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Insights

Marketbeat Spain Retail

Retail Marketbeat is a summary of the Spain retail high streets property sector in key cities, shopping centres and Retail Parks providing comment on recent trends as well as market data, analysis and investment.

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Key Takeaways
  • Solid Economic Momentum: Spain grew 0.6% QoQ in early 2025, with annual forecasts between 2.8%–3.0%. Household spending remains resilient thanks to rising savings and strong tourism.
  • Tourism Boost: 53 million visitors between January–September 2025 (+5% YoY) strengthened activity in shopping centres and prime retail.
  • Retail Performance: Shopping centre sales rose 2.2% YoY in September, with strong categories like Food & Beverages (+4.9%) and Leisure (+2.7%).
  • High Street Strength: Vacancy dropped to 3.3%, prime rents increased 8% YoY (Madrid €275/sqm/month, Barcelona €285).
  • Investment Growth: Retail investment reached €1.865B (+25% YoY), with stable yields (Shopping Centres & Retail Parks at 6.35%).

ECONOMIC CONTEXT

Spain maintained steady growth in Q1 2025 (0.6% QoQ). Higher household savings (above 12.4%) supported resilient retail spending. Tourism continued to expand, with 53 million visitors in the first nine months of the year.

OCCUPANCY MARKET

Shopping Centres & Retail Parks sales grew 2.2% YoY in September 2025 and footfall increased 4.9%. Food & Beverages, Leisure and Gyms led growth.

High Street vacancy declined to 3.3%. Prime rents rose 8% YoY in Madrid and Barcelona, driven mainly by fashion operators and strong demand for units under 300 sqm.

INVESTMENT

Retail investment reached €1.865B in the first nine months of 2025 (+25%). Shopping centres and retail parks accounted for 60% of activity. Yields remained stable (6.35% for shopping centres and retail parks; 3.60% for high street).

Q3 Spain Retail Marketbeat

Access Q3 2025 commercial real estate results for the Retail sector.

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Author

RETAIL MARKETBEAT. PREVIOUS REPORTS 

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