Retail property rents on Spain’s most prestigious shopping streets continue to break records, with prices up 8% in the last year, driven by intense demand and a shortage of available space, according to the latest Main Streets Across the World report from Cushman & Wakefield.
Barcelona’s Passeig de Gràcia remains the country’s most expensive retail location, with annual rents hitting €3,420 per square metre—a jump of 8% year-on-year. This iconic boulevard now ranks 16th among the world’s priciest retail streets. In Madrid, Serrano Street is a close second, where rents have also risen 8%, reaching €3,300 per square metre per year.
Availability of prime retail space is at historic lows—vacancy rates on streets like Paseo de Gràcia and Madrid’s Gran Vía are now under 3%. The rush for the best locations is fueled by booming tourism, rising foreign investment, and an accelerated expansion of retail brands, leaving practically no empty units on these elite arteries.
Ranking Spain’s Most Expensive Retail Streets
Following Barcelona’s Passeig de Gràcia and Madrid’s Serrano is Gran Vía, Madrid, now in third place with average rents of €3,120 per square metre per year. In fourth is Barcelona’s Portal de l’Àngel, while Preciados and José Ortega y Gasset—both in Madrid—round out the top six, with prices around €3,000 per square metre.
Madrid has seen particularly strong growth in rental rates due to increased international investment, tourism, and supportive local policies. However, Barcelona’s retail market is more centralized along Passeig de Gràcia, while Madrid’s high-value zones are more dispersed.
Rising Stars: Malaga & Valencia
Beyond Madrid and Barcelona, Malaga and Valencia are seeing some of Spain’s fastest retail rental growth. Malaga’s Marqués de Larios Street now costs €2,640 per square metre per year—up 10%. Valencia’s Calle Colón saw rents skyrocket by 15% this year, reaching €1,800 per square metre.
Seville, Bilbao, Palma de Mallorca, and Zaragoza are also experiencing intense demand, with retailers competing for limited prime locations. The scarcity of space in these cities continues to push up rents.
With vacancy rates at record lows and demand showing no sign of slowing, Spain’s top high streets look set for further price increases in 2025—cementing their status among Europe’s most desirable retail destinations.
