The shopping street with the highest rental prices in Spain is Barcelona's Paseo de Gracia, with a prime rent of €3,000/m2 per year (+9%), according to the global report 'Main Streets Across the World' by the real estate consultancy Cushman & Wakefield. Home to luxury brands such as Dior, Versace, Loewe, and Prada, the street has risen from 18th to 17th.
After Paseo de Gracia, the second shopping street with the highest rents in Spain is Calle Serrano (Madrid), costing €2,940/m2 per year, representing an increase of 9% and putting it in 33rd position in the European list.
In Serrano, the boost from large luxury firms has helped the street's top rents to recover, and demand from these operators remains at pre-pandemic levels, according to Cushman & Wakefield. In Spain, next on the list are Portal del Ángel in Barcelona and the streets of Preciados and Gran Vía in Madrid (€2,880/m2 per year in all three cases).
Besides these two cities, the following streets stand out: Marqués de Larios in Malaga (€2,160 / m2 per year); Colón in Valencia (€1,500); Gran Vía in Bilbao (€1,440); Tetuán in Seville (€1,440); Jaime III in Mallorca (€1,140) and Plaza de la Independencia in Zaragoza (€1,020).
Cushman & Wakefield's EMEA Retail Director Robert Travers assessed the sector's growth momentum, saying, "Vacancy in key prime locations remains low, creating competitive tension as space becomes available, which is reflected in rising rents".
Travers added that "even as consumers have opted to cut back in a time of economic uncertainty, retailers have been securing or upgrading flagship shops in key markets".
Fifth Avenue, the world's most expensive street
New York's Fifth Avenue is once again the most expensive street in the world, with rents of €20,384 / m2 per year.
Second place goes to Italy's Via Montenapoleone in Milan, after a 20% increase in rents to €18,000/m2 per year, ousting Tsim Sha in Hong Kong, which is in third place (€15,219).
The 'Top 5' is completed by London's New Bond Street (€14,905) and Paris' Champs Elysees (€11,414).
Prime rents increased by 4.8% globally and by 4.2% in Europe compared to last year, while in the Asia Pacific region, the increase was 5.3% and in the Americas, 5.2%.