Tourist boost to Iberian retail rents has run its course

A strong rebound in tourism has bolstered retail rents in Spain and Portugal over recent quarters. However, we think this boom has run its course. Alongside a weak domestic consumer outlook, this should keep Iberian retail rents subdued for the rest of 2023. That said, structural factors will support rents longer term, so we still expect these markets to outperform the euro-zone over 2024-27.

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