Worldview: Spain


In 2020, Spain experienced a historic drop in GDP, but it has since rebounded and is now looking at 4.4 percent growth this year, according to CBRE’s Real Estate Market Outlook. Real estate investment in the country is expected to reach upward of $14.6 billion. The report also notes that “an earlier recovery of the tourism industry and swift distribution of the European Recovery Fund Programme could lead to a stronger recovery.”

Looking at property sectors in Spain, logistics assets remain the darling of investors, followed closely by multifamily. As seen in the U.S. and in many other markets, the rise of e-commerce in 2020 created high demand for warehouse and other supply chain assets. Additionally, adaptive reuse of former factories and other blighted properties provides much-needed opportunities as buildable land is at a premium. 

Conversely, hospitality and retail continue to struggle, with bank financing difficult to secure. As a result, refinancing and restructuring activity will be on the rise.

In office, rising vacancies will force rents to decline. CBRE’s report points out that “the office market is growing increasingly polarized on both occupier and investor sides. The gap between the highest-quality properties and the rest will widen further.”

Infographic data courtesy of Real Capital Analytics

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Summer 2021 Cover


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