The Barcelona Passeig de Gràcia remains as the most expensive shopping street in Spain, with an average price of 3,180 euros per square meter per year, according to the report Main Streets Across the World presented this Wednesday by Cushman & Wakefield. The figure is 6% higher than last year, exceeding the 4% increase experienced by Madrid’s Serrano street, the second most expensive in the country at 3,060 euros per m²/year.
Dior, Versace, Loewe, Prada… The top luxury brands coexist on Passeig de Gràcia. The rise in prices also elevates its position in the global ranking, moving from 17th to 16th place. This ranking only considers the most expensive street in each country, as when all streets are taken into account, it falls lower in the rankings. For example, in Europe, there are 26 streets more costly than Passeig de Gràcia, concentrated in London, Paris, and Italian cities.
Barcelona and Madrid share the top positions in Spain
In the Spanish ranking, in a shared third position with a margin of 3,000 euros, we have Portal de l’Àngel in Barcelona and Gran Vía in Madrid. Behind them, in fourth place, are the shopping streets of Preciados in Madrid (2,940 euros), and in fifth place is José Ortega y Gasset, also in Madrid (2,880 euros).
If we move away from Barcelona and Madrid, noteworthy streets include Marqués de Larios in Málaga (sixth with 2,400 euros); Colón in Valencia (eighth with 1,560 euros), and Gran Vía in Bilbao and Tetuán in Seville, both ranked ninth with 1,500 euros.
Milan snatches the throne from New York
The worldwide ranking is now led by Via Montenapoleone in Milan, with rents of €20,000/m²/year, where the rental cost has increased by 11% year-on-year. It has surpassed New York’s Fifth Avenue, with a reference of €19,537 and no increase.
The famous New Bond street in London ranks third with a prime rent of 17,210 euros per square meter per year, showing a 13% increase. This has displaced the luxurious Tsim Sha in Hong Kong, which has dropped from third to fourth place globally with rents of 15,697 euros per square meter per year. Champs-Elysees in Paris is in fifth place with 12,519 euros. The sixth spot goes to Ginza in Tokyo, which shows the highest increase among the top locations, with a rise of 25% to 11,582 euros.
The latest report from Cushman & Wakefield shows how retailers worldwide continue to invest in having a physical presence for their brands in iconic and super prime locations globally, characterized by intense competition for space and a very limited supply.
