Portal de l´Angel, the Spanish Golden Mile.

An important flow of tourists and the limited availability of free spaces place the Portal de l´Angel street in Barcelona as the most expensive commercial area in Spain for the third year. The average rent for trade premises on that street reaches 3180 Euros per square meter per year, according to the consulting company Cushman & Wakefield (C&W). “The rent has maintained the same level as last year”, Robert Travers, director of Retail at C&W in Spain, explains.

“Portal de l´Angel is the fashion street for any consumer. The commercial network is dominated by young fashion brands. The street benefits from the unbeatable location, connecting the main commercial area with the historic and cultural center of the city (Ciutat Vella and El Born), representatives from the consulting company Ascana explain.

Great companies such as El Corte Inglés, Inditex (with its brands Zara, Uterqüe, Oysho and Massimo Dutti), Mango, H&M, Swaroski and Cortefiel all have stores in the area, where the availability have been almost zero for the last few years.

After Portal de l´Angel, the second most expensive area is Preciados street in Madrid, with an average rent of 2880 Euros per square meter and year, according to Cushman and Wakefield. Serrano and Ortega y Gasset follow, also in Madrid, and Paseo de Gracia in Barcelona, with a price of 2580 Euros per square meter for trade premises.

“The most expensive streets are in Barcelona and Madrid, but the activity in Palma de Mallorca and Puerto Banús (Marbella) is also worth mentioning, as a consequence of the good results in tourism, mainly the international one, and the increase in expenditure of the visitors from emerging economies”, they point out. Nevertheless, the rents on Spanish retail areas are far from the ones paid in other countries. (…)

Source: Expansión