Retail, market data - Figures third quarter 2025 Spain

Retail maintains a positive evolution throughout the first nine months of the year, supported by a favourable macroeconomic environment. The High Street segment continues to show a positive evolution in 2025, supported by the growth of national consumption and the increase in international tourism. As of the end of September, an year-on-year increase of 3.5% is recorded in the number of tourist arrivals, exceeding the record levels reached in 2024.

 

Commercial occupancy is at its highest in the main cities of the country, with special intensity in Madrid, Barcelona, Valencia, Malaga, Palma, and Seville. This limited availability of spaces has led to a 36% reduction in transactional activity, despite the sustained interest from operators in strategic locations.

 

Prime rents have registered an average growth of 2% in the main commercial axes, driven by the scarcity of available spaces and the competition to position themselves in prime sections. Towards the end of the year, some possible additional adjustments are expected, especially in areas with greater demand pressure.

 

Shopping centers maintain a positive trend

 

Shopping centers in Spain are showing robust operational performance, driven mainly by the growth of sales and foot traffic. This confirms the resilience of the physical format in an environment where experience and leisure are key factors in attracting visitor traffic.

 

Restaurants, accessories, and fashion are being the protagonists in terms of new openings in 2025, concentrating 65% of the total. Prime rents remain stable in shopping centers, reflecting a balance between demand and a gradually decreasing availability of spaces.

 

Retail consolidates as one of the three most relevant asset classes by investment volume in Spain

 

During the first three quarters of 2025, the retail sector has registered an investment volume of 1.95 billion euros, which represents a 16% increase compared to the same period of the previous year. With this volume, retail consolidates as one of the three most relevant sectors in Spain, along with Living and Hotels, representing 15% of the total invested in the country.

 

Shopping centers concentrate 65% of the invested volume, exceeding 1.2 billion euros. This dynamism is explained by its good operational performance, competitive yields compared to other European markets, and an improvement in financing conditions. It is followed by the High Street segment, which has recovered activity in 2025, driven mainly by private investors.