By Humphrey Carter
JAIME III, Palma's main high street, has the 12th highest real estate rental prices in Spain.
The annual “Main Streets Across the World 2004” has just been published by real estate consultants Cushman & Wakefield Healey & Baker, and the average rental price of a square metre along Jaime III is 660 euros.

The most expensive street in Spain is calle Preciados in Madrid where retailers are renting shops at a rate of 2.220 euros per square metres, nearly four times the price of Palma's Jaime III.

The calle Portal de l'Àngel in Barcelona is as nearly expensive with an average rental rate of 2.064 euros per square metre.
Barcelona is in fact the most expensive city in Spain to rent shop space with four streets in the top 12 most costly retail areas.
Nevertheless, calle Preciados in Madrid is listed in the top 12 most expensive streets in the world.
Top of the list is Fifth Avenue in New York.
The average price of a square metre of retail space has been set at 8.406 euros while the rental rate along the Champs Elysee, the most expensive street in Europe this year, in Paris is 6.287 euros per square metre.

London's Oxford Street has the second highest rental rates with a square metre priced at an average of 4.573 euros.
Such high shop rental rates in Jaime III are not good for business at a time when retailers are feeling the pinch in the Balearics.
The summer sales were judged to have been poor, again, by most traders while the extended summer, which has just about come to an end, put the freeze on the sale of winter clothes.

Many clothes shops cleared their rails of summer clothes at the end of August, only to find that for the best part of the last two months, demand for winter woollies has been very slow so far.

With the start of the winter sales just over two months away, shops on Jaime III are hoping for a hectic festive period in order to pay the high rents.
Also, in the streets running off Jaime III, where rental rates are well above average, the number of shops being put up for new leases is increasing.


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