The ‘top 5’ in Spain is completed by 3 routes from Madrid
Globally, the highest rents are paid on Fifth Avenue in New York
The shopping street with the highest rental prices in Spain is Barcelona’s Passeig de Gràciaaccording to the international report ‘Main Streets Across the World’ by the real estate consultancy Cushman & Wakefield.
According to the report, whose first edition dates back to 1988 and which analyzes the rents from commercial and luxury streets Out of 92 cities around the world, the Barcelona street stands as the most expensive shopping street in Spain, a short distance from Portal de l’Àngelwhich was in the first position in the latest report prepared by the consultant in the 2019 ranking, and of the Madrid Serrano, Gran Vía and Preciados.
The report, which is produced in a context of clear rebound in the sector after the pandemicpoints out the Barcelona street as the one with the highest rents in Spain with a ‘prime’ rent of 2,677 euros per square meter per year and places it in the position 18 worldwide.
It is precisely the street where Cushman & Wakefield locates its headquarters in the city, and where luxury firms like Dior, Versace, Loewe, or Swarowski, among others.
Thus, Passeig de Gràcia is located just ahead of two other large streets where retail activity is concentrated in Spain, such as Portal de l’Angel, and Serrano, which register incomes practically equal to those of Passeig de Gràcia. In the case of Madridthe city also has another large shopping street, such as Preciados, and Gran Vía.
In the downtown area, according to the report, Gran Vía and Preciados maintain active demand and the appetite of ‘retailers’ for all types of formats and availability in the ‘prime’ sections is low.
in serrano, the impulse of large luxury firms has contributed to the rapid recovery of the street. Demand from these operators remains at pre-pandemic levels.
Between Barcelona and Madrid, in accumulated terms and according to the recent report “Transparency in High Streets” by Cushman & Wakefield, in the first nine months of 2022 a total of 86 rental operations have been signed in the ‘prime’ and ‘superprime’ areas ‘, which represents an increase of 25% compared to the same period in 2021, a fact that demonstrates the growth and rebound that the sector is experiencing.
The most expensive street in the world
Related news
Worldwide, The most expensive shopping street is Fifth Avenue in New York.with 21,076 euros per square meter per year. The second position is occupied by Tsim Sha street in Hong Kong, with rents of 15,134 euros per square meter per year, which replaces Causeway Bay, another street in the city of Hong Kong that was listed as the first in the ranking in 2020.
The podium is completed by Via Montenapoleone, in Milan, with maximum rental income of 14,547 euros per square meter per year. They complete the ‘top-5’ New Bond street in London (14,346 euros per square meter per year), and the Parisian Champs Elysees (11,069 euros per square meter per year).