Savills, a leading international real estate consultancy, has announced the results of its latest market report and local shopping centers in Spain. According to statements by Luis Swords, director of Capital Markets: “Investors are looking at Spain with caution even if they begin to have clear investment objectives. The problem is that all seek the same type of product, which also is clearly limited. Therefore, in the year 2010 there will be few operations, quality centers and cap rates down by the pressure of demand and limited supply”

Investment market
The year 2009 closed with an investment volume in the global retail market close to 700 million euros, a figure similar to registers of the first year of the decade.

In total there were 13 operations, of which only five were made on commercial centers ‘traditional’, which accounted for 85% of total volume. Savills acted as property adviser to buyers in two (Ribera del Xúquer and Carcaixent) representing 30% partial volume of shopping centers. Other transactions corresponded to several shops, a median individual surface, two commercial buildings and the first phase of the sale of the Eroski supermarket portfolio. The average volume of investment operations fell by 54 million, well below the 87 reached in 2008, but in line with the average of the last ten years: 58.5 million.

Investors
International investors dominate the market. Only 7% of total purchases accounted for investors. Foreign funds focused their interest in product ‘traditional’ retail, ie, shopping centers and portfolio of local and average registered investment touched the 105 million euros.

Returns
In terms of profitability, stability was the general tone. The first centers closed December at 7.25% and secondary schools 8.50%. As medium-sized parks, the same picture of balance, although the first product was a slight downward adjustment to stand at 7.25%. Complexes side remained at 8.50%.

Revenue
The national economic situation still does not encourage consumption. The latest data published by the INE report a rate of household savings of 24.7% in the fourth quarter of 2009, quarterly maximum value to date. The global figure for the year increased 5.9 points over 2008, reaching 18.8%, reaching a peak year since the series began in 2000. According to experts, could exceed 20% in 2010. With sales and downline sales and the clear tendency of consumers to contain costs, the mall owners get around the patch with temporary rent subsidies, which can reach discounts of between 20% and 50%.

Stock and commercial density
To date, the global retail market stock stood at 13.61 million square meters, including Madrid, Andalusia and Valencia concentrate 50%. The average retail density Spain (m² / 1,000 pop.) Rises to 287 m². In the regional ranking, Madrid, Asturias and Murcia top the list with 473 m², 429 m² and 410 m² respectively.

SBA new developments in 2009 and 2010
In 2009 it joined nearly 400,000 m², 63.5% less than the estimated volume in late 2008, mainly due to lack of funding in some cases and the difficulty in disposing of the majority.

For 2010, the initial estimates leave something over 440,000 m² new in the market. The data seem quite reliable, but the pace of economic recovery will mark the fulfillment of delivery schedules.

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