The retail investment market in Spain closed the first quarter of 2026 with a transaction volume exceeding €1.5 billion, marking the best start to a financial year in the last five years. This figure represents a 60% increase compared to the same period last year, underpinned by solid operational fundamentals and an occupancy rate that has already reached 95.5% of gross lettable area, according to data from Cushman & Wakefield.
The sector’s dynamism is further underpinned by positive trends in consumer spending, with a 7.1% rise in sales and a 7.6% increase in visitor numbers to shopping centres.
Shopping centres and retail parks remain the primary focus of investor interest, accounting for over 75% of the total capital deployed during the quarter. Among the most notable transactions is the acquisition of the Islazul shopping centre in Madrid, which exceeded €300 million, alongside significant moves by Castellana Properties and the sale of the San Miguel Market in the capital. Meanwhile, the High Street segment continues to see activity, with sustained growth in capital values in prime locations.
Revenue growth was led by the leisure sector, which saw a 33.1% increase, driven mainly by a sharp rise in cinema attendance (+76%) – boosted by a particularly attractive line-up – and a 65% rise in the number of cinema-goers. Next, fashion also stands out with growth of 9.2%, showing positive performance across all its sub-sectors, including traditionally more volatile categories such as lingerie, which recorded an increase of 6.6%. The food and beverage segment also maintained positive growth, rising by 7.7%, while the sports sector continued its sustained growth trend, up by 2.3%. These figures reflect operators’ ability to adapt and the role of shopping centres as experiential spaces, reinforcing the appeal of retail as a property asset compared to other market sectors.
Out-of-town retail parks recorded a 4% increase in sales. By category, fashion is once again above the average (+6.1%), while the home segment maintains more moderate growth (+2.7%), following the strong performance seen in previous years.
In Spain, Cushman & Wakefield manages and/or markets 35 shopping centres and retail parks with a total floor area of 1.6 million sqm, attracting 140 million visitors annually and generating sales of €1.5 billion.
