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Retail demand and real estate investment doubles
- Prices for spaces on Barcelona’s main arteries shoot up as a result of high demand
- Noteworthy number of operations in the luxury sector in Barcelona
According to a report compiled by consultancy CBRE, the recovery of the real estate market is gaining speed. In addition to the reactivation of the office-space market, which doubled in Barcelona in 2014, the investment in retail space has shown exponential growth, according to a recent study published by Cushman&Wakefield that shows 117% growth from last year around Spain.
Barcelona’s attractiveness for name brands has fuelled this market. Over the past months, many noteworthy operations have taken place in the retail segment, like the inauguration of the Desigualmacroshop on Plaça de Catalunya and the announcement of the arrival of Costa Coffee cafés in Barcelona. This interest from top brands in opening new establishments encourages investors to purchase spaces to lease out.
In particular, Portal de l’Àngel is becoming even more attractive for brands gaining one spot on the global ranking of the most expensive shopping streets, from 15th to 14th. Moreover, it continues to be the most expensive street in Spain, with the average price at 3,249 euros/m2. On Passeig de Gràcia, which is the third most expensive street in Spain, retail space goes for 2,940 euros/m2.
Furthermore, according to real estate consultancy Forcadell, within the increased demand in retail in the Catalan capital, the growth in the luxury sector in Barcelona has been noteworthy, with many operations over this period taking place in the prime zone.
The retail investment market in Barcelona, therefore, is proving to be highly dynamic thanks to the moderately hopeful upward trend in the economy, greater access to bank financing, increased tourism, falling sale prices compared to rental prices that are beginning to increase, and stakeholders like foreign investment funds and REITS moving into the market.
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