Paseo de Gracia is the most expensive shopping street in Spain. Rent an establishment at that point of Barcelona costs an average of 3,000 euros/m2 per year, which is 9% more than in 2022. On a global scale, this exclusive street – which is home to luxury brands such as Dior, Versace, Loewe or Prada– occupies position 17 in the world ranking, one more place than twelve months ago, according to the global report Main Streets Across the World from the real estate consultancy Cushman & Wakefield.
After Paseo de Gracia, the second commercial street in Spain with the highest rents is Calle Serrano (Madrid), where an average of 2,940 euros/m2 per year is paid, which also represents an increase of 9%, and which It is in position 33 in the European ranking. In Serrano, the promotion of large luxury brands has contributed to the recovery of maximum street rents and the demand of these operators remains at pre-pandemic levels, as indicated by the real estate consultancy.
The ranking continues with Portal del Ángel, in Barcelona and the streets of Preciados and Gran Vía, in Madrid, (2,880 euros per square meter per year in the three cases). Beyond these two cities, the Marqués de Larios streets, in Malaga, stand out (2,160 euros per square meter per year); Colón, in Valencia (1,500 euros); the Gran Vía of Bilbao (1,440 euros); Tetuán, in Seville (1,440 euros); Jaime III, in Mallorca (1,140 euros) and the Plaza de la Independencia, in Zaragoza (1,020 euros).
“Unemployment in the main super locations prime remains scarcewhich generates competitive tension when available spaces appear, and this is reflected in the increase in rents,” explains Cushman & Wakefield’s EMEA Retail Director, Robert Travers. The expert adds that “even when consumers have opted to To reduce expenses at a time of economic uncertainty, retailers have been securing or upgrading flagship stores in key markets.
Fifth Avenue in New York
Fifth Avenue in New York repeats for another year as the most expensive street in the world, with rents of 20,384 euros per square meter per year. For its part, the second position is occupied by the Italian Via Montenapoleone, in Milan, after a 20% increase in rents, up to 18,000 euros per square meter per year, displacing Tsim Sha, in Hong Kong, which remains in third position (15,219 euros).
The top 5 is completed by New Bond Street in London (14,905 euros) and Champs Elysees in Paris (11,414 euros). The increase in prime rents has been 4.8% globally and 4.2% in Europe compared to last year, while in the Asia Pacific region, the increase has been 5.3% and in America, 5.2%.