Commercial assets are set for a record year thanks to the return of institutional investors. From January to September, the transaction volume has exceeded €1.9 billion, with an additional €78 million expected.

Retail investment on the rise. The retail segment continues to show strong activity in 2025, with projections suggesting it will surpass €2.7 billion, a record level not seen since 2019. So far, by September, direct investment in real estate assets dedicated to the retail sector has reached €1.919 billion.

In terms of buyer profile, the Coreinvestment strategy has consolidated this year, with Socimis(Spanish REITs) currently leading the market, accounting for 41% of total transaction volume. They are followed by new players such as French SCPIs and Anglo-Saxon funds. Meanwhile, private investment is becoming more sophisticated, using vehicles to invest in shopping centers, and institutional investors are returning to retail spaces.

Shopping centers are the most sought-after commercial asset type, capturing 57% of total investment (€1.08 billion), in line with the trend that began last year and reaching levels unseen since before the pandemic. They are followed by high street retail properties at 24% (over 15% higher than in 2024 and expected to close at €800 million), supermarkets (10%), and medium-sized retail parks (9%).

Among the major shopping centers transacted in 2025 are Parque Corredor and Alcalá Magna in Madrid, Espacio Mediterráneo, Txigundi, and Las Huertas.

In terms of supply, the retail segment is entering a new and decisive phase of transformation, driven by confidence in an updated experiential and shopping model. As of September, 17% of the gross leasable area (GLA) corresponds to properties opened or refurbished within the last decade, reflecting the sector’s shift toward renovation to meet current consumer demands and sustainability criteria.

Thus, 83% of Spain’s retail stock is over ten years old, highlighting the need for modernization. Examples include Parque Corredor (Torrejón de Ardoz), Sexta Avenida (Madrid), and H2Ocio (Rivas Vaciamadrid), all located in the Madrid region, which accounts for 25% of the country’s renewed retail space.

Regarding new traditional retail stock, the first nine months of 2025 saw the addition of 113,000 square meters of new space, with forecasts for another 145,000 square meters before year-end, plus 25,000 square meters in expansions. Currently, Spain has 18.2 million square meters of GLA distributed across 685 retail properties.

At CG Capital Europe, we work closely with international funds, institutional investors, and corporations to identify, structure, and execute real estate investment opportunities across all asset classes in Spain, including retail properties, office, residential, hospitality and logistics. With privileged access to global capital, deep market knowledge, and a proven track record in complex transactions, we provide strategic advisory services that enhance value creation and investment performance. The strong fundamentals of the Spanish market continue to drive robust sector dynamics, 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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