The growth of tourism in Lisbon and Porto is benefiting the street trade in the two cities, especially in the central areas. Retail rents in Lisbon downtown costs 85 euros per square meter per month, while in Santa Catarina Street, in downtown Porto, rents for stores have reached €50 per sqm-month. The figures are the result of the most recent research by JLL in its Market Pulse report.
”Lisbon downtown (Baixa) is the commercial area of the city that has most benefited from tourism and we have been witnessing by demand growth (…)”, said Patricia Araújo, Head of Retail of JLL Portugal. Stores in Porto have also “registered a very significant increase.”
Lisbon’s Chiado district saw a 9 percent rise (to €120 per sqm/month), Avenida da Liberdade saw a 6 percent hike (to €900) and Príncipe Real rents jumped 14 percent to €40. In Porto, besides Santa Catarina street, Clérigos and Aliados streets are now considered premium spots. According to JLL’s head of retail leasing Patricia Araújo ”tourism is growing in both cities and that is having a very positive impact on the performance of this sector.”
