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According to Savills, the European transaction volume for retail real estate has exceeded 24.6 billion euros since the beginning of the year. This represents an increase of 16% compared to the same period in 2024 and is around 3% above the average result of the past five years for the first three quarters. This positive development shows that the retail investment market in Europe is increasingly recovering. In most countries, higher investment volumes were recorded year-on-year. Particularly strong increases were recorded in Belgium (+241%), the Netherlands (+180%), Denmark (+135%), Portugal (+128%) and Finland (+114%).
The shopping center segment in particular has experienced a noticeable revival. Year-to-date, this segment accounted for 30% of total retail transaction volume, representing a 26% increase in the same period in 2024. This growth is primarily due to an increase in larger transactions.
James Burke, Director Global Cross Border Investment at Savills, said: "The fundamentals of the retail market are clearly improving, attracting a wider range of investors, with falling vacancy rates, renewed rental growth and a very limited pipeline of new developments boosting earnings prospects. This more favourable environment is leading to an increase in large-volume assets and portfolios coming onto the market, which in turn is attracting new groups of buyers."
Lydia Brissy, Director European Research at Savills, adds: "We expect the improving economic environment and a more stable rental market to further strengthen investor interest. Across Europe, we therefore expect a gradual yield compression, led by retail parks and commercial buildings, which are benefiting from robust tenant demand. Core shopping centers are also likely to benefit from the growing institutional demand for large-volume investments, which strengthens market liquidity and could lead to a slow but steady yield compression in this segment."
