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Calle Marqués de Larios is the sixth most expensive street in Spain. Setting up a business in one of its premises, if rented, costs 2,400 euros per square metre per year, which is also an increase of 11 per cent compared to 12 months ago, according to a report published by the real estate consultancy firm Cushman & Wakefield.
At the top of the ranking is Passeig de Gràcia, in Barcelona, with a rent of 3,180 euros per square metre per year, which represents an increase of six per cent compared to 2023 levels. This street in Barcelona is home to luxury brands such as Dior, Versace, Loewe and Prada. In second place in the ranking is Calle Serrano, in Madrid, with average rents of 3,060 euros per square metre, four per cent above the rents paid a year earlier.
In third place in Spain are Portal de l'Àngel, in Barcelona, and Madrid's Gran Vía, tied at 3,000 euros per square metre per year. In fourth position is Preciados, also in Madrid (2,940 euros per square metre per year), followed by José Ortega y Gasset, another street in the Spanish capital (2,880 euros).
Outside of Madrid and Barcelona and Marqués de Larios in Málaga, the most expensive streets in Spain also include Calle Colón in Valencia, in eighth position, with 1,560 euros per square metre per year; as well as Gran Vía in Bilbao and Calle Tetuán in Seville, both in ninth position, with 1,500 euros per square metre per year. In twelfth position is Palma de Mallorca and its Calle Jaime III (1,260 euros per square metre), followed by Plaza de la Independencia in Zaragoza (1,020 euros per square metre per year). The rest, up to the fifteen streets that make up the ranking constructed by the consultancy firm, are all in Madrid (Fuencarral or Goya) and Barcelona (Pelayo, Rambla Catalunya, Diagonal and Portaferrisa).
The 34th edition of the Main Streets Across the World report identifies for the first time a European street as the most expensive in the world. It is Italy's Via Montenapoleone in Milan, with rents of 20,000 euros per square metre per year, an increase of 11 per cent compared to a year earlier. Second place goes to New York's Fifth Avenue, with rents of 19,537 euros per square metre per year. Third in the ranking is London's New Bond Street (17,210 euros), which has ousted Hong Kong's Tsim Sha, which falls to fourth place (15,697 euros). In fifth place is the Champs Elysées in Paris (12,519 euros).
The consultancy firm pointed out that firms around the world continue to opt for a physical presence in iconic locations, which are generally characterised by high competition for space and a very limited supply, which is why prices are rising across the board. "Brands are opting for physical shops in the best locations in the world. This is due to competition for consumers' attention, driving the need for a superior shopping experience, as well as a better product display and in-store experience," explained Robert Traves, spokesperson for Cushman & Wakefield.
At the same time, the consultancy highlights the relevance of tourism: "It is a significant driver of the performance of super-prime retail destinations," said the report, which added: "While there are inevitably local variations, approximately 40-50 per cent of luxury purchases are made during travel. And the benefits extend beyond the luxury sector, as tourists also spend in other retail segments and on leisure activities, contributing to the overall vitality of these locations."
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