Investment in retail parks hit €415 million in Spain during the first five months of 2026, a jump of 34% over the €309.41 million recorded for the whole of 2025. The amount also sits 50% above the seven‑year average, according to the latest JLL data.
Up to May, the format accounted for a quarter of the total transaction value in the sector, versus 13% a year earlier. That share marks the second‑largest proportion on record, trailing only the peak seen in 2023.
Total deal flow involving these assets reached roughly €725 million from 2025 through early 2026. The pace reflects both renewed buyer confidence and a limited pool of available sites, which together tighten competition for prime locations.
Notable sales in the last financial year included the Abadía complex in Toledo, the Nexum site in Fuenlabrada, and the Almenara property in Lorca. This year’s headline deals feature the purchase of Imaginalia in Albacete and a nine‑site portfolio spread across several regions.
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Across Europe, investment in the same asset class totaled about €6.5 billion in 2025, with the United Kingdom leading at 31% of the market. JLL projects demand to stay strong in 2026, driven by institutional funds that view the format as a stable addition to diversified portfolios.
Spain still has room to grow compared with mature markets such as the UK or Germany. However, a scarcity of free‑standing sites limits the number of transactions, pushing investors toward large‑scale, single‑owner projects that dominate their local catchments.
Institutional capital is gravitating toward assets that combine size, dominance in a catchment area, and sole‑owner structure—an uncommon mix that squeezes yields and fuels fierce bidding for top‑quality locations.
Augusto Lobo, head of Retail Capital Markets at JLL Iberia, said the format has become one of the most dynamic segments in the Spanish retail sector. “Value creation will be increasingly linked to the ability to access distinctive opportunities, develop efficient management strategies and execute transactions swiftly and rigorously,” he explained.
Roughly 90% of new retail space slated for construction in 2026‑27 is earmarked for this type of development, indicating developers are betting on continued demand.
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The limited supply could temper future growth. If investors keep chasing the few available high‑quality sites, price competition may rise, potentially compressing returns for newcomers.
Developers plan to roll out new centers that match the dominant‑position criteria, aiming to lock in long‑term tenancy from anchor retailers. The focus on single‑owner structures may also attract more fund‑level participants seeking predictable cash flows.
The sector’s resilience aligns with consumer preferences for convenience and automotive access, traits that have kept the format attractive despite shifts toward e‑commerce.
Overall, the Spanish market appears set to maintain its accelerated pace, provided the pipeline can overcome the current shortage of suitable parcels.
