The basis for this conclusion are the results obtained in the latest Estudio de Mercado de Locales comerciales published by Gesvalt. According to this study, rent values on the Spanish retail market in 2016 have undergone a change after the rent increases in the prime streets of the large urban areas. However, those in the second and third line have continued to perform for more than ten months due to the special interest that the big operators have in these areas.
Portal del Ángel (Barcelona) and Preciados (Madrid) at the head of the prices
Portal del Ángel in Barcelona is the most expensive shopping street in national territory at 270 €/m2/monthIn this city, streets like Paseo de Gracia, Rambla Cataluña, Avenida Diagonal and Portal del Ángel, have maintained the same prices as reached in 2015
In Madrid, rents have increased slightly with respect to 2015, with la calle Preciados once again registering the highest prices in Madrid, with a rental value of 255 €/m2/month. In the capital, the strong increase in Gran Via is of note, passing from 205 €/m2/month to 230 €/m2/month in the past year.
In Valencia, rents in the prime zone have risen between 5% and 10%, with la calle Colón the highest with rents of up to 160 €/m2/month in the most exclusive zones
In Palma, prices are similar to those of last year in the three prime streets of the city.
On the other hand, Gesvalt’s report stresses the low or almost zero availability for large shops or “flagship stores” in all the prime zones, owing to the strong demand for this kind of property from the big brands.
Although still a very attractive market, in 2016 the retail sector has reduced in volume compared to 2015 mainly due to the rise of the SOCIMI, which this year have focused their interest on the management of their portfolios more than investment itself as in the previous year.
The ‘star’ products in this sector are, in order of importance, the shopping centre, and the high street shop. On the other hand, the proportion of national to international ‘players’ has continued, with the latter more predominant in this financial year’s investment.