Commercial property investment: shops, warehouses and offices in 2026

Commercial property (business premises, industrial units, offices) has always had a reputation among private investors for being more complex and riskier than residential. That reputation is well founded: vacancy cycles are more pronounced, the tenants are companies that can go bust, and evicting commercial tenants is governed by rules of its own. But yields are structurally higher than in residential, leases are longer and day-to-day management is generally simpler when the tenant is stable.

In 2026 the picture for commercial property in Spain is mixed: retail on secondary high streets is still under pressure from online shopping, but logistics demand is strong, the hospitality sector has fully recovered from the pandemic and there are segments of the office market with growing demand. Understanding which type of commercial asset makes sense in each market is the key.

Ground-floor commercial premises: the most accessible type

Ground-floor commercial premises are the most accessible commercial asset for the private investor. The cost of entry is generally lower than for industrial units or office buildings: premises of 50-150m² in medium-sized cities cost between €60,000 and €200,000, and in large cities from €100,000 up to several million on prime high streets.

• Premises on prime high streets (top-tier shopping streets): The safest asset (high demand, low vacancy) but with the lowest yields (3-4.5% gross) and the highest purchase price. For the investor looking for security and liquidity rather than a high yield.
• Premises on secondary high streets: The riskiest segment in 2026, because of the pressure online shopping puts on second-tier retail. Many secondary high streets in medium-sized cities have vacancy rates of 15-25%. It only makes sense if the intended activity is in the service sector (hospitality, hairdressing, pharmacies, tattoo studios: activities that don't compete with Amazon), not product retail.
• Premises in residential areas let for food retail: Supermarkets, butchers, greengrocers, bakeries. Because food demand is so steady, this is one of the most resilient uses in any economic cycle. Premises let to a neighbourhood supermarket (Mercadona, Lidl, Dia) on a good lease are an asset almost as stable as residential, but with a higher yield (5-6.5% gross).

Industrial and logistics units: the fastest-growing segment

E-commerce has transformed demand for logistics assets. Its growth requires warehouses, distribution centres and last-mile units close to the big urban centres. That has created structural demand for logistics units which has held up very well even during periods of economic cooling.

• Urban last-mile units: Units of 500-3,000m² on industrial estates close to city centres (less than 30 minutes from the centre). This is the segment with the highest demand from delivery companies (Amazon, MRW, SEUR, DHL) and food delivery services. Purchase prices vary a great deal by location: units on estates near Madrid or Barcelona can cost €400-800/m² and let for €6-8/m²/month, with gross yields of 7-12%.
• Units on medium-sized industrial estates: Units for industrial use (manufacturing, storage, workshops) on estates in medium-sized cities. The purchase price is lower (€200-400/m²) and so are the rents (€3-5/m²/month), but there is good demand from industrial SMEs. For the investor with less capital to put in.
• Large logistics units (over 10,000m²): Big logistics warehouses for national or international operators. They require a minimum investment of several million euros and access to large logistics parks outside the city. This is the territory of property investment funds, not the private investor.

Offices: the segment most disrupted by remote working

The office market is the one that has changed most since the 2020 pandemic. The spread of remote working and hybrid models (3 days in the office, 2 at home) significantly reduced demand for office space in the CBDs (central business districts) of the big cities. In Madrid and Barcelona, vacancy in second-tier office buildings outside the CBD reached 15-20% in 2022-2023.

In 2026 the office market has stabilised, but the different types of office asset still show very marked differences:

• Prime offices in the CBD (Madrid and Barcelona): High demand from companies that want a prestigious address. Low vacancy (3-6%). Yields of 4-5% gross. The most stable segment, but also the most expensive.
• Offices in secondary locations: The segment that has suffered most. Many office buildings in the outer ring of the big cities are being converted to residential use or are going through a change of use. For the investor, they are high-risk assets unless there is a committed tenant on a long lease.
• Coworking spaces: The rise of flexible working has created demand for coworking spaces, which can be interesting for the owner of premises or a small building who wants to run their own space or let it to a coworking operator. Yields for a property owner who lets to an operator are 5-7%.

What to check when you buy commercial premises or an industrial unit

• Permitted planning use: The municipal plan must allow the use the tenant is going to make of the premises. Premises bought as an investment have to be suitable for the usual uses in their area: check that the specific use of the potential tenant is permitted under that planning classification.
• The current tenant's licencia de actividad (business activity licence): If the premises are already let when you buy them, check that the tenant's activity licence is in order. A business without a licence may be forced to close, which means immediate vacancy.
• IVA on the sale: Unlike residential, the sale of commercial premises is subject to IVA (Spanish VAT, 21%) instead of ITP (Impuesto de Transmisiones Patrimoniales, the property transfer tax) when the seller is a VAT-registered business. That increases the tax cost of the purchase if the buyer is not a VAT-registered business (a buyer who is can deduct it). The tax structure of the deal needs to be checked in advance.
• The existing lease: If the premises come with a tenant, the lease passes to the new owner. Analyse its terms: remaining term, current rent, review clauses (IPC, the Spanish consumer price index, or another index), deposits and guarantees, and options for early termination.

Related resources: For analysing the conversion of commercial premises into homes (a value-add strategy on commercial assets), the article on converting commercial premises into a home covers the whole process. To find commercial assets at court auctions, the guide to court auctions also covers non-residential assets. For commercial assets on bank property portals, the guide to bank-owned property covers the commercial property sections of the main banks.