Chiado is now the 34th most expensive shopping street in the world

In 2016, the Portuguese capital rose in the global ranking positions for the most expensive retail locations, with the Chiado now occupying 34th position on a table headed by 5th Avenue, in New York.

This classification appears in the latest edition of the study ‘Main Streets Across the World’ produced by Cushman & Wakefield, according to which the annual rent for retail spaces in this Lisbon district has reached 1.200 €/m².

For Marta Esteves Costa, Associate and Director of the Research and Consultancy Department of Cushman & Wakefield for the Iberian peninsular, “this result reflects the dynamism which continues to establish itself in street commerce, which, as well as economic recovery, has benefitted from the strong surge in tourism and the increase in urban renewal”.

In this context, Lisbon and Porto are on the radar of global retailers for expansion, including several luxury brands. The high flux in demand is also prompting a certain spread outside the prime zones of the two cities, there being renovation of more traditional retail zones whilst at the same time new zones emerge, such as the Cais do Sodré or the Mercado da Ribeira, in Lisbon, and the Largo dos Loios or the Rua das Flores, in Porto.

Rent increases have been gradual since 2013, with the top rent in Chiado averaging 100 €/m²/month, and 90 €/m²/month in the Avenida da Liberdade. In Porto, monthly rental is now 55 euros/m² on the Rua de Santa Catarina.

Main Streets Across the World 2016 monitored 462 retail locations across the globe, basing the ranking on the highest annual rent in each country, excluding condominium costs, local taxes and other occupational expenses.