According to a report by JLL, prime rents were down by 5.3% for stand-alone shops, 2.2% in shopping centres and 4.9% in mid-market retail parks during the second quarter of 2021 compared to the same period last year. However, compared to the first three months of this year, rents remained stable.
According to the property consultancy, rental activity remained well below pre-coronavirus levels, as many retailers remained cautious in the face of the uncertainty generated by the evolving pandemic. However, “early indications are that vaccines will act as a tipping point causing rental activity to start to strengthen,” says JLL.
Prime rents in Madrid and Barcelona are expected to remain stable throughout the year and then start to pick up from 2022 onwards.