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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 retail e-commerce report examining expansion of e-commerce as complement to physical retail with focus on Spanish market growth.
Knight Frank analysis of occupier indicators and investment market activity in Spanish logistics assets, with focus on Madrid and Barcelona markets.
An analysis of Spain's strategic positioning and development within the European life sciences real estate market.
STR and Cushman & Wakefield publish a barometer report on hotel market conditions and performance metrics at the close of the 2025 financial year.
Spain is experiencing a significant shortage in senior care home capacity relative to demographic demand.
Spanish hotel investment reaches €2.4 billion through June, growing 37% year-on-year as luxury properties drive growth despite broader European decline.
Commentary on how active management strategies drive value creation within retail property portfolios.
The article examines existing home price changes across 19 of Europe's largest countries through Q1 2026 based on Eurostat transaction-based data, showing divergent regional trends with Portugal, Bulgaria, Slovakia, Hungary, and Spain leading in year-over-year gains of 13.5 to 19.7 percent, while Germany, France, Italy, Sweden, Austria, and Finland remain below previous peaks. Finland experienced the steepest decline at 16.8 percent from its Q2 2022 peak and has returned to 2010 price levels, whereas Hungary posted the largest cumulative gain since 2010 at 308 percent, followed by Portugal at 186 percent and Czechia at 171 percent.
Capital Economics analysis of Q1 RICS survey sentiment across European commercial property markets, highlighting weakness in France and Germany alongside regional performance in Spain, Portugal, and Poland.
Analysis of Spain's growing appeal as a real estate investment destination among European markets.
Horwath HTL analysis examining the Spanish hotel sector's resilience, post-pandemic recovery trajectory, demand patterns, and institutional transaction activity in European hospitality markets.
CBRE market data figures on Spanish industrial and logistics real estate for Q1 2026.
CBRE market data figures for Spain's industrial and logistics sector in Q4 2025.
This document surveys the Catalan logistics real estate market in the first quarter of 2026, reporting record leasing activity of 238,575 square meters (up 61.6 percent versus Q1 2025), stable average rents of €6.40 per square meter per month rising 1.58 percent year-over-year, and a very low availability rate of 3.96 percent with future supply of 170,289 square meters concentrated in the second development ring. The market outlook reflects Spanish GDP growth projected at 2.3 percent in 2026 and notes that the Catalan logistics sector is well-positioned to absorb over 650,000 square meters of annual demand.
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.
BNP Paribas Real Estate's first-quarter 2026 Barcelona office market report documents total availability at 11.95%, with absorption of 72,312 square meters across 61 transactions and average rents at 19.45 euros per square meter monthly, rising 4.3% year-over-year. The report projects 2026 gross absorption of approximately 315,000 square meters with a 5% increase in contracting activity, against a Spanish GDP growth forecast of 2.3%.
JLL's European Retail City Profile for Barcelona, published in November 2025, presents market insights on the city's retail sector, including its position as the fourth largest retail market in Europe with annual sales expected to reach €39.0 billion in 2025 and an average metropolitan population of 6.0 million inhabitants. The document reports that Barcelona's disposable income per household averages €60,000 in 2025 (13% above the national average), retail sales are forecast to grow 3.3% annually from 2025 to 2029, the city attracted over 26 million visitors to its metropolitan area generating more than €10 billion in tourism spending, and premium shopping street Paseo de Gracia commanded the highest rents at €3,226 per square meter per year in Q3 2025.
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.
Portugal's commercial real estate investment market recorded €1.23 billion in total volume during the first half of 2025, representing a 69% increase compared to H1 2024, with retail emerging as the leading sector at €616 million followed by hospitality at €330 million. Cross-border capital dominated activity at 76% of Q2 2025 investment volume, with investors from Spain, France, and the United Kingdom remaining active, while capital from Germany and the United States has been absent from recent transactions due to broader macroeconomic pressures.
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.
This is a Q1 2025 market data report published by CBRE on March 31, 2025, presenting figures for the industrial and logistics sector in Catalonia and Barcelona, Spain.
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.
The Valencia industrial and logistics market faces acute supply scarcity with availability below 1%, addressed by a planned delivery of over 800,000 square meters of new space between late 2025 and 2026, of which 470,000 square meters are immediately available. The market demonstrates strong demand with absorption exceeding 400,000 square meters in the first nine months of 2025 (a 65% increase year-over-year), prime rents consolidating at 5.5 €/m²/month with asking prices reaching 5.65–5.75 €/m²/month in prime locations, and investment volumes in the Valencia region surpassing 100 million euros during 2025.
Valencia has consolidated its position as a preferred destination for institutional investors in the Living segment, with Build-to-Rent stock of 1,493 units currently held by institutional investors plus 1,385 additional units expected in coming years, while flex living has emerged as the highest-interest asset class due to high returns despite limited operations constrained by scarcity of large tertiary land with adequate public transport connectivity. The report identifies institutional investor interest as a strategic opportunity for urban regeneration and housing supply stabilization, though Valencia faces the challenge of enabling sufficient developable land to compete with other European capitals while addressing the fact that 95 percent of the city's housing stock was built before 2010.
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.
The Valencia office market report finds that prime buildings are expected to reach 100% occupancy in 2025, with current prime rents at €18.50 per square meter per month and new projects anticipated at €22–24 per square meter per month. Market availability stands below 4%, demand is driven by flexible workspace operators and technology companies, and approximately 35,000 square meters of new office supply is expected in strategic areas including the Marina zone, which has established itself as a new office hub.
Valencia's residential market faces structural tension with demand significantly outpacing supply, resulting in a 22.5% year-on-year price increase in 2025, while projections indicate the province of Valencia will need approximately 215,000 new homes by 2039 to accommodate household growth of 19.1% in the Valencian Community. New construction offerings are at historic lows due to limited buildable land and slow urban planning processes, with over 30% of new homes marketed in 2025 exceeding €500,000 and primarily targeting international buyers, while second-hand housing in neighborhoods like Ruzafa and El Carmen has become the main access route for local residents with an 11.3% price increase.
Valencia's hotel market expanded significantly between 2019 and 2025, with the number of operating hotels increasing 35% to 201 properties and total rooms growing 14% to exceed 10,000, while maintaining stable 76% occupancy driven primarily by international tourists (65.4% of 3.3 million overnight stays in the first eight months of 2025). Operating metrics show an ADR of 116 euros and RevPAR of 88 euros as of August 2025, with hotel investment reaching 136 million euros in 2024 and notable transactions including a 50 million euro acquisition of Hotel Exe Rey Don Jaime in 2025.
The document analyzes Valencia's logistics real estate market in first quarter 2026, reporting gross absorption of 152,188 square meters across 13 transactions, average rents of 4.57 €/m²/month (up 6.16% year-over-year), and a vacancy rate of 2.42% with 332,212 square meters of new supply expected within 12 months. The report notes that Spain's economy is projected to grow 2.3% in 2026 according to the Bank of Spain, with Valencia's total logistics park exceeding 5.5 million square meters and new developments following grade-A standards with sustainability certifications.
This is a first-quarter 2026 retail market report published by Colliers covering Madrid and Barcelona, Spain.
This is a data figures report published by CBRE on December 31, 2025, presenting fourth quarter 2025 market data for the multifamily residential sector in Barcelona, Spain.
Savills Spain has published Vision Valencia 2025, a real estate market analysis document covering all key indicators for the city. The report, presented by Ignacio Olivas, Director of Savills Valencia, indicates the city is entering a phase of reaffirmation and leadership while on track to reach record real estate investment figures this year, with analysis across residential, office, industrial-logistics, retail, hotels, and alternative segments.
This is a market snapshot report published by Colliers on December 31, 2025, covering the logistics sector in Valencia, Spain during the fourth quarter of 2025.
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 is a market data report published by CBRE on December 31, 2025, presenting figures for real estate investment in Barcelona, Spain during the fourth quarter of 2025, covering the capital markets and office sectors.
This is a full-year market report on hotel investment activity in Barcelona, Spain, published by Colliers at the end of 2025. The report covers the hospitality sector in this European geography.
BNP Paribas Real Estate's fourth quarter 2025 market report on Valencia's office sector documents total contracting of 51,489 square meters (down 24.9% year-on-year), average rents of €13.44 per square meter per month (up 3.8% annually), and a global availability rate of 2.36% as of January 2026, with demand shifting away from prime zones (9% share, 0.35% availability) toward decentralized areas (37% share) and periphery (33% share). The report projects approximately 100,000 square meters of high-quality prime office space will be delivered over the next three years to address supply constraints, against a favorable macroeconomic backdrop with forecasted GDP growth of 3% in 2025 and 2.5% in 2026.
Valencia's logistics market recorded 162,729 square meters of contracting in Q4 2025, representing a 43.5% increase year-over-year, with annual cumulative contracting reaching 594,681 square meters. Prime rental rates stood at 5.85 €/m²/month and average rates at 4.57 €/m²/month (both up approximately 6% year-over-year), while total stock expanded to 5.5 million square meters with 462,470 square meters under construction expected to enter the market in 2026.
This is a market data report published by CBRE on December 31, 2025 presenting fourth quarter 2025 figures for the industrial and logistics sector in Barcelona, Spain.
Barcelona's office market recorded approximately 120,000 square meters of contracted space in the third quarter of 2025, positioning it to reach 350,000 square meters annually, with vacancy declining to 10.65% and average rents reaching a historic peak of 19.80 euros per square meter per month. Large-scale transactions exceeding 5,000 square meters represented 5.4% of demand, flex operators expanded to comprise 10.6% of total absorption, and investment volume reached approximately 580 million euros, with the Prime CBD yield remaining stable at 4.75%.
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.
This JLL report analyzes Barcelona's office market in Q2 2025, covering leasing activity that reached 152,932 sq.m. in the first half of the year—11% below the prior year but 30% above the previous quarter—with the 22@ district accounting for 38% of demand and major tenants including Deloitte (14,100 sq.m.), AstraZeneca (5,403 sq.m.), and CrowdStrike (5,027 sq.m.). The document notes that 66% of investment deals in the first half were Core and Core+ assets, reflecting investor preference for prime well-located properties.
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.
During the second quarter of 2025, Barcelona's office market recorded approximately 95,600 square meters of lettings, representing a 66% increase from the first quarter and a 40% year-on-year rise, with notable transactions including Deloitte's 14,100 square meter lease in the Centro Ciudad zone and the Barcelona municipal government's 8,400 square meter agreement in the 22@ district. The average rent across the market reached 18.35 euros per square meter per month, a 3% increase from the previous quarter, while the availability rate declined to 11.67% due to strong absorption and the absence of major new supply additions to the market.
This is a market data report published by CBRE on June 30, 2025, presenting office sector figures for the second quarter of 2025 in Barcelona, Spain.
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.