Credit: GRI InstituteGRI Report Reveals What’s Next in Spain’s Commercial Real Estate
Discover the key takeaways across Spain’s top CRE sectors: hospitality, retail, logistics, and data centres
July 15, 2025Real Estate
Written by Jorge Aguinaga
Spain’s commercial real estate market is navigating a moment of recalibration. Across hospitality, retail, logistics, and data centres, the prevailing sentiment at España GRI 2025 was clear: performance is no longer defined by asset class alone, but by strategic clarity, operational delivery, and responsiveness to new risks.
The GRI Institute’s latest report captures the pulse of this evolving landscape, as revealed through strategic, in-depth conversations among leading investors, developers, and operators.
(GRI Institute)
Hospitality
Hospitality continues to stand out as a top performer, with the rebound in international travel and durability of domestic demand solidifying investor interest, especially in branded and upscale formats.
However, discussions revealed a bifurcation: while luxury hotels command attention in tier-one cities, mid-market lifestyle and extended-stay concepts are gaining traction in tier-two destinations like Valencia and Seville.
Retail
Retail, too, is at a turning point. While macro resilience and tourism buoy core markets, investors cautioned that fundamentals alone are not enough. There was widespread agreement that today’s winners are not defined by high-street postcodes, but by tenant alignment, omnichannel integration, and adaptive repositioning.
Logistics
In logistics, the focus is shifting from prime yield compression to operational viability. As one attendee noted, “paying for the privilege” of owning a core asset is no longer a given.
Instead, value-add strategies centred on ESG upgrades, tenant-specific refurbishments, and BTS developments in alternative locations are gaining momentum.
Data Centres
Perhaps the most dynamic momentum lies in the data centre space. Spain’s digital infrastructure ambitions are being taken seriously, with Madrid leading the way.
While power supply and permitting remain bottlenecks, a new class of tech-savvy investors is entering the fold, redefining the sector’s identity from real estate play to infrastructure backbone.
Looking Ahead
As the market enters the second half of 2025, investors are recalibrating, not retreating. What was once a story of capital flows is now one of operational depth, regulatory alignment, and adaptive vision.
Explore the full Spain Commercial Real Estate Outlook report below and access exclusive insights across Spain’s key CRE sectors.
Spain’s commercial real estate market is navigating a moment of recalibration. Across hospitality, retail, logistics, and data centres, the prevailing sentiment at España GRI 2025 was clear: performance is no longer defined by asset class alone, but by strategic clarity, operational delivery, and responsiveness to new risks.
The GRI Institute’s latest report captures the pulse of this evolving landscape, as revealed through strategic, in-depth conversations among leading investors, developers, and operators.
(GRI Institute)Hospitality
Hospitality continues to stand out as a top performer, with the rebound in international travel and durability of domestic demand solidifying investor interest, especially in branded and upscale formats.
However, discussions revealed a bifurcation: while luxury hotels command attention in tier-one cities, mid-market lifestyle and extended-stay concepts are gaining traction in tier-two destinations like Valencia and Seville.
Retail
Retail, too, is at a turning point. While macro resilience and tourism buoy core markets, investors cautioned that fundamentals alone are not enough. There was widespread agreement that today’s winners are not defined by high-street postcodes, but by tenant alignment, omnichannel integration, and adaptive repositioning.
Logistics
In logistics, the focus is shifting from prime yield compression to operational viability. As one attendee noted, “paying for the privilege” of owning a core asset is no longer a given.
Instead, value-add strategies centred on ESG upgrades, tenant-specific refurbishments, and BTS developments in alternative locations are gaining momentum.
(GRI Institute)
Data Centres
Perhaps the most dynamic momentum lies in the data centre space. Spain’s digital infrastructure ambitions are being taken seriously, with Madrid leading the way.
While power supply and permitting remain bottlenecks, a new class of tech-savvy investors is entering the fold, redefining the sector’s identity from real estate play to infrastructure backbone.
Looking Ahead
As the market enters the second half of 2025, investors are recalibrating, not retreating. What was once a story of capital flows is now one of operational depth, regulatory alignment, and adaptive vision.
Explore the full Spain Commercial Real Estate Outlook report below and access exclusive insights across Spain’s key CRE sectors.