Retail unit rental prices in Malaga's famous shopping street soar: this is how much it costs per square metre per month

Rental prices for retail units in Malaga city's main shopping street, Calle Larios, have already exceeded pre-pandemic levels and the square metre price is now quoted at 240 euros per month, according to the latest data provided by consultancy firm Savills. This means that, for a premises of 100 square metres, the asking price is now 24,000 euros per month. Still, the big brands are coughing up these rental prices, judging by the level of occupancy being achieved at very close to 100%. To be clear, the percentage of available space in this location has halved in the last year, from an already meagre 4% to 2%.

"The high street market in Malaga is experiencing a great boom marked by the surge in tourism, economic diversity and new urban developments. As a result, the capital of the Costa del Sol is becoming one of the most important tourist destinations in Spain, attracting international operators," said Savills' spokesperson.

The consultancy firm follows how the retail premises market continues to consolidate its recovery in Spain. It especially monitor how the high streets - the main shopping streets in each city - are making a comeback, driven by the high demand from national and international retailers and brands. "Prime streets continue to be the most coveted commercial hubs, with ever-decreasing availability and rising rents," said Savills. As a result, in cities such as Madrid, Barcelona, Valencia, Seville and Malaga, the main shopping arteries have seen occupancy remain at record highs, with prime rents exceeding pre-pandemic levels. Iconic streets such as Preciados, Portal del Ángel, Marqués de Larios and Colón are consolidating their position as key destinations for major retail brands in Spain.

Savills added that, in the last year, Calle Larios has been marked by "commercial renewal", with the opening of shops such as Adidas, La Canasta and Exchange, which have caused the availability rate to drop to 2%, far from the 4.2% of the previous year.

As for Plaza de la Constitución, the bridge between Calle Marques de Larios and Calle Nueva, it has registered an availability of 5.9% and an average rental price of 96 euros per square metre.

As a result of the occupation of prime areas and the development and growth of Malaga in terms of tourism, urban planning and commerce, Savills has put out another growth forecast. The consultancy is assured that, in the coming months, activity will concentrate "on the streets of Puerta del Mar, San Juan and Martínez, offering new options to national and international operators and favouring the growth of the city."