Passeig de Gràcia consolidates its position as the most expensive shopping street in Spain

BarcelonaBarcelona's Passeig de Gràcia has once again topped the list of Spain's most expensive shopping streets for the fourth consecutive year, with rents averaging €3,420 per square meter annually, an 8% increase over last year. It has also moved up one place, from 17th to 16th, in the global ranking of the world's most expensive shopping streets, according to real estate consultancy Cushman & Wakefield.

This information is included in the report Main streets across the world, This year marks the 35th edition of the study, which annually analyzes rents on the main shopping streets in 92 cities worldwide. The second most expensive street in Spain is Serrano Street in Madrid, with rents of €3,300 per square meter per year, representing an 8% increase over the previous year. According to the same study, this growth was driven by "the continued arrival of major international brands," whose presence has been a decisive factor in this sharp rise in rents.

The podium is completed by another Madrid street: Gran Vía, with a rent of 3,120 euros. The novelty this year is that the third position is no longer shared between this Madrid street and Portal de l'Àngel. Now this iconic Barcelona street occupies fourth place with Ortega y Gasset and Preciados streets in Madrid, which register a commercial rent of 3,060 euros per square meter per year. In 2018 and 2019, Portal de l'Àngel led the Spanish ranking.

Influence of tourism

The truth is that occupying space on these streets goes beyond luxury. Rob Travers, Head of EMEA Retail at Cushman & Wakefield, explains that a presence on these streets is no longer exclusive to high-end brands. "More and more flagship stores in the consumer goods sector are investing in prime locations." prime “Because they offer visibility, a constant flow of people, and a connection with the consumer that is difficult to achieve in other environments,” he explains. Furthermore, these commercial areas are frequented mainly by tourists, making them one of the most important players in this sector, since the presence of visitors—especially foreigners with high purchasing power—generates economic investment.

Globally, the most sought-after street is in London, following a remarkable 22% growth in the last year. This is New Bond Street, which has climbed from third to first place, surpassing Milan's Via Montenapoleone and New York's Upper Fifth Avenue, which have fallen to second and third place, respectively. The price per square meter of commercial rent on the London street is €20,482 annually, while in Milan it remains at €20,000 and in New York at €18,359. In fourth place, with €13,907 per square meter annually, is Hong Kong's most expensive street, Tsim Sha Tsui. The French capital also maintains its fifth position with Avenue des Champs-Élysées, where the annual rent is €12,519 per square meter.