You set up the Deloitte Spain real estate team in 2006. What is the greatest change you have seen in the industry since then, and what is the most valuable lesson you have learned?

The greatest transformation in the real estate sector has been the separation of ownership from management. It was investment vehicles that helped get the industry back on track after the global financial crisis, vehicles in which managers acted as “trustees” of the capital injected into them, primarily by institutional investors. This was the precursor of a seismic shift in the real estate landscape towards greater professionalisation and a higher level of sophistication in terms of financing – and real estate – options.

Another profound change is how interconnected the industry has become with societal behaviour, and how changes in the way people live, work and consume are having a direct impact across the whole asset class spectrum.

Deloitte has identified six major trends affecting every sector, such as the increase in tourism and an ageing population. Can you outline these trends and how they are set to impact the real estate sector?

The six key trends are Ageing and Demographics, Tourism, Flexibility and Pay-per-Use, Affordable Housing, the Digital Economy and ESG. Each of these trends is dramatically changing the face of the real estate sector in terms of its economy.

I would particularly highlight the tremendous impact that the ageing population and the wider demographic challenge will have on the real estate sector.

Flexibility and pay-per-use is another major trend. Just as we have seen in other industries, consumer behaviour is changing and shifting towards a model focused more on use rather than on underlying market trends. As a result, the real estate sector must deliver specialist, value-add services, a shift that is causing deals to become increasingly complex and demanding.

The question surrounding access to housing has been pushed to the top of the agenda, especially since the new Housing Act was passed. What is the biggest challenge in this area? How will the more traditional concepts of housing be impacted by the rise of new alternatives, such as co-living and senior housing?

The housing market is currently facing a perfect storm of limited supply and rising demand in areas of high economic growth, which is driving prices up. To prevent a structural imbalance, we need a comprehensive strategy for building new homes, refurbishing existing properties and a focus on effective public-private partnerships.  

What’s more, the growing number of single-person households, rising at an annual rate of 26%, is sparking the need for a greater variety of housing and accommodation solutions, presenting a major opportunity for new forms of investment.

The real estate sector is no longer a standalone industry, but increasingly interconnected with other sectors. What are the implications for the wider economy?

Given the major trends discussed earlier, the real estate sector is not only directly connected with the broader economy, but it is also central to it.

New investment opportunities are emerging that focus on more specialised, operational areas, requiring the development of platforms more aligned with traditional private equity than pure real estate.

Digitalisation and Artificial Intelligence are reshaping the entire economy, driving growth of new asset classes such as Data Centres which have highly specialist investment fundamentals that differ from traditional real estate investment. Spain now has a unique opportunity to develop these assets and position itself as a leader in this space.

What do you think is in store for the M&A market over the coming months? Can we speak of a consolidation of the real estate sector?

The prospect of future interest rates cuts has boosted investor sentiment for 2025, although there is still a certain degree of caution given the need to deal with upcoming maturities.

As of May, deals across global real estate investment markets had dipped 17% year on year. 2024 may have become the low point in terms of commercial real estate investment, but the flip side is that adjustments in valuations look set to be smaller this year.

Nevertheless, activity levels are already on the up and I think we will see a rise in M&A activity over the next 12 months given the growing need among value-add investors who entered the market five years to close deals.

As a lecturer at IE, what skills and values are your non-negotiables for future talent?

Talent is all about preparation and having the right mindset. Curiosity is key for learning and understanding, but more than understanding the what, it’s about asking why? and what for? In real estate it’s also vital to have an understanding of macroeconomy, capital markets, real estate deals, as well as a good grasp of the geopolitical landscape. To truly excel in real estate, it’s important to understand in what context and why decisions are made, and to have real sector-specific insights.

What does CBRE bring to the real estate sector? What do you value most about the company?

Throughout the course of its 50 years in Spain, CBRE has been the leader in real estate consultancy services, going from a traditional property consultant to one that offers a full suite of services, covering all aspects of the real estate investment and management value chain.

If I had to pick out one quality of CBRE as a market leader, it would be its ability to detect and develop new trends in the real estate sector, and the leading role it has played in the industry’s transformation over the last ten years.

My personal experience of working with CBRE could not have been better, always working with the highest level of professionals who are experts in their fields.

CBRE was also exemplary during my time as Chair of ULI Spain, offering their active and continued support for the implementation of the Institute’s growth plan.

What was it about this sector that first attracted you to it and that has led you dedicate so many years of your life to it? How has working in real estate helped you in your personal and professional life?

With a career that has spanned 29 years, I have dedicated more than 18 to the real estate sector due to its impact on the economy and on capital markets. It has been an absolute privilege to form a part of key periods in our sector’s history and actively witness its restructuring and transformation.

Another aspect that I love about the real estate sector is that it’s people – whether it’s owners or investors – that are making these important decisions and it is key to understand where they’re coming from and what their end-goal is. There is a great sociological component to the sector. And the greatest gift that the sector has given me, is the opportunity to work with the best of the best, both on a professional and personal level, and I am lucky enough to have made some great friendships along the way.