of around 5,000 sqm each, allowing the owners to accommodate a wide range of logistics and industrial occupiers and demand sizes. Comparable multi-tenant buildings in Madrid's third ring were previously challenging until recent changes in fire regulations, and so the development is designed to meet a strong base of unmet demand for this type of product.

Phase I will also include a further c.35,000 sqm multi-tenant logistics building. Designed to a similar configuration, the two buildings will provide approximately 60,000 sqm of logistics space, with unit sizes designed to meet demand from smaller and mid-sized occupiers seeking modern, flexible space in Madrid's third logistics ring. The next phases of Blue Hub Logistics Park are expected to be delivered progressively over the coming years, subject to market demand.

This progress in Illescas follows TCC commencing construction works for a 36,000 sqm industrial and logistics warehouse in Cabanillas, near Madrid, and a 17,000 sqm building in Lliçà, near Barcelona, both owned by Talus Real Estate, an international real estate investor. Combined with the two buildings under construction in Illescas, this brings TCC's total logistics and industrial space currently being delivered in Spain to 113,000 sqm.

Gregg Gilbert, Head of Iberia at Trammell Crow Company, said: "Starting construction at Blue Hub Logistics Park marks an important step in bringing forward a major logistics project in one of Madrid's most established distribution corridors that offers the flexibility occupiers need, with smaller, high-quality units that have been historically scarce in Illescas and the wider third ring. Together with CBRE IM, we are pleased to be progressing a project that can support both immediate demand and longer-term build-to-suit requirements."

Antonio Roncero, Head of Transactions for Iberia from CBRE IM commented: "This development highlights the strength of our integrated approach, combining development and leasing capabilities to deliver best-in-class logistics assets. At Blue Hub Logistics Park, we are creating flexible, high-quality space that differentiates itself from existing supply in the surrounding market, while aligning with the needs of modern occupiers in Madrid's key logistics corridor. Our partnership with TCC, alongside our active projects across Spain, Germany and France, enables us to deliver consistently across European markets."

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $155.2 billion in assets under management^* as of March 31, 2026, operating in 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm and a premier provider of critical infrastructure services. The company has more than 155,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.