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Spain Retail Snapshot Q2 2026
Knight Frank analysis of Spain's retail market covering shopping centre openings, investment data, and macroeconomic indicators affecting the sector.
RetailSpainMadrid
Updated 1 day agoPublished Unknown
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Knight Frank analysis of Spain's retail market covering shopping centre openings, investment data, and macroeconomic indicators affecting the sector.
CBRE's mid-year assessment of Spanish real estate market conditions, trends, and outlook across sectors and regions.
CBRE's forward-looking analysis of Spain's real estate market conditions and investment trends for 2026.
Knight Frank analysis of Spain's retail market covering shopping centre openings, investment data, and macroeconomic factors affecting the sector.
Knight Frank analysis of occupier indicators and investment market activity in Spanish logistics assets, with focus on Madrid and Barcelona markets.
The Q1 2026 MarketBeat report covers Spain's office sector in Madrid and Barcelona, analyzing leasing activity, availability, rents, and investment trends across both markets. Key findings state that Madrid and Barcelona entered 2026 with resilient office demand despite limited space availability, with quality Grade A and B+ buildings driving the market, declining availability putting pressure on prime stock, prime rents maintaining upward trends, and renewed investment interest focused on core and core-plus prime assets in established locations.
Spanish retail in Madrid and Barcelona started 2026 with balanced growth driven by consumption, tourism, and strong fundamentals, with fashion, leisure, and food & beverage sectors leading market performance amid a shortage of prime retail space and historically low availability. Prime high streets showed very high occupancy levels, shopping centres demonstrated positive trends in sales and footfall, and retail investment gained traction with a focus on yield stabilization and market normalization.
The Q1 2026 MarketBeat Spain Industrial & Logistics report covers the industrial and logistics property sector in Spain, with particular focus on Madrid and Barcelona markets, analyzing demand activity, occupier behavior, investment trends, and rental dynamics. Key findings include Madrid recording over 310,000 square meters of take-up and Barcelona reaching 235,000 square meters in Q1 2026, with occupiers prioritizing prime high-quality assets meeting ESG criteria, while tightening availability—especially in Barcelona—drives upward rental pressure and confirms strong market fundamentals despite global economic uncertainty.
This is a retail market data report published by CBRE on December 31, 2025, presenting figures for the fourth quarter of 2025 in Madrid, Spain.
Madrid's office market recorded take-up of 147,500 square meters in Q4 2025, with annual 2025 take-up around 530,000 square meters in line with pre-Covid levels, while prime rent closed at €43/sqm/month with expected continued increases in 2026 due to limited high-quality supply. Spain's total office investment in 2025 reached approximately €2.4 billion, with Madrid accounting for 67% and Barcelona 28%, though nearly €500 million involved conversions to residential or tourism use, predominantly in Madrid.
In the third quarter of 2025, Madrid's logistics market reached 379,831 square meters with contracting volume up 160 percent compared to the same period in 2024, comprising 21 new contracts and an availability rate of 8.77 percent. Prime rental rates stabilized at 7.00 euros per square meter monthly, with annual growth holding at 3.7 percent despite a 58 basis point decline in quarterly contracting.
This is a market data report published by CBRE on September 30, 2025, presenting office sector figures for the third quarter of 2025 in Madrid, Spain.
Savills Research examines the Spanish logistics market across Madrid, Barcelona, and Valencia in Q1 2025, analyzing take-up, rents, supply, and geographical distribution. The Madrid Central Region recorded 215,000 sq m of take-up with prime rents at €6.25/sq m/month and a 10.4% vacancy rate, while Barcelona achieved 150,000 sq m take-up with prime rents at €8.75/sq m/month and 4.92% vacancy, and Valencia recorded a record 208,000 sq m take-up (driven largely by a major Tempe self-development project) with prime rents stable at €5.50/sq m/month and a 0.66% vacancy rate.
Savills Research analyzes Spain's high street retail market as of February 2025, reporting that Spain's GDP grew 3% in 2024 driven by tourism recovery and consumption, with inflation declining to 2.8% and unemployment reaching 10.6%, the lowest since 2008, while the General Retail Trade Index closed at 106.56 representing 1.7% growth. The document covers prime retail street performance across Madrid, Barcelona, Valencia, Seville, and Málaga, finding that after two years of significant increases, 2024 was a stabilization year with pedestrian traffic declining 2.4% and store entries declining 2.2%, though Madrid's prime retail market of 896 units achieved near-full occupancy on streets like Preciados with only one available unit at €263/sq. m/month rent.
Madrid's office market recorded 128,000 sq m of take-up across 153 deals in Q1 2025, representing a 13.6% decrease from the same period in 2024 but driven by robust demand with the highest number of transactions since 2017. Average deal size fell to 838 sq m as large-scale transactions declined, while rents continued upward momentum with Prime CBD achievable rents reaching €37.50/sq m/month and average market rents at €19.92/sq m/month, though office investment remained subdued at €80 million while repurposing activity surged to €160 million.
Valencia's prime retail high street zone is expanding driven by tourism and low availability, with rental availability declining to approximately 5% over the past 12 months and streets like Jorge Juan, Ruzafa, and Don Juan de Austria near 0% availability, pushing commercial expansion to adjacent secondary streets around Mercado Colón, Plaza de la Reina, Plaza Mercado, and Calle San Vicente. International operators view Valencia as the third priority city after Madrid and Barcelona for flagship stores, but face challenges due to insufficient large-format retail spaces, while investment yields for prime assets remain near 4% with limited transaction activity as most prime commercial properties are held by private investors with a long-term ownership profile.
This is a first-quarter 2026 retail market report published by Colliers covering Madrid and Barcelona, Spain.
This Cushman & Wakefield report analyzes Spain's retail market in Q4 2025, documenting economic growth of 2.9% annual GDP, retail sales growth of 3.3% year-on-year in November 2025, and record tourism of 97 million international visitors, while noting strong performance in fashion (5.1% growth) and food and beverage sectors (4.5% growth) across shopping centres. Investment in the Spanish retail sector reached €2.48 billion in 2025, representing a 22% increase year-on-year, with shopping centres and retail parks accounting for 70% of total retail investment and prime yields contracting to 6.25% for shopping centres and falling to 3.60% for high street properties.
Madrid's industrial logistics market recorded 950,000 sq m of take-up in 2025 with a 9.15% vacancy rate and prime rent of €7.00/sq m/month, demonstrating continued resilience despite macroeconomic challenges and showing strong fundamentals through rising rents and healthy transaction levels. Barcelona's logistics market closed 2025 at 565,000 sq m (down 20% from 2024) with a vacancy rate of 4.0% and prime rent of €9.00/sq m/month, indicating emerging supply constraints that may drive further rent increases in 2026.
This Cushman & Wakefield market report covers Spain's residential real estate sectors—including PRS (Private Rented Sector), BTR (Build-to-Rent), Flex Living, and nursing homes—through Q3 2025, presenting transaction volumes, rental rates, yields, investor activity, and demographic trends. Key findings include 422,000 total residential transactions up to July 2025 (18.76% increase year-over-year), PRS/BTR/Flex Living investment of €875 million in H1 2025 (52% increase), rental price growth exceeding 10% annually despite supply increases, and Spain's aging population projected to have the second-highest old-age dependency ratio in Europe by 2050, supporting strong fundamentals for senior care facilities.
Madrid's office market in Q3 2025 recorded a vacancy rate of 8.61% with prime rent at €42.50/sq m/month and quarterly take-up of 104,000 sq m across 87 new contracts, driven by strong demand for quality A/B-rated buildings and flexible assets in strategic locations. The document projects that office take-up will return to forecasted levels exceeding 500,000 sq m for the full year, with continued pressure on rents in the CBD expected to reach €42.50/sq m/month by year-end, supported by the recovery momentum and importance of corporate deal activity.
Logistics take-up in Madrid totaled approximately 392,000 square meters in the first half of 2025, representing a 15% decrease compared to the same period in 2024, while prime rental rates reached €6.85/sq.m./month with a slight increase from the previous quarter. Investment volume in the logistics sector amounted to approximately €164 million during the first half of 2025, reflecting a 3% decline year-on-year.
Madrid's office market absorbed 292,904 square meters of space in the first half of 2025, representing 15% year-on-year growth, with the CBD and decentralized areas along the A-1 corridor accounting for 80% of demand through transactions including a construction company's 4,314 sq.m. lease at Foresta 8 and an energy company's 6,533 sq.m. acquisition at Serrano Galvache 56. Investment activity recovered substantially with 81% of total investment volume closed in the second quarter of 2025.
Spain's residential market accelerated in the first half of 2025 with sales growing 8.5% year-on-year to mark the strongest start since 2007, driven by falling mortgage interest rates (around 2.8%), employment growth, and migration flows that are projected to add over 5 million inhabitants to Spain between 2025 and 2039. Housing prices rose 6.2% in H1 2025 to exceed €2,090/m², with dynamic markets such as Madrid (+7.7%), Málaga (+7.4%), and Valencia (+7.4%) outperforming the national average, while a structural supply deficit estimated at 250,000 units annually continues to fuel upward price pressure despite improvements in new-build permits.
Madrid's office market achieved 147,000 sq m of take-up in Q2 2025 across 107 deals (25% higher than the same period in 2024), with the vacancy rate at 8.84% and prime rent reaching €42.50/sq m/month, driven by strong demand for high-specification A/B+ buildings that account for approximately 70% of transactions. Investment in the office segment exceeded €1 billion in the first half of 2025 (40% higher than all of 2024), with Madrid receiving approximately €500 million, while prime yields softened to 4.3% due to dynamic take-up levels and increased Core investor appetite for stable cash-flow properties.
Pan-European office market review showing prime yields compressing to 4.96% in Q2 2025, led by Madrid, Barcelona, Paris CBD and Amsterdam.
In its 23rd edition, the report found sentiment shifting from cautious optimism to pragmatism, with the share of leaders concerned about deglobalisation more than doubling to 70 percent, while London, Madrid, Paris and Berlin led the city rankings.