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Portal de l’Àngel is again the most expensive commercial street in Spain after rents grow 1.8%

13/11/2019

The Barcelona artery ranks the 14th worldwide place, according to Cushman & Wakefield's Main Streets Across the World report.

The commercial street with the highest rental prices in Spain remains, once again, the Barcelona Portal de l'Àngel, according to the international report Main Streets Across the World by the real estate consultant Cushman & Wakefield. According to the study, which has been produced since 1988 and analyzes the prices of 448 markets in 68 countries, the Barcelona artery consolidates for the tenth consecutive year as the street with the highest income in Spain and is ranked 14th worldwide, with a “prime” income of € 3,420 / m² / year.

The growth compared to € 3,360 / m² / year registered in 2018 is 1.8%. Globally, the top position, for the second consecutive year, corresponds to Causeway Bay in Hong Kong, with a maximum rental price of € 25,965 / m² / year. It is followed by Fifth Avenue in New York, which stands at € 21,295 / m² / year, and the podium is completed by London's New Bond Street, with an average price of € 16,222 / m² / year.The maximum reference rents for Madrid are € 3,300 / m² / year on the streets Serrano and Preciados.

In the first, they have grown 3.8%, and, in the second, 1.8% in the last year, as in Portal de l’Angel. Another important commercial axis that has incomes at the same level of Serrano and Preciados is Paseo de Gracia in Barcelona. Thanks to its great exposure to luxury tourism, it has seen its rents grow by 1.8% in the last 12 months.

For Robert Travers, Partner and Director of Cross Border Retail for Europe, "the key in the retail segment is flexibility." further notes that "retailers and owners must be able to innovate quickly and smoothly in specific spaces and formats." In this sense, he adds "a very large gap will be created between those who adapt to this changing environment and those who do not." Regarding the situation the sector is experiencing, he ensures that "there has never been a more exciting time to be in the retail segment in Spain.

Cushman  & Wakefield has managed to position itself as a leading real estate consulting company in the Retail segment worldwide. In Spain, the firm has in recent years advised retail premises rental transactions to star-up brands such as Fashionalia and new “players” of the Spanish market (IWC, Ted Baker, Courir, Ace & Tate or Forte Forte) and last generation “flagship stores” such as Uniqlo, Rayban, La Caixa or FC Barcelona.

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MEDIA CONTACT

Jenny Pizarro
Jenny Pizarro

Partner, Head of Business Development • Barcelona

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