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Yields for high street and retail park property held steady in 2018. A prime yield of 3.15% is achievable for units in the best high street locations, whereas for retail parks the prime yield sits at 5.25%
The prime yield for shopping centres closed the year on 4.50%. These properties, most of which are core assets, remain an attractive proposition for investors.
The YTD evolution at 31 December 2018 stood at 0.0%. Footfall in Spain grew by 2.0% y-o-y in December, registering the sharpest m-o-m increase of the year (+18.8%), according to the ShopperTrak footfall index.
Retail sales remained unchanged (0.0% y-o-y) according to the latest figures published by INE.
Looking ahead, retail sales are set to grow by an average of 1.5% each year until 2021, according to estimates by Oxford Economics.
244,000 sqm of GLA has been opened in 2018, the majority of which pertaining to seven new retail properties that opened their doors during the year. Another small part of the GLA relates to extensions and second phases.