The city has become the gateway for major international retail and restaurant groups.
Gesvalt, together with aRetail, we have published our Retail 2025 Report on the city of Madrid, in which we analyse the evolution of the main commercial axes of the capital and confirm that Madrid remains, for yet another year, the main focus of attraction for the retail market, both from a commercial and investment point of view.
In our analysis we highlight how the Salamanca neighbourhood continues to consolidate its position as the benchmark for premium and luxury retail in Madrid., with streets such as Ortega y Gasset and Serrano reaching peak occupancy and demand levels. We also observed a clear recovery in other strategic axes such as Goya and Conde de Peñalver, driven by new openings and a significant improvement in the retail mix.
We also focus on the consolidation of the Salesas area, especially streets such as Fernando VI and Barquillo, which have positioned themselves as one of the most attractive areas for medium and premium operators, both in retail and restaurants.
Strong retail and investment capital interest in Madrid
Overall, Madrid is consolidating its position as the epicentre of retail in Spain and as a priority destination for international brands looking to open their first shop in the country. The strength of demand, the low levels of availability in prime areas and the capital's tourist and economic attractiveness reinforce its position compared to other national markets.
This interest is also reflected in the investment environment. Investors maintain a high appetite for prime retail in Madrid, with Calle Serrano as the most sought-after, placing the most attractive locations in the area. returns ever closer to 3%. The other axes included in the report are also in strong demand, with assets coming to market being traded very quickly.
It is also worth highlighting the great demand from Spanish family offices for prime streets in Barrio Salamanca such as Claudio Coello, Ayala and Goya. In the central area, streets such as Gran Vía, Mayor and Preciados have been the protagonists of major investment operations this year.
And finally, in the area of Justice, streets such as Barquillo or Fernando VI are beginning to position themselves as protagonists in the demand of national investors.
Sectoral distribution and occupancy by commercial axes
- Ortega y Gasset: has 41 premises, and has no availability (0%). The fashion sector accounts for 86% of the supply, including 34% for jewellery and watches, followed by other (7%) and services (7%).
- Serrano: has 151 premises, with only 3 vacancies (2% of availability). It is positioned as the most exclusive axis, with 63% of premises dedicated to fashion (including 14% of jewellery and watches), followed by others (12%), restaurants (11%), services (11%) and home (1%).
- Preciados: 44 premises, with no availability (0%). The fashion sector leads with 50% of premises with 9% of jewellery, followed by other (23%), cosmetics and catering (11% respectively), and services (5%).
- Fuencarral: has 129 outlets and no availability (0%). Fashion accounts for 64% of the supply - including 5% of jewellery - followed by other (12%), catering (11%), cosmetics (9%) and home and services (2% respectively).
- Gran Vía: records 182 outlets, with 1 available (1% of availability). It presents a very balanced mix, with fashion (28%, including 5% of jewellery), and catering (27%) as the main categories, followed by other (25%), services (15%) and cosmetics (4%).
Rents continue to show market strength
The main commercial arteries of Madrid maintain a clear trend in local rents: The smaller the surface area, the higher the price per square metre, especially on the prime axes.
- Ortega y Gasset: the smallest premises (0-50 m²) reach rents of between €600 and €700/m² per month. In the 51-100 m² bracket, prices range between 400 € and 450 €/m²; between 101 and 300 m² they are between 300 € and 350 €/m²; in areas from 301 to 500 m², between 230 € and 280 €/m²; from 501 to 1,000 m², between 160 € and 180 €/m²; and in premises over 1,000 m², between 70 € and 120 €/m².
- Serrano: the smallest premises (0-50 m²) have the highest rents, between €700 and €800/m². For areas of 51-100 m², the range is between €450 and €500/m²; between 101 and 300 m², between €350 and €400/m²; in the 301 to 500 m² bracket, between €280 and €330/m²; from 501 to 1,000 m², between €180 and €230/m²; and above 1,000 m², between €70 and €120/m².
- Preciados: for premises of 0-50 m², rents are between €600 and €700/m². For spaces of 51-100 m², between €300 and €400/m²; between 101 and 300 m², between €270 and €320/m²; in areas of 301 to 500 m², between €190 and €220/m²; from 501 to 1,000 m², between €115 and €150/m²; and in premises of more than 1,000 m², between €50 and €80/m².
- Fuencarral: the smallest premises (0-100 m²) reach rents of between €290 and €320/m². In the 101 to 300 m² bracket, prices range between €170 and €200/m²; between 301 and 500 m², between €95 and €115/m²; from 501 to 1,000 m², between €70 and €90/m²; and in areas above 1,000 m², between €60 and €75/m².
- Gran Vía:
- Section I (Callao - Plaza de España): in premises of 0-100 m², rents range between 160 € and 200 €/m²; between 101 and 300 m², between 120 € and 160 €/m²; in the 301 to 500 m² bracket, between 90 € and 120 €/m²; from 501 to 1,000 m², between 70 € and 90 €/m²; and in premises of more than 1,000 m², between 50 € and 70 €/m².
- Section II (Montera - Callao): the smallest premises (0-50 m²) are between €650 and €750/m². In the 51-100 m² bracket, between €450 and €500/m²; between 101 and 300 m², between €300 and €350/m²; in areas between 301 and 500 m², between €225 and €275/m²; from 501 to 1,000 m², between €200 and €250/m²; and above 1,000 m², between €100 and €150/m².
- Section III (Alcalá - Montera): for premises of 0-100 m², rents are between €250 and €300/m². For areas between 101 and 300 m², between €150 and €180/m²; between 301 and 500 m², between €100 and €150/m²; from 501 to 1,000 m², between €70 and €85/m²; and for premises over 1,000 m², between €50 and €70/m².
Madrid as a pole of attraction for population and tourism
In 2025, Madrid's population reached 3,506,730 inhabitants. (+2,63%), The city's capacity to attract people and talent has been strengthened. The average gross income is 43,646 euros., with a unemployment rate of 6.78%, The average for the country is below the national average. GDP grows by 2.91 QoQ3 y-o-y in the third quarter of 2025, accounting for 19.8% of the national total, whereas the foreign investment exceeds 10.2 billion in the first nine months of the year.
In terms of tourism, Madrid is positioned as one of the main urban destinations in the world, in which the number of visitors to the city is growing. international tourism grows by 5.31 pct3T in travellers and 6.89% in overnight stays, representing 58.6% and 65.9% of the total respectively. In addition, expenditure per traveller increased by 13.98% year-on-year.
In addition, another fact that reflects the good performance of the retail sector is that letail sales grow by 3.81 p.p.3 q.p. y-o-y in December 2025, while the sector turnover rises by 5.7%, reflecting the strength of consumption and the high demand for retail space.