Site opportunity report for Fitness Company global leadership and the Spain team, prepared 16 October 2026 from premises on the market and location data.

Four doors that fit the Fitness Company box in Madrid and Barcelona

We screened 197 premises of 1,200–3,000 m² against the format Fitness Company is actually building in Spain and the member it is built for. Four sites extend the Madrid and Barcelona clusters without landing inside an existing club’s catchment. A fifth is strong on demand but sits 1.4 km from the new Badalona club, so we hold it.

  1. 1
    Carabanchel, Madrid1,349–1,500 m², lease at €7,999 a month or buy
    78/100
  2. 2
    El Carmel, Barcelona1,384 m² former supermarket, €655,000
    77/100
  3. 3
    Parla Centro, Madrid south1,630 m² below grade, €298,000, conditional
    75/100
  4. 4
    La Gornal, L’Hospitalet1,268 m² industrial unit, €5,503 a month
    72/100
  5. H
    Santa Coloma de GramenetDeepest catchment, too close to the Montigalà club
    61/100

The recommendation

Fitness Company entered Spain in July 2024 at the Via Sabadell shopping centre and had 17 clubs operating by 9 October 2026, nine of them in the Comunidad de Madrid. Its Spanish clubs run from about 1,400 m² (Alcobendas) upward, most of them near 2,000 m², and the company has said it will start franchising in Spain from 2026. The question for this committee is where the next Madrid and Barcelona clubs should go.

Our earlier screen for a generic mid-size club does not answer it. Every site on that list was 500–819 m², below the smallest Fitness Company box in Spain, and two of them sit within 1.5 km of a club Fitness Company already runs. We re-screened at Fitness Company’s size, through its member profile rather than an affluence filter, and against its own network.

We recommend site visits and landlord approaches on sites 1 to 4, with Carabanchel and El Carmel as the lead openings in each metro. Parla goes forward only if a technical survey clears its below-grade floor for a fitness use. Santa Coloma is held until the Badalona Montigalà club has a year of membership data.

197
premises of 1,200–3,000 m² for rent or sale in 27 of the two metros’ largest municipalities
None
of the top conversion matches was an operating gym in these cities: conversions, which gave Fitness Company five Spanish clubs, need an off-market search
3.4–5.9 km
from each recommended site to the nearest Fitness Company club, outside a 3 km own-catchment ring
€4.3–5.9
per m² a month on the two lease options, against an €10–11 median for this size band in both metros

The Fitness Company sweet spot in Spain

What the brand has actually opened, bought and priced in Spain, turned into the rules we screened with.

What the Spanish network shows

EvidenceWhat it tells us
Alcobendas 1,400 m²; Sevilla Norte 1,879 m²; Murcia Infante 2,254 m²; Badalona Montigalà 2,381 m²; Fuenlabrada 2 2,500 m²A large box: about 1,400–2,500 m², with the company citing roughly 2,000 m² as standard
Via Sabadell, Parquesur, Parque Corredor, Bonaire, Fuenlabrada 2, Plaza de ArmasShopping centres with parking are the core location type
Delicias, Chamartín, Estel, Casp, MacarenaLarge urban units work too, in dense neighbourhoods
Las Mercedes, in a business parkBusiness-park and industrial buildings are acceptable
Parquesur, Parque Corredor, Bonaire, Fuenlabrada 2 (Paidesport); Las Mercedes (Altafit)Five clubs came from buying operating gyms: conversion is a proven route
Nine clubs in the Comunidad de Madrid; five in Catalonia including BadalonaGrowth by clusters in a few metros, then new regions
€20.1 million raised to start operations; about €12.5 million for five new-build clubsRoughly €2.5 million per new-build club
Clásico €18 a month plus €30 joining fee; Premium €27.99A price that has to fill a large box with many members

The rules we screened with

  1. Box sizeLarge enough for the Spanish format, ideally one main plate
    1,200–3,000 m²
  2. City sizeThe company’s stated threshold for Spain
    > 80,000 people
  3. Own-network spacingStraight line to the nearest Fitness Company club
    ≥ 3 km
  4. Core member depthResidents aged 15–44 within a 10-minute walk, or a deep 10-minute drive-time
    ≥ 7,000 or ≥ 300,000
  5. Price-point fitHouseholds on €19,000–58,000 net a year, the band an €18 club fills from
    ≥ 60%
  6. Everyday anchorsSupermarkets and transit within a 5-minute walk, ranked rather than filtered
    recorded

Rules 3–5 are our thresholds, set from the brand’s evidence; Fitness Company’s internal criteria may differ and should replace them where they do.

Madrid metro

Delicias Chamartín Parquesur Las Mercedes Alcobendas Parque Corredor Móstoles El Naranjo Fuenlabrada 2 Embajadores 168 (earlier list) Calle Salamanca (earlier list) 1 Carabanchel 3 Parla 5 km

Barcelona metro

Estel Casp Sant Joan Despí Montigalà Via Sabadell Collblanc (earlier list) 2 El Carmel 4 La Gornal H Santa Coloma (hold) 5 km
Fitness Company club, with 3 km ringRecommended siteHeld siteEarlier shortlist site inside a ring
Schematic positions from published club addresses and listing coordinates, straight-line distances, no basemap. Every recommended site sits outside every ring. Embajadores 168 is 1.5 km from Fitness Company Delicias, Calle Salamanca 1.0 km from Fitness Company Alcobendas, Santa Coloma 1.4 km from Fitness Company Badalona Montigalà.

The member Fitness Company is built for

Fitness Company’s model rests on people who do not already belong to a gym. Its long-time chief executive said about 40% of joiners were first-time gym members, and Gen Z is now the fastest-growing segment. In Spain the brand cites a gym penetration of about 10%, which is the white space it is selling into.

~40%
of joiners who have never been gym members before
~13m
of 20.8 million members are Gen Z or millennials, end of 2025
66%
of members on the higher-priced tier, the equivalent of the Premium plan
30%
of members who cancel later rejoin

The Spanish ICP, in one line

A 16-to-44-year-old on a middle income who has never joined a gym or quit one that felt intimidating, lives or works within a ten-minute trip, chooses on price and atmosphere at €18, and can be moved to Premium at €27.99.

Fitness Company members by generation, end of 2025

Gen Z (13–28)MillennialsGen XBaby boomers ~6.0m~7.0m~4.1m~2.5m
Approximate figures given by the company for its 20.8 million members; Gen Z is the fastest-growing segment. Source: trade press, linked under sources.
LensOriginal briefFitness Company ICP
Age30–4515–44, with Gen Z growing fastest
IncomeAbove averageMiddle incomes; affluence is not a gate at €18
CompetitionAway from all gymsAway from its own clubs; other operators are the share it takes
Box500–1,000 m²About 1,400–2,500 m²
LocationNear supermarketsShopping centres, dense urban units, business parks, conversions

Shortlist and scoring

Two screens of premises on the market on 16 October 2026, one per metro, plus a third pass looking for operating gyms to convert.

197
premises of 1,200–3,000 m² matched: Madrid metro 87, Barcelona metro 110
60
had an exact pin and measurable gym competition, so could be ranked
14
distinct premises reviewed from the top 16 listings
4 + 1
recommended, plus one held for cannibalisation
SiteBox fit
/20
Member depth
/25
Price fit
/15
Network
/15
Competition
/10
Cost of entry
/15
TotalNearest clubAged 15–44, 10′ walk10′ drive
1 CarabanchelMadrid, lease or buy1420111451478Delicias 4.2 km10,480478,643
2 El CarmelBarcelona, buy1618111461277Casp 4.3 km7,389542,067
3 Parla CentroMadrid south, buy917101591575Fuenlabrada 2 5.9 km13,274138,827
4 La GornalL’Hospitalet, lease or buy1516121131572Estel 3.4 km9,755343,194
H Santa ColomaBarcelona metro, buy132311221061Montigalà 1.4 km19,116377,261

Weights: member depth 25 (residents aged 15–44 within a 10-minute walk and residents within a 10-minute drive), box fit 20 (size, single plate, level, ceiling, condition), price fit 15 (share of households on €19,000–58,000), network spacing 15 (distance to the nearest Fitness Company club), cost of entry 15 (asking rent or price per m²), competition 10 (gyms within 600 m and the nearest low-cost rival). Box fit and cost are analyst judgements from listing text; the rest are measured.

Site dossiers

Each dossier gives the case, the figures, and the line each remit will look for.

Nuestra Señora de la Luz premises, Carabanchel
Agency photo, No. 29 listing
Lease
€7,999a month, €5.9/m²
Or buy
€950,000€633/m²
Area
1,349–1,500 m²
Nearest club
4.2 kmDelicias
Residents 10′ walk
27,108
10′ drive
478,643
Middle-income HH
61%
Gyms within 600 m
4VivaGym 183 m
1

Calle de Nuestra Señora de la Luz 27–29, Vista Alegre, Carabanchel, Madrid

Two listings on adjoining numbers, probably one unit: to let at €7,999 a month (No. 29, 1,349 m² cadastral, two floors, shell) and for sale at €950,000 (No. 27, 1,500 m², recently stripped back, divisible)
Recommend, lead in Madrid

Carabanchel is a large, dense residential district with no Fitness Company, lying in the gap between Fitness Company Delicias (4.2 km) and Fitness Company Parquesur (5.2 km). Within a ten-minute walk live 27,100 people, 10,500 of them aged 15–44, and nearly half a million people live within a ten-minute drive. Six in ten households sit in the €19,000–58,000 band an €18 membership fills from, and 84% of the street footfall is local. The unit has four large street entrances and smoke extraction and air renewal already in place, and the sale listing mentions several activity licences.

The competitive point is direct: a VivaGym trades 183 m away. Fitness Company’s price and atmosphere are built for that kind of competition, but the committee should see the rival’s price and membership before signing.

DevelopmentTakes the Madrid cluster into Carabanchel–Latina, which has no club, and stays more than 4 km from Delicias and Parquesur.
Finance€5.9/m² a month against an €11.0 median for this size band in the Madrid metro, or a freehold at €633/m²; about €96,000 a year in rent.
OperationsTwo floors and a shell: confirm the main-floor area, clear height and whether the existing licences cover a gym. No supermarket is mapped within five minutes; verify on site.
Brand39% of nearby residents are 15–44; a mass-market, transit-served neighbourhood with eight stops in five minutes.
El Carmel premises, Barcelona
Agency photo
Buy
€655,000€473/m²
Area
1,384 m²street level
Previous use
Supermarket
Nearest club
4.3 kmCasp
Residents 10′ walk
20,160
10′ drive
542,067
Supermarkets 5′
4
Gyms within 600 m
3SynerGym 282 m
2

El Carmel, Horta-Guinardó, Barcelona

Street-level former supermarket with smoke extraction, divisible into separate units
Recommend, lead in Barcelona

Fitness Company’s two Barcelona city clubs, Estel and Casp, are both in the Eixample. El Carmel would be the first in the north of the city, 4.3 km from Casp, with the largest ten-minute drive-time catchment in this shortlist at 542,000 people. A former supermarket is a natural conversion: a large street-level floor built for heavy footfall and deliveries. Four supermarkets and seven transit stops sit within a five-minute walk, and 62% of households are in the middle-income band.

The footfall is weekday-led, with weekends 35% quieter, which suits a before-and-after-work gym. A SynerGym operates 282 m away.

DevelopmentOpens a third Barcelona city club in a district with none, well clear of Estel and Casp.
FinanceFreehold at €473/m², a fraction of central Barcelona values; adds about €0.66 million to the club’s capital.
OperationsSupermarket floor plate and extraction in place; clear height is not stated and El Carmel is hilly, so check step-free access.
Brand7,400 residents aged 15–44 within a ten-minute walk and a weekday commuter rhythm.
Parla Centro premises
Agency photo
Buy
€298,000€183/m²
Area
1,630 m²below grade
Residents 10′ walk
32,819
Aged 15–44
13,27440%
Nearest club
5.9 kmFuenlabrada 2
Residents per gym
10,940best here
HH under €19k
27%
Gyms within 600 m
2boxing school 434 m
3

Parla Centro, Madrid south

1,630 m² at level −1 with its own street entrance, in one of Parla’s busiest areas
Conditional on technical survey

Parla is above Fitness Company’s 80,000-inhabitant threshold and has no club; the nearest is Fuenlabrada 2 at 5.9 km. It is jointly the youngest catchment here, with 40% of residents aged 15–44, the least contested, with 10,900 residents per nearby gym, and footfall holds steady through the week. At €183/m², the purchase price is the lowest in either metro.

Two things hold it back. The floor is below grade, which raises ventilation, fire escape, daylight and clear-height questions for a fitness use. And incomes are the lowest here, with spending power of €10,500 per resident, so this is a Clásico club with slower Premium uptake.

DevelopmentNew city for the brand, extending the south-west cluster beyond Fuenlabrada.
FinanceLowest entry cost in the screen, leaving most of the budget for fit-out; model a lower Premium mix.
OperationsGo or no-go rests on a survey of the −1 level: escape routes, ventilation, height, and a licence for public use below grade.
BrandThe purest first-timer, value-seeking catchment on the list; no supermarket is mapped within five minutes, verify on site.
La Gornal industrial building, L'Hospitalet
Agency photo
Lease
€5,503a month, €4.3/m²
Or buy
€1.38mplus VAT
Area
1,268 m²4.5 m clear
Nearest club
3.4 kmEstel
Residents 10′ walk
24,397
Morning footfall
32%highest here
HH over €40k
49%
Gyms within 600 m
7nearest 211 m
4

La Gornal industrial estate, L’Hospitalet de Llobregat

Detached concrete-frame building, 4.5 m clear height, offices, air conditioning, lobby and CCTV in place
Recommend, value lease

This is the Las Mercedes model applied to Barcelona: a business-park building, not a shop, with the clear height and open structure a gym floor needs. It sits between Fitness Company Estel (3.4 km) and Fitness Company Sant Joan Despí (4.2 km), serving L’Hospitalet’s southern neighbourhoods, and at €4.3/m² a month it is the cheapest lease in the screen. Half the nearby households earn above €40,000 and the morning share of footfall is the highest of the five.

At 1,268 m² it is smaller than Alcobendas, the smallest Spanish club, and seven gyms operate within 600 m, the most crowded set here after Santa Coloma.

DevelopmentInfill between two existing Barcelona-metro clubs, on a format the brand already runs in Madrid.
FinanceAbout €66,000 a year in rent, with a purchase option at €1.38 million plus VAT.
OperationsConfirm the reduced-lobby floorplan fits 1,268 m², and parking and access hours in the estate.
Brand9,800 residents aged 15–44 within a ten-minute walk; a commuter, early-morning profile.
Calle Major premises, Santa Coloma de Gramenet
Agency photo
H

Calle Major, Santa Coloma de Gramenet

1,200 m² with 1,000 m² open plan at street level, 60 m of frontage, €1,075,000
Hold

On demand alone this would lead the list: 50,400 residents within a ten-minute walk, 19,100 of them aged 15–44, 13 transit stops and five supermarkets in five minutes. It is held because it sits 1.4 km from Fitness Company Badalona Montigalà, the 2,381 m² club opening in 2026, and nine gyms already trade within 600 m. Revisit once Montigalà has twelve months of member postcodes, which will show how far it actually draws from Santa Coloma.

Why the earlier shortlist does not carry over

The earlier report screened for a 500–1,000 m² mid-size club with above-average incomes and no nearby gyms. Seen through Fitness Company’s own model, none of its seven sites qualifies: all are 500–819 m², below the smallest Spanish Fitness Company club. Embajadores 168 is 1.5 km from Fitness Company Delicias and Calle Salamanca in Alcobendas is 1.0 km from Fitness Company Alcobendas, which opened this year. Collblanc, the earlier lead, is 2.6 km from Fitness Company Estel and too small at 514 m². Those sites remain valid for a smaller operator; they are not Fitness Company sites.

Risks and next steps

Risks and assumptions

  • Gym counts are mapped places and include studios and clubs that are not Fitness Company’s competitors; the low-cost rivals named (VivaGym, SynerGym) need a price and membership audit.
  • Supermarket counts are OpenStreetMap places and look under-mapped in Carabanchel and Parla, where none is recorded within five minutes.
  • The two Carabanchel listings may be one unit listed with different areas; reconcile before approaching.
  • Demographics and footfall are 2024 modelled data; prices are asking prices.
  • Network spacing is straight-line distance. Fitness Company’s member postcode data, which only it holds, is the real test of cannibalisation.
  • Licence feasibility is unverified at every site, and is the deciding issue at Parla.

Next steps

  1. Share with the Spain team for site visits at Carabanchel, El Carmel, La Gornal and Parla.
  2. Approach the Carabanchel and La Gornal landlords for heads of terms on lease; get vendor packs for El Carmel and Parla.
  3. Commission technical surveys, starting with the below-grade floor at Parla.
  4. Run the cannibalisation check on Fitness Company’s own member postcodes for Delicias, Casp, Estel and Montigalà.
  5. Open an off-market search for operating gyms of 1,500–2,500 m² to convert, the route behind five Spanish clubs.
  6. Reuse the screen for Valencia, Seville and Murcia, where the brand is also building clusters.
Prepared for Fitness Company global leadership and Fitness Company Spain, 16 October 2026. Independent analysis; not produced by or for publication by Fitness Company. Figures are indicative and subject to site visits and due diligence.