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Do you live near one? These are the ten most expensive shopping streets in Spain

Date: December 6, 2023 Time: 06:19:37

The shopping street with the highest rental prices in Spain is Barcelona’s Paseo de Gracia, with a prime rent of 3,000 euros per square meter per year, which is 9% more than in 2022, and goes from 18th to 17th place. This is indicated in the global report ‘Main Streets Across the World’ by the real estate consultancy Cushman & Wakefield.

After Paseo de Gracia, the second commercial street with the highest rents in Spain is Calle Serrano in Madrid, with rents of 2,940 euros per square meter, which also represents an increase of 9%, and places it in position 33 of the ranking at the European level. The boost from large luxury brands has contributed to the recovery of the street’s maximum rents and keeps them at pre-pandemic levels.

The ranking of the most expensive shopping streets

In Spain, the ranking is followed by Portal del Ángel, in Barcelona, ​​and the streets of Preciados and Gran Vía, in Madrid, (2,880 euros per square meter per year in all three cases). Beyond these two cities, the Marqués de Larios streets, in Malaga, stand out (2,160 euros per square meter per year); Colón, in Valencia (1,500 euros); the Gran Vía of Bilbao (1,440 euros); Tetuán, in Seville (1,440 euros); Jaime III, in Mallorca (1,140 euros) and the Plaza de la Independencia, in Zaragoza (1,020 euros).

Robert Travers, director of Retail in EMEA at Cushman & Wakefield, has assessed the moment of growth of the sector stating that “vacancy in the main super prime locations remains low, which generates competitive tension when available spaces appear, and this is reflected in the increase of income.”

Travers added that “even as consumers have chosen to reduce spending at a time of economic uncertainty, retailers have been securing or upgrading flagship stores in key markets.”

New York’s Fifth Avenue remains the most expensive

Worldwide, Fifth Avenue in New York is again the most expensive street in the world, with rents of 20,384 euros per square meter per year. The second position is occupied by the Italian Via Montenapoleone, in Milan, after a 20% increase in rents (18,000 euros per square meter per year). It thus displaces Tsim Sha Street, located in Hong Kong, which remains in third position (15,219 euros). The ‘Top 5’ is completed by New Bond Street in London (14,905 euros) and Parisian Champs Elysees (11,414 euros).

The increase in prime rents has been 4.8% globally and 4.2% in Europe compared to last year, while in the Asia Pacific region, the increase has been 5.3% and in America, 5.2%. .

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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