New record on Larios street rentals: 30,000 euros per month for a 100 square meter premises

Rents on Marqués de Larios street have reached an unprecedented threshold: 300 euros per square meter per month. Specifically, they range between 240 and 300 euros per square meter for premises up to 100 square meters after rising 10% in the last year, according to the latest report by aRetail and Gesvalt. This equates to a price of 30,000 euros per month for a 100 square meter premises. "Marqués de Larios street remains, one more year, in the elite of the country's major commercial axes. It is one of the areas with the highest rents and lowest availability of commercial premises in Spain and is trading at peak levels, driven by the unstoppable tourist boom, the growth of the resident population, and the positioning of Málaga as a cultural, technological, and gastronomic destination," the study explains.

The recognition of Larios as a commercial icon translates into a commercial occupancy of 98%, with only one of the 53 premises vacant, which means that its availability level is at 2%. "The appeal of this artery, with a constant pedestrian flow and a high tourist component, consolidates it as the main destination for national and international brands." Indeed, rents on Marqués de Larios are already in the range of 240-300 €/m²/month for premises up to 100 m², reaching annual averages close to 2,600 €/m² and experiencing increases around 10% year-on-year.

As for larger premises, rent ranges are set at 200-250 €/m²/month for areas between 101 and 300 m²; between 120 and 150 €/m²/month for premises from 301 to 500 m²; and from 105 to 115 €/m²/month for areas from 501 to 1,000 m². For large spaces, above 1,000 m², rents range between 70 and 90 €/m²/month.

The commercial mix of Larios is led by fashion (45%), followed by other businesses (19%), cosmetics (14%), food services (11%), and services (9%). Notably, within the fashion segment, the strength of jewelers and watchmakers stands out, representing 11% of the total.

Calle Nueva, the alternative

As an alternative to Calle Larios, Calle Nueva is progressively consolidating itself as a reference retail axis, with a clear improvement in its commercial mix, greater presence of organized brands, and a positive evolution in both rents and occupancy. "For operators seeking visibility in the heart of the city, it is the most attractive option after Larios," state the authors of the report.

For its part, Plaza de la Constitución stands out as the most 'premium' location in Málaga, an emblematic and ideal enclave for flagship stores and differential concepts. It is chosen by brands seeking to strengthen their image and positioning.

La Alameda Principal is experiencing "a moment of solid transformation and is shaping up as one of the areas with the greatest growth potential, especially for dining and leisure," affirm the experts from aRetail and Gesvalt. Its urban renewal and strategic connection between the historic center and the waterfront are fostering the arrival of new gastronomic concepts and brands.

Investor Interest

Málaga continues to be in the focus of interest for investors as one of the main cities for their investments in commercial premises. Just like for brands, Calle Larios is the street they place as the first option for their investments. However, no transactions have been documented on this street for years, because the street is mainly divided among four owners who are not considering selling. Therefore, the interest of investors is redirected to other streets like Alameda Principal, the maritime promenade, and the Soho area, which are "in full effervescence" according to the report.