Barcelona has established itself as one of the key hubs for real estate investment in Spain. Within this context, commercial premises have emerged as the most profitable asset and the most attractive option for both national and international investors, surpassing other investment alternatives.
With its economic dynamism, constant tourist influx, and population growth, the Catalan capital has witnessed a significant increase in demand for this type of property in recent years, particularly in central areas and locations with high tourist activity.
According to the latest data provided by the real estate portal Idealista on rental yields for the main real estate products in Spanish capitals, the average yield for commercial premises in Barcelona reached 8.4% in 2023, surpassing other assets such as residential properties (which offer an average yield of 5.9%), offices (around 7.9%), and garages (6.3%). This significant difference is largely due to the growing demand for spaces for commerce and services, driven by both tourism and the post-pandemic recovery of the local economy.
Areas with the highest yields
As highlighted in Idealista’s analysis, some districts stand out for their economic activity and sustained demand, offering the best returns for this type of asset:
- Gràcia. Known for its bohemian vibe and residential character, this neighborhood has seen an increase in demand for commercial spaces, particularly for niche shops and cafes. The average yield here is around 7.5%.
- Eixample. This central district is one of the most sought after by both local businesses and major international brands. Its high population density, combined with a constant flow of tourists, has kept rental prices high, generating an average yield of 8.5%.
- Ciutat Vella (Gothic Quarter and El Raval). This is one of the most touristic areas of Barcelona, where some of the busiest shopping streets in the city are located. Here, commercial premises offer an average yield ranging from 7.8% to 8.4%.
- Poblenou. Known as Barcelona’s tech district, it attracts numerous startups and tech companies. This transformation has created high demand for commercial spaces focused on services and dining, with an average yield of 8%.
The highest yields in commercial premises are found precisely in these districts, where rental prices are higher and the risk is lower. Passeig de Gràcia, in particular, is consolidated as the most expensive shopping street in Spain, with a prime rent reaching €3,000 per square meter per year, according to data from the global report “Main Streets Across the World” by the real estate consultancy Cushman & Wakefield.
Why are commercial premises so profitable in the Catalan capital?
There are many reasons behind the high profitability of commercial premises in Barcelona. Its strategic location is one of them. Barcelona is a city with a constant flow of residents, tourists, and professionals, making it a prime location for commerce.
Tourism, in particular, is one of the key drivers of demand for commercial premises. Barcelona receives over 15 million tourists per year, creating sustained demand for spaces for shops, restaurants, and cafes, especially in central and tourist areas.
Barcelona is also a major business, tech, and educational hub, and the presence of multinational companies, startups, and universities has created additional demand for commercial spaces.
The post-pandemic retail revival has simultaneously increased the demand for commercial spaces. Today, Barcelona is the European capital with the most stores per square kilometer, ahead of major cities like Paris, Lisbon, London, Milan, or Munich.
The commercial premises market in Barcelona is thus showing clear signs of recovery, creating new investment opportunities in this type of property. The current market momentum also coincides with a shift in the regulatory landscape, following the approval of the Housing Law in Spain, which marked the end of a period of uncertainty for investors and reignited interest in this type of asset. Going forward, as pointed out by the real estate agency Vivendex, converting commercial premises into residential properties to make them profitable could also be a very advantageous option, not just in Barcelona.
