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112 // iberian.propery / 2017
dossier// ISSUE: TOP IBERIAN cities
RETAIL
High street retail
Demand
: remains high, with prime locations in the
city of Malaga featuring in the top 5 expansion plans
of the principal national and international retailers
operating in Spain.
Supply
: in the prime zone, namely calle Marqués de
Larios, Plaza de la Constitucíon, calle Nueva and the
beginning of calle Granada, the available supply is
insufficient to satisfy demand, especially for spaces
above 300 m².
Rents
: on an upward trajectory, with values practised
in the prime zones on a par with some locations in
Madrid and Barcelona.
Shopping Centres:
Demand
: recovering, with the average take-up of the
portfolio managed by CBRE evolving from 89.6% in
2014 to 93.9% in 2016.
Supply
: development of new supply is resuming: in
2016 a new shopping centre was inaugurated in the
region, the Nevada – Armilla, injecting 120.000 m²
of new GLA in Granada; and, until 2019 the new Intu
Costa Del Sol will open in Torremolinos, measuring
175.000 m² and developed by Intu in partnership
with Eurofund. Another opening expected in the next
couple of years is the McArthur Glen Designer Outlet
Malaga, developed by Sonae Sierra.
HOTELS
In the city of Malaga, the hotel sector has been recording extremely
solid indicators and prospects for the future are quite encouraging,
given that this is one of the principal tourist destinations in Spain.
Supply:
there has been little increase in stock in
recent years.
Demand
: meanwhile, Malaga has been consolidating
its position as a tourist destination, not only due to
the increase in tourists for leisure (driven greatly by
the municipality’s efforts to improve and expand the
cultural offer) but also due to the rise in demand in
the events and conferences segment.
36
%
Performance
: in 2016, the number of overnights was
36% higher than those registered in 2011, with the city
registering occupancy levels and average room prices
above those attained in the previous market peak.
INDUSTRIAL & LOGISTICS
Demand
: evolving positively since 2015, demand
should continue to increase throughout upcoming
months, along with a growth in demand for spaces
measuring 5.000 m² or more.
Supply
: the existing stock is predominantly obsolete
and there is a lack of quality warehouses, generating
some sites of new development.
Rents
: expected to rise over the next years, both
for built warehouses and turnkey product, in a
momentum sustained by growing demand.
Cañada Homes, Marbella (@Neinor Homes)