Calle Larios in Malaga is the most expensive street for shop rent in Spain, outside Madrid and Barcelona

Calle Marqués de Larios in Malaga city centre has moved up one place in the ranking of the most expensive shopping streets in Spain, ranking fifth, according to the 35th Cushman & Wakefield report. In fact, it is the street with the highest rent outside Madrid and Barcelona, which occupy the top four positions on the list with Paseo de Gracia, Serrano, Gran Vía, Portal del Ángel, José Ortega y Gasset and Preciados, the last three tied in fourth place.

Calle Larios has seen its rent increase by another 10% in the last year, reaching 220 euros per square metre per month (or 2,600 euros per year). This means that a hundred-square-metre premises costs 22,000 euros per month. The availability of premises in this 'super prime' area of Malaga is non-existent, which is evidence of the "strong demand and shortage of space in this commercial area".

International tourism is consolidating its position as the main driver of 'super-prime' retail destinations, according to Cushman & Wakefield's report. Despite global economic uncertainty and geopolitical tensions, the flow of international tourists continues growing strongly. Forecasts point to an increase of more than 8% in international arrivals in 2025 and an additional 7.4% in 2026, reaching a new all-time record of tourism expenditure of approximately 1.95 trillion euros. This particularly benefits the world's main shopping streets, where tourists are looking for unique, immersive and memorable shopping experiences.

In the case of Spain, this growth in tourism, led by tourists from strategic markets such as the US, the UK and France, has benefited the most important commercial areas, such as Calle Larios.

As Rob Travers, head of retail in EMEA (Europe, Middle East and Africa) at Cushman & Wakefield, says, "high-street presence is no longer exclusive to high-end brands. More and more FMCG (fast-moving consumer goods) retailers are opting for prime locations because they offer visibility, a constant flow of people and a connection with the consumer that is difficult to achieve in other environments".

The Cushman & Wakefield report, which analyses the prime rents of shopping streets in 92 cities around the world, highlights the continued attractiveness of Paseo de Gracia (Madrid), which this year moves up one position in the global ranking to 16th place, with a prime rent of 3,420 euros/square metre/year (285/square metre/month), an increase of 8%. "This street is home to prestigious luxury brands such as Louis Vuitton, Prada, Chanel and Gucci; it maintains a dynamism that consolidates it as one of the most iconic and exclusive shopping arteries on the international scene," the report says.

Calle Serrano in Madrid is close behind, with rents of 3,300/square metre/year (275/square metre/year), also an 8% increase. "This growth has been driven by the continued incorporation of large international firms, whose presence has contributed decisively to this sharp increase in rents," Cushman & Wakefield says. Gran Vía (Madrid) is in the third position with a prime rent of 3,120/square metre/year (260/square metre/month). This year, the Madrid thoroughfare overtakes Portal del Ángel in Barcelona, with which it shared a position in last year's ranking.

Portal de l'Àngel shares the fourth position with Calle José Ortega y Gasset and Calle Preciados, both in Madrid, with a prime rent of 3,060/square metre/year. After these top four streets come: Marqués de Larios in Malaga (5th position, with 2,640/square metre/year); Fuencarral in Madrid (6th, with 2,160/square metre/year); Colón in Valencia (7th, with 1,800/square metre/year); Tetuán in Seville (8th, with 1,680/square metre/year); Gran Vía in Bilbao (9th, with 1,620/square metre/year); Goya in Madrid (10th, with 1,560/square metre/year); Pelayo in Barcelona and Jaime III in Palma de Mallorca, which share the 11th position, with 1,440/square metre/year; Avenida Diagonal (12th, with 1,200/square metre/year); followed by Plaza de la Independencia in Zaragoza and Rambla Catalunya in Barcelona, which share 13th position, with 1,140/square metre/year; and, finally, Portaferrisa in Barcelona, with 1,080/square metre/year.

The report confirms that Europe continues leading the ranking, having overtaken the US last year. For the first time, New Bond Street in London is the most expensive shopping street in the world, with rents of 20,482 euros/square metre/year (1,707/square metre/month), up 22% compared to the previous year. It is closely followed by Via Montenapoleone in Milan, in second place at 20,000/square metre/year, while Upper Fifth Avenue in New York comes after it, at 18,359/square metre/year. In the fourth position is the luxurious Tsim Sha Tsui in Hong Kong, at 13,907/square metre/year, where rents are down 6%. Fifth is the Parisian Avenue des Champs Élysées, which maintains its rents at 12,519/square metre/year. Also noticeable is the 10% increase in rents on Ginza Street in Tokyo, which is in the sixth position.

The Cushman & Wakefield report concludes that physical presence remains a key focus for brands, which continue seeking iconic and super-prime locations in major cities around the world. According to Travers, "the appeal of the world's high streets lies in their unique combination of heritage, visibility and cultural prestige. More than shopping destinations, they are spaces where brands build storytelling, express identity and connect with consumers. For many retailers, being in a prime location is no longer an added value, but a necessity".

The report also confirms that the world's main shopping streets maintain a sustained price growth dynamic, driven by strong demand and limited availability of prime space. Globally, rents grew by 4.2% on average. The Americas was the best performing region, with growth of 7.9%, helped by exchange rate effects in South America and renewed dynamism on high streets in the US and Canada. Europe showed a stable performance, with an average increase of 4% year-on-year, with strong rises in London and Budapest, while in Asia-Pacific growth moderated to 2.1%, with India and Japan offsetting the slowdown in mainland China and south-east Asia.