Portal de l'Angel street of Barcelona holds the most expensive rent in Spain, which stands at 3,180 euros per square meter per year. The second most expensive is Preciados street of Madrid, with a rent of 2,880 euros. Third place was shared by the Paseo de Gracia and the streets Serrano and José Ortega y Gasset in Madrid, all featuring an average rent of 2,580 euros per square meter. These data was recently published in global report, Main Streets Across the World, by Cushman & Wakefield.
Celebrating its 25th year, the report is widely recognised as the barometer for the global retail market and ranks the most expensive locations in the top 334 shopping destinations across 64 countries. In Spain streets such as Barcelona, Madrid, Malaga, Palma de Mallorca, Seville, Bilbao, Valencia and Zaragoza, were analysed.
Robert Travers, Associate and Director of Retail Agency in Spain, said: "Spain tourism experienced record levels last year, a trend that looks set to continue in the short term, and therefore most of the retail demand is focusing on tourism markets. In addition, the luxury market has strengthened, either with new retailers or extentions in main markets of Madrid and Barcelona. "
Hong Kong’s Causeway Bay remains the world’s costliest retail location for the second year running and breaks through the $3,000 per sq ft barrier for the first time in the survey’s 25-year history. New York’s Fifth Avenue and Avenue des Champs-Élysées in Paris, which saw nearly a 40% rental rise, hold on to second and third place respectively.
With continued demand from international luxury brands, rents in London’s New Bond Street increased by more than 15% as the location climbed from sixth to become the fourth most expensive shopping street in the world. Global retail rents remain resilient overall with a 3.2% average increase recorded for prime locations. The Americas showed the strongest regional growth with prime rents increasing by 5.8%