The shopping center and retail park sector in Spain experienced significant growth in 2024, consolidating its position as one of the main areas for real estate investment. According to the Sector Observatory report prepared by PwC and Apresco, sales in the sector grew by 5.9% in the fourth quarter, accumulating fifteen consecutive quarters of growth and closing the year with a 5.4% increase in total sales. This growth exceeded pre-pandemic levels and was above the average price increase of 2.8% in 2024.
Due to the impact of the DANA, the sector performed very positively, except for the Valencian Community. Retail parks saw the most growth, with a 5.6% increase compared to 2023, while shopping centers, both large and small, experienced growth of 5.2%.
The product categories that saw the most significant sales growth were Home, DIY, and Electronics (+12.1%), followed by Leisure and Entertainment (+7.4%), Fashion (+4.6%), and Restaurants (+4.9%). Furthermore, the sector’s occupancy rate closed the year at a solid 95%, the highest level in the historical series, reflecting the continued attractiveness of these assets for investors and consumers.
Real estate investment in Spain reached €14 billion in 2024, a 20% increase over the previous year. The retail sector accounted for 20% of this investment, ranking third in the market after the hotel and residential sectors. Investment in shopping centers amounted to €1.03 billion, a tenfold increase over 2023, while investment in retail parks reached €250 million.
The outlook for 2025 remains optimistic, with a highly dynamic investment market and the entry of new players and private capital. Lower interest rates and moderate inflation reinforce the strength of the retail sector as a key player in the Spanish real estate market.
With this real estate investment outlook, Urbemar continues to lead the way in asset management for the tertiary sector, guaranteeing value and stability for our clients in Madrid and the Costa del Sol.
