The Spanish retail market closed the first quarter of 2026 with an investment volume of €1.345 billion in shopping centres and retail parks, representing a 61% increase year-on-year and the strongest start to a year since 2015. Against a backdrop of slowing global real estate investment, Spain is consolidating its position as one of the preferred destinations for European institutional capital.

While global retail investment volumes continue to decline due to geopolitical uncertainty and reduced capital availability, Spain stands out for recording the strongest quarter of the past decade. The market has grown by 185% over the last two years, making it one of the few European markets showing clearly positive momentum in 2026.

This investment appeal is underpinned by several structural factors, including the strong performance of the Spanish economy, resilient consumer spending, relative stability compared with other European markets, and a yield premium over countries such as France and Germany. In addition, the disposal of assets by major international owners is creating new entry opportunities for institutional investors. Capital rotation is particularly focused on prime assets and grocery-anchored retail parks with long-term operators.

Underlying operational fundamentals also continue to support investor interest. Although footfall remains slightly below pre-pandemic levels, retail sales have increased by 26% compared with 2019, reflecting a more efficient consumer profile and higher spending per visit. Food retail, health and beauty, sports, and essential goods operators are delivering the strongest performance, while electronics and mid-market fashion continue to face pressure.

Physical retail continues to evolve alongside the growth of e-commerce. The market is increasingly focused on transforming asset uses, reducing space allocated to traditional fashion retailers and hypermarkets while expanding areas dedicated to food & beverage, leisure, wellness, and services. This shift is also driving the repositioning of former anchor units and the expansion of omnichannel models such as click-and-collect.

New development remains limited, and investment activity is primarily concentrated on repositioning existing assets. Most capital is being directed towards upgrading food courts, leisure areas, and shopping galleries, with the aim of increasing rents, reducing vacancy rates, and extending visitor dwell time.

At the same time, the sector is moving towards more flexible leasing structures and increasingly data-driven management models. Active asset management is becoming one of the key drivers of value creation within the Spanish retail real estate market.

At CG Capital Europe, we work hand in hand with international funds, institutional investors, and corporates to identify, structure, and execute real estate investment opportunities across all asset classes in Spain including retail, logistics, offices, living and hospitality. With privileged access to global capital, deep market insight, and a proven track record in complex transactions, we deliver strategic advisory services that enhance value creation and investment performance. Spain’s solid market fundamentals, together with investors’ growing appetite for prime and sustainable assets, continue to drive strong momentum in the sector, positioning CG Capital Europe as a trusted partner for those seeking to capture the most attractive opportunities in one of Europe’s most dynamic real estate markets.

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