Retail, market data - Figures third quarter 2026 Spain

Spain’s retail market continues to perform strongly in 2026, supported by resilient consumer spending, active demand for retail space and very limited availability in the most sought-after assets and locations.

In High Street, limited supply continues to constrain activity. Vacancy rates stand at just 1% in Madrid and 3.6% in Barcelona. In the year to September, leasing transactions fell by 9% in Madrid, while Barcelona recorded growth of 22%. International brands continue to lead store openings, accounting for 52% of the total, although domestic retailers have increased their share to 48%.

Strong demand against a backdrop of limited supply continues to drive prime rental growth. Prime rents now average €250/sq m/month, up 6.4% year-on-year, while prime yields remain stable at 3.75%. Fashion, speciality retail and sports account for close to 80% of recorded store openings.

Shopping centres maintain their momentum

Shopping centres continue the positive trend seen in recent years. In the year to September, sales rose by 6.2% year-on-year and footfall increased by 3.9%, while occupancy reached 96.7%. Leisure was the strongest-performing category, with sales growth of 20.9%, followed by fashion and speciality retail, both up 7.8%.

Strong operating performance continues to underpin demand for space, particularly in the most dominant centres and in assets that have invested in refurbishment and an enhanced customer experience. Limited availability is also keeping prime rents at elevated levels.

Investment exceeds €2.4 billion

Retail investment exceeded €2.4 billion in the year to September, making it Spain’s third-largest real estate sector by investment volume, behind only Living and Hotels.

Shopping centres led investment activity, attracting more than €1.3 billion and accounting for over half of the total volume, followed by retail parks at close to €550 million. High Street investment exceeded €380 million, while grocery retail attracted around €170 million.

The outlook for the remainder of the year remains positive, supported by strong demand for high-quality assets. Prime yields stand at 3.75% for High Street, 6% for shopping centres and 6.5% for retail parks, with competition for the best assets remaining strong.