The first quarter of 2025 confirmed the dynamism of the tertiary sector in Spain, with total real estate investment reaching €3.001 billion, 7.9% more than the same period in 2024, according to BNP Paribas Real Estate. This growth has occurred in a relatively stable economic context, with GDP forecast at 2.7% for the year.
Among the business segments, retail leads investment with €1.053 billion, representing a 26.6% year-over-year increase. Shopping centers have established themselves as the star assets, representing 62.3% of the total retail sector volume. Notable transactions include the acquisition of the Bonaire shopping center in Valencia and Alcalá Magna in Madrid, reinforcing these assets’ attractiveness in key locations.
On the other hand, although with a more subdued volume (€165 million in Madrid and Barcelona), the office segment is beginning to recover. While investment has decreased by 22% compared to the first quarter of 2024, a renewed interest from institutional funds is perceived, which could translate into greater dynamism in the coming months.
In general, the tertiary sector remains a strategic focus for investment, especially in transactions under €50 million, which have seen a 63% increase compared to the previous year. This trend reflects a determined commitment by medium-to-high-profile investors to assets with appreciation potential.
At Urbemar, we are closely monitoring this development and are convinced that specialized management and value creation are key to taking advantage of the opportunities offered by an increasingly competitive and diversified market.
