Retail market data - Figures second quarter 2025 Spain

Retail maintains a positive evolution throughout the first half of the year, supported by a favorable macroeconomic environment. In addition, Spain has consolidated itself as one of the main European destinations, reaching historical highs in the figures for international tourists. This positive environment, along with a sustained increase in private consumption, has boosted commercial activity in the main arteries of the country.

 

Madrid, Barcelona, Valencia, Malaga, Palma, and Seville continue to lead the demand for prime locations, where availability is at historical lows. The limited supply has led to a contraction in transactional activity.

 

International brands maintain a strong commitment to the Spanish market with 39% of the transactions in the first half of the year.

 

After the average increase of 7% registered in 2024, prime rents have remained stable during the first half of the year. However, we foresee a slight upturn towards the end of the year, especially in locations with higher demand and scarce availability.

 

Shopping centers maintain an upward trend

 

Sales and footfall in shopping centers are on the rise, with year-on-year growth exceeding 4%, driven by the good performance of the leisure and catering segments. Catering, specialty retail, and fashion lead the new openings, concentrating more than 60% of the total. This dynamism of demand translates into a high level of activity in the rental market, with an average occupancy that already reaches 94% in the main assets.

 

Promoter activity continues to be active, with more than 1 million square meters (sq m) in development planned for the next three years.

 

Retail is positioned as the second asset class by investment volume in Spain

 

The high investor interest expected at the beginning of the year has materialized during the first half with an investment volume of 1.6 billion euros, which represents a 39% increase compared to the same period of the previous year.

 

65% of the investment has been led by shopping centers, which have concentrated more than 1 billion euros. This is followed by the High Street segment, which shows a significant reactivation, especially by private investors who are reaching volumes much higher than those observed in 2022, 2023, and 2024. In this context, investment in High Street has experienced exponential growth, standing 400% above the same period of the previous year.