Investment in retail parks reached €415 million in Spain during the first five months of 2026, a figure that is 34% higher than the €309.41 million recorded for the whole of 2025 and stands at 50% above the annual average for the last seven full financial years, according to data from JLL.
This growth is also reflected in the format’s share of the retail market. Up to May, retail parks accounted for 25% of the total transaction value in this segment, compared with 13% the previous year, representing the second-highest proportion in the historical series, second only to 2023.
Between 2025 and the first few months of 2026, Spain has recorded transactions involving these assets totalling around €725 million. Notable transactions in the last financial year included the sales of Abadía in Toledo; Nexum in Fuenlabrada; and Almenara in Lorca, while this year has seen the completion of the acquisition of Imaginalia in Albacete and a portfolio of nine retail parks spread across various locations throughout the country.
The upturn in Spain is taking place against a European backdrop of increased investment activity in this type of asset. In 2025, the volume of investment in retail parks across Europe stood at around €6.5 billion, with the United Kingdom as the leading market, accounting for 31% of the total. For 2026, JLL forecasts that demand will remain high, driven by institutional investors seeking to incorporate this asset class into their portfolios.
Spain still has room for growth compared to more mature markets, such as the UK or Germany, although a shortage of available properties is limiting the number of transactions. Institutional capital is focused on large-scale retail parks that hold a dominant position within their catchment area and have a single-owner structure – a rare combination that puts pressure on yields and intensifies competition for the highest-quality assets.
Augusto Lobo, Head of Retail Capital Markets at JLL Iberia, pointed out that retail parks have become one of the most dynamic asset classes in the Spanish retail sector and that interest from institutional investors is driving a phase of greater professionalisation, specialisation and competition. “Value creation will be increasingly linked to the ability to access distinctive opportunities, develop efficient management strategies and execute transactions swiftly and rigorously”, he stated.
Despite the lack of available stock, the planned development means this format will remain the main focus: 90% of the new retail space planned for retail parks in Spain in 2026 and 2027 will be retail parks.
