The education sector is gaining ground within the Spanish property market. Take-up linked to higher education spaces stands at around 50,000 sqm in Madrid and Barcelona, while the number of transactions exceeds 20 per year, according to the report compiled by Cushman & Wakefield.
This trend marks a significant shift from 2020, when just six transactions were recorded. Since then, activity has quadrupled, driven by growing demand, the internationalisation of universities and the digitalisation of education.
The report notes that the higher education sector is transforming both its academic model and the associated property market. In the 2022–2023 academic year, Spanish universities awarded more than 350,000 undergraduate and master’s degrees, in addition to nearly 12,000 PhDs. Private universities now accounted for more than 52% of master’s graduates, against a backdrop of greater specialisation and closer links to the labour market.
Internationalisation is another factor behind this trend. In the 2023–2024 academic year, Spain welcomed around 159,000 international students, double the number of a decade ago. However, the report warns that the country still needs to increase long-term enrolment, as the majority of these students participate in temporary programmes such as Erasmus, with Spain accounting for 14% of the grants awarded in Europe.
This context is having a direct impact on demand for space. The isolated campus model is evolving towards more open urban ecosystems, connected to businesses and research centres. Furthermore, the education sector requires large spaces, averaging over 3,000 sqm, making it the segment with the largest average lease size within the office market, ahead of the public and pharmaceutical sectors.
Location is also changing. According to Cushman & Wakefield, education providers show a greater preference for locations outside financial districts, where they prioritise accessibility and cost over centrality. This trend is favouring the occupation of buildings with repositioning potential, although the most elite training centres may continue to opt for distinctive locations.
The transformation of university campuses is also driving the development of innovation hubs and specialist laboratories. Projects such as the Madrid Science & Innovation District (MASID) and the Barcelona Science & Innovation District (BASID) account for more than 137,000 sqm dedicated to R&D, as part of a trend that brings together universities, business and technological innovation.
Investor interest in this sector is concentrated mainly in Madrid and Barcelona, which account for over 60% of investment in university infrastructure. The report highlights in particular assets linked to life sciences, technology hubs and spaces for start-ups. This trend is further driven by the role of SOCIMIs, international funds and public-private partnerships.
Outside the two main markets, cities such as Valencia, Bilbao, Seville and Malaga are becoming increasingly attractive as university and technology hubs, supported by academic specialisation, collaboration with businesses and the development of science parks. This trend creates new opportunities for investment and geographical diversification.
Looking ahead to the coming years, the sector faces challenges linked to demographic trends, international competition for talent and the digitalisation of education. The report also links growth opportunities to the modernisation of infrastructure, ESG criteria and the development of student accommodation, a segment with structurally rising demand.
“The education sector is establishing itself as a key driver of urban and economic transformation in Spain. In recent years, we have seen very significant growth in its property activity, driven by internationalisation, digitalisation and the need for more flexible spaces adapted to new learning models. All of this translates into an ever-increasing impact on the market and clear potential for growth in the medium and long term,” said Alfredo Collar, partner and director of the Office Agency at Cushman & Wakefield.
