Investment and commercial centers in Spain grew by 3% in 2010

Paris, May 10 (EFE) .- The volume of investment and commercial centers in Spain grew by 3% in 2010, according to the latest report issued by BNP Paribas Real Estate, which suggests that the sector's recovery "is slow "in the country.

The investment in "retail" in the top five European markets (France, UK, Germany, Spain and Italy) grew 66% in 2010, especially in the second half of the year, according to the study.

The local industry and shopping centers in Europe remains an attractive product for investors, providing greater stability of income than other segments such as offices, so that from the beginning of the crisis, the share of investment in "retail "has grown from 20% in 2008 to 34% in 2010.

The most important Spanish operation, 2010 was the sale of shopping center Ballonti "in Portugalete (Vizcaya) by 116 million euros.

In the case of commercial, international brands have been very active in Europe last year when they tried to settle in the few locations available in the commercial property to rent of reference.

The main focus of demand came from the fashion houses, new or established, the volume of business "seems to better withstand the effects of the recession" and "Aggressive" predispose them to "pay higher rents" to be in the main shopping streets, says the report.

In Spain, during the second half of the year there were signs of improvement in the market, after the bad first half results, with stabilization of commercial property to rent.

Serrano street in Madrid, the rental price reached the 2,280 euros per square meter per month, a figure which notes that, while the vacancy rate continued to rise in some areas, locals of the best streets remained a "scarce."

Thus, the report noted that several international brands remain open local search processes, as is the case of the Japanese Uniqlo Primark or Irish, while the U.S. Abercrombie & Fitch has become one in the Madrid Calle de Ortega y Gasset .

The Outlook for 2011 are "a challenge in our country," says the study, which forecasts a drop in sales due to the impact of recent fiscal austerity measures.

In the case of shopping centers, BNP Paribas Real Estate says that, except in Germany, its development continued to decline in Europe during 2010, a trend expected to continue during this year.

The "difficult" economic situation and current consumption makes the promoters are "cautious" and they find difficulty in funding projects, says the study.

As a result, over the past two years has increased the percentage of expansions and renovations of existing centers.