Retail market data - Figures first quarter 2025 Spain

The High Street market in Spain is currently characterized by robust demand from national and international brands interested in establishing themselves in the country's most important commercial arteries. However, the first quarter of 2025 has seen a slight slowdown in transactional leasing activity, with an overall decline of 51% compared to the same period last year. This drop is mainly attributed to availability levels, which have reached historic lows over the past five years. 

The rental market in shopping centers continues to show considerable dynamism, especially in those centers with better performance. Thus, the average occupancy of the centers has increased to 93%, recovering the levels reached in 2021. 

In the first three months of 2025, shopping centers have shown a continuation of the sustained growth in sales and inflows observed in 2024. During this period, sales have increased by 1.1% compared to the same period of the previous year, while inflows have experienced a more significant increase of 2.3%. The growth in sales is particularly notable in the dominant regional shopping centers, Retail Parks and those with a greater leisure component in their retail offering.

Investment interest in the Retail sector remains strong in 2025, evidenced by an accumulated investment of 982 million euros in the first three months of the year, representing an increase of 54% compared to the same period last year. In addition, Retail has positioned itself as the second type of asset that has attracted the most investment in Q1 2025, accounting for 30% of real estate investment in Spain, second only to the living sector.