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Passeig de Gràcia consolidates its position as Spain's most expensive shopping street at a time when the sector is taking off

Jenny Pizarro • 22/11/2023
The shopping street with the highest rental prices in Spain is Barcelona's Passeig de Gràcia, according to the global report Main Streets Across the World by real estate consultancy Cushman & Wakefield.

According to the report, which is now in its 33rd edition and which analyses the rents of prime shopping streets in a total of 92 cities around the world, the Barcelona street is once again the most expensive shopping street in Spain, with a prime rent of 3,000 €/m2/year, an increase of 9% compared to last year, rising from 18th to 17th place worldwide. This is precisely the street where Cushman & Wakefield has its headquarters in the city, and where luxury brands such as Dior, Versace, Loewe, and Prada, among others, are located.

After Passeig de Gràcia, the second highest renting shopping street in Spain is located in Madrid, specifically in Calle Serrano, with rents of 2,940 €/m2/year, which also represents an increase of 9%, and which places it in 33rd position in the European ranking. In Serrano, the boost from large luxury firms has contributed to the recovery of the street's maximum rents, and demand from these operators remains at pre-pandemic levels.

In Spain, Portal de l'Àngel in Barcelona completes the podium (2,880 €/m2/year) and, after this, the most expensive shopping streets are Preciados and Gran Vía in Madrid (2,880 €/m2/year). Beyond these two cities, the streets Marqués de Larios in Málaga (7th position with 2,160 €/m2/year), Colón in Valencia (9th position with 1,500 €/m2/year), Gran Vía in Bilbao (11th position with 1. 440 €/m2/year), Tetuán in Seville (12th position with 1,440 €/m2/year), Jaime III in Mallorca (14th position with 1,140 €/m2/year) and Plaza de la Independencia, in Zaragoza (15th position with 1,020 €/m2/year).

Robert Travers, Head of Retail EMEA at Cushman & Wakefield, assessed the sector's growth momentum, stating that "vacancy in prime super prime locations remains low, which creates competitive tension when space becomes available, and this is reflected in rising rents". Travers added that "even as consumers have opted to cut back at a time of economic uncertainty, retailers have been securing or upgrading flagship shops in key markets". These physical shops, according to Travers, "are a fundamental part of any brand's value proposition; they are the physical embodiment of the brand - something that is very difficult to achieve through the digital channel. It is for this reason that we are finding more and more products available exclusively in physical shops, promoting authentic and real experiences".

Global ranking: New York's Fifth Avenue repeats as the most expensive street for yet another year

The 33rd edition of the Main Streets Across the World report identifies New York's Fifth Avenue as the most expensive shopping street in the world, with rents of €20,384/m2/year. Second place this year goes to Italy's Via Montenapoleone in Milan, following a 20% increase in rents to €18,000/m2/year, ousting Hong Kong's luxurious Tsim Sha, which drops from second to third place with rents of €15,219/m2/year. Rounding out the top five are London's New Bond Street (14,905 €/m2/year), and Paris' Champs Elysees (11,414 €/m2/year).

The increases in rents compared to last year have been moderate across the board, demonstrating the strength and resilience of the sector, although it is true that, by country, there are significant differences, such as the +9% increase in the main shopping streets in Spain compared to the 14% decrease in Finland. Prime rents increased by 4.8% globally and by 4.2% in Europe compared to last year. In the Asia Pacific region, the increase was 5.3% and in the Americas, 5.2%.


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