Passeig de Gràcia in Barcelona remains the shopping street with the highest rents in Spain, according to the 35th edition of Cushman & Wakefield's Main Streets Across the World report. The study, which analyses prime rents in 92 cities around the world, ranks this street 16th in the global ranking, with €3,420 per square metre per year, €285 per square metre per month, representing an increase of 8% over the previous year.
Serrano, in Madrid, ranks second nationally with €3,300 per square metre per year, €275 per square metre per month, also with an 8% increase. The report links this trend to the continued incorporation of large international firms, which have pushed up rents in the most sought-after areas.
Third place goes to Madrid's Gran Vía, which reaches €3,120 per square metre per year, €260 per square metre per month, surpassing Portal de l'Àngel in Barcelona this year. The latter shares fourth place with José Ortega y Gasset and Preciados, both in Madrid, at €3,060 per square metre per year, €255 per square metre per month.
Outside Madrid and Barcelona, Marqués de Larios in Málaga registers €2,640 per square metre per year, €220 per square metre per month. It is followed by Fuencarral (Madrid), with €2,160 per square metre per year, €180 per square metre per month; Colón (Valencia), with €1,800 per square metre per year, €150 per square metre per month; Tetuán (Seville), with €1,680 per square metre per year, €140 per square metre per month; Gran Vía (Bilbao), with €1,620 per square metre per year, €135 per square metre per month; and Goya (Madrid), with €1,560 per square metre per year, €130 per square metre per month.
Pelayo, in Barcelona, and Jaime III, in Palma de Mallorca, register €1,440 per square metre per year, €120 per square metre per month. They are followed by Avenida Diagonal, with €1,200 per square metre per year, €100 per square metre per month; and Plaza de la Independencia (Zaragoza) and Rambla Catalunya (Barcelona), both with €1,140 per square metre per year, €95 per square metre per month. Portaferrissa, in Barcelona, closes the list with €1,080 per square metre per year, €90 per square metre per month.
Rob Travers, Head of EMEA Retail at Cushman & Wakefield, points out that interest in these areas does not come solely from the luxury segment: "Occupying space on these streets goes beyond luxury. A presence on these streets is no longer exclusive to high-end brands. More and more mass-market brands are opting for prime locations because they offer visibility, a constant flow of foot traffic and a connection with consumers that is difficult to achieve in other environments."
New Bond Street tops the global ranking for the first time
This year's report ranks New Bond Street in London as the shopping street with the highest rents in the world, at €20,482 per square metre per year, €1,707 per square metre per month, following a 22% increase. It is followed by Via Montenapoleone in Milan, with €20,000 per square metre per year, €1,666 per square metre per month, while Upper Fifth Avenue in New York ranks third with €18,359 per square metre per year, €1,530 per square metre per month.
The global top five is completed by Tsim Sha Tsui in Hong Kong, with €13,907 per square metre per year, €1,159 per square metre per month, and Avenue des Champs Élysées in Paris, with €12,519 per square metre per year, €1,043 per square metre per month. Ginza, in Tokyo, recorded a 10% increase and ranks sixth with €11,538 per square metre per year.
Travers emphasises that physical presence remains key for international brands and explains that "the appeal of the world's leading shopping streets lies in their unique combination of heritage, visibility and cultural prestige. More than just shopping destinations, they are spaces where brands build narratives, express identity and connect with consumers. For many retailers, being in a prime location is no longer an added value, but a necessity."
Low availability, upward pressure on rents and tourism
Globally, rents rose by an average of 4.2%, with increases in 58% of the markets analysed. The Americas recorded the highest increase, at 7.9%, followed by Europe (4%) and Asia-Pacific (2.1%). London and Budapest stand out for their strongest growth, while mainland China and Southeast Asia show more moderate growth.
"In Spain, rental growth is a direct response to competitive pressure caused by limited availability in the most sought-after locations. In Serrano, availability is practically non-existent, and in Passeig de Gràcia it barely reaches 3%. This lack of space explains why the main shopping streets continue to be the most powerful global showcase for differentiation and brand experience," according to Travers.
The report highlights the impact of international tourism. The WTTC forecasts growth of more than 8% in global arrivals in 2025 and an additional 7.4% in 2026, with an estimated expenditure of €1.95 trillion.
In Spain, between January and September 2025, 53 million international tourists arrived, 5% more than in the same period last year, with an increase from the United States, the United Kingdom and France.
