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Porto: Store Rents Skyrocket 30% in One Year on Rua de Santa Cantarina

16 October 2017

Prime street retail rents in Porto are taking off. On the Rua de Santa Catarina, where an average of 4,200 people walk through per hour during peak times, rents in the third quarter showed a 30% increase when compared to the same period last year. The monthly rent for a store in this area is, on average, 45 euros per square meter and prices are expected to continue to rise.

These data come from Marketview, a study of Porto’s property market conducted by the real estate consultancy CBRE. Rua de Santa Catarina and Clérigos continue to be “the most sought-after locations for retailers in Porto,” with Santa Catarina considered the most attractive in the city, the consultancy stated.

“Porto continues to attract an increasing number of tourists, who have contributed greatly to the city’s vibrant atmosphere,” the statement read. CBRE pointed out that the “availability of stores for rent is very low” on Santa Cantarina, which is why further “increases of prime rents in the zone” are expected, driven by the shortage spaces for rent and the “placement of better quality spaces on the market.”

Aliados to enter Porto’s “prime” rental market

CBRE also reveals that the Avenida dos Aliados “should be the next area to enter the city’s prime areas for commerce,” where rents are currently around 40 euros per m2. “In the last two years, several properties have been transacted on this street, and the remodelling of these will create new opportunities and some critical mass for the attraction of premium and luxury brands,” said the consultancy.

But additional investments are planned, namely for the Bolhão Market and for the D. João I zone, which will undoubtedly contribute to the increase of “attractiveness and dynamics in this central area of the city,” CBRE stated.

Original Story: Idealista

Translation: Richard Turner