This is the main conclusion reached by the report «Food & Beverage» which was published by real estate consultant Cushman & Wakefield. The new openings are concentrated in the Community of Madrid (30%), Catalonia (17%), the Valencian Community (13%) and Andalusia (11%), and are mainly located at street level with areas between 200 m2 and 400 m2.
According to the consultant, the new context for the development of consumption and experiencing of the catering sector have boosted a greater demand for spaces dedicated to the Food&Beverage (F&B) segment, and it has become evident that organized catering operators are bidding for places in city centres which traditionally have been taken over by fashion and retail companies.
Ignacio Acha, director for Retail High Streets at Cushman & Wakefield, considers that «the Food & Beverage market has evolved, improved and created new trends» and reminds that «it is our duty as advisers not only to evolve at the same rate, but also to anticipate change».
In 2017, Spain saw its fourth consecutive year of increase in openings of new restaurants, with a growth rhythm of 7% yoy, according to data from the consultant. The report highlights that, between 2013 and 2017, Spain registered more than 4.500 openings..
According to data from Cushman & Wakefield, the most common area for catering businesses ranges between 200 m2 and 400 m2 and it stresses that the offer is very restricted for areas larger than 400 m2. The report detected a great interest for places larger than 600 m2 and points out that the rents have increased 40% in the last three years. This translates into an increase in profitability of the catering businesses, which varies between 3,55% and 5%, depending on the building, the area where it’s located and type of operator.