Retail, market data - Figures fourth quarter 2025 Spain

The Spanish retail market closed 2025 with solid performance driven by positive private consumption figures, the consolidation of international tourism, and growing investor interest in quality assets. Despite the shortage of available space in major cities, which has led to a general decline in the number of rental transactions in the main commercial hubs of cities, the fundamentals of the sector continue to strengthen its position among the most attractive asset classes in the market.

 

High Street: maximum occupancy and new increases in rents

 

During the last quarter of 2025, the Spanish High Street consolidated the positive trend observed throughout the year. International tourism – which grew by 5% year-on-year cumulative – continued to boost commercial activity in the main hubs of Madrid and Barcelona, where occupancy reached almost historic levels. Availability stands at just 2% of the stock in Madrid and 4.3% in Barcelona, reflecting the intense competition for premises in prime areas.

 

This shortage explains the 24% drop in transactional activity nationwide and the quarterly decline of 14% in Madrid and 23% in Barcelona, but it also underpins the growth in prime rents, which have set new highs since 2019. For the year as a whole, High Street's prime rent rose between 5% and 7%, reaching €245/sqm/month in Madrid and €235/sqm/month in Barcelona. Prime yield compresses to 3.75%, 25 basis points below the 2024 closing level.

 

In sectoral terms, fashion, accessories, beauty and catering continue to lead the demand, confirming their role as engines of attraction for the country's main commercial arteries.

 

Shopping Centres: five consecutive years of operational improvement

 

The Shopping Centres segment closed 2025 reinforcing a continued growth trend, with sales and footfall accumulating five years of annual increases. Footfall improved by 4.2% and sales increased by another 4.2% for the year as a whole, with a particularly favourable performance in fashion (+6.4%), home (+5.2%) and specialty retail (+4.5%).

 

The average occupancy was around 95%, driven by high rental activity concentrated in restaurants (31% of new openings), followed by fashion (18%) and specialty retail (17%). Prime rents remained stable at around €50/m²/month, reflecting a balanced market where demand continues to outstrip available supply. Prime shopping centre yields adjusted to 6.50%, with a compression of 50 basis points compared to the end of 2024.

 

Retail Investment: moderate growth and strong leadership of shopping centres

 

Retail consolidated for the second consecutive year as one of the three main asset classes by investment volume in Spain, along with Living and Hotels. In 2025, investment exceeded 2.8 billion euros, with a growth of 1.8% year-on-year and a share of 15% of the total real estate market.

 

Shopping centres accounted for around 65% of the investment, exceeding 1.7 billion euros, driven by relevant operations and the growing attention of funds focused on added value and repositioning. The High Street accounted for 12%, benefiting from an increase in interest from private investors and the stabilizing environment of yields. Retail Parks and food together totalled more than 480 million euros, remaining complementary segments with a stable performance.

 

Prime yields remained at attractive levels for institutional capital: 3.75% in High Street and 6.50% in shopping centres, both at compression levels compared to the previous year, reflecting the strong investor appetite and the perception of stability in the sector's fundamentals.

 

2026 Outlook: A competitive, resilient market with room for growth

 

Retail faces 2026 as a competitive and dynamic sector, marked by active demand, limited supply in the main locations and growing international interest. The solid performance of consumption, tourism at record highs and stable yields anticipate a year of consolidation for High Street and Shopping Centres, with the possibility of further upward pressure on rents and selective opportunities for investors in prime assets and centres with repositioning potential.