Paseo de Gracia has established itself as the shopping street with the most expensive rents in Spain. The Barcelona artery thus takes the lead after reaching a prime rent of €3,000/ sqm/ year, which represents an increase of 9% compared to 2022, according to the global report "Main Streets Across the World" by the real estate consultancy Cushman & Wakefield. Internationally, Paseo de Gracia, which is home to luxury brands such as Dior, Versace, Loewe and Prada, has moved up from 18th to 17th place in the global ranking.
Following Paseo de Gracia, Calle Serrano in Madrid ranks second in Spain with rents of €2,940/ sqm/ year, also an increase of 9%. This places Serrano in 33rd place in Europe. The presence of major luxury brands in Serrano has been a key factor in the recovery of its peak rents, with demand from these operators remaining at levels similar to those prior to the pandemic.
The ranking in Spain is followed by Portal del Ángel in Barcelona and the streets of Preciados and Gran Vía in Madrid, each with rents of €2,880 per square metre per year. Other top streets in the country include Marqués de Larios in Málaga (2,160 euros), Colón in Valencia (1,500 euros), Gran Vía in Bilbao (1,440 euros), Tetuán in Seville (1,440 euros), Jaime III in Mallorca (1,140 euros) and Plaza de la Independencia in Zaragoza (1,020 euros).
Calle Serrano, Madrid
Robert Travers, Head of Retail EMEA at Cushman & Wakefield, is positive about the sector's growth, citing low vacancy in prime locations and competition for available space as factors driving rental growth. Despite economic uncertainty and reduced consumer spending, retailers continue to secure or upgrade flagship shops in key markets.
Globally, New York's Fifth Avenue retains its position as the most expensive street, with rents of 20,384 euros per square metre per year. It is followed by Via Montenapoleone in Milan (18,000 euros), Tsim Sha in Hong Kong (15,219 euros), New Bond Street in London (14,905 euros) and the Champs Elysées in Paris (11,414 euros). The average increase in prime rents was 4.8% globally and 4.2% in Europe, while in Asia Pacific it was 5.3% and in the Americas 5.2%.
