Seat takes the fifth in Madrid. Torimbia, the socimi of the Fernández-Ordás family, has leased to Seat a 1,300 m2 premises at 88 Serrano Street, in the heart of the capital, to open a flagship store of the Cupra brand. Under the name City Garage, the new space will house a range of restaurants, exhibitions and other experiences beyond the sale of vehicles.
The operation represents a recovery in the occupancy levels of commercial premises in Serrano, which has been sold out with only one available premises in the section between Ortega y Gasset and Goya following the arrival of operators mainly in the fashion, luxury and accessories sectors, such as Swatch, Padova, Lululemon, Adolfo Dominguez, Oliver Peoples, Opera Gallery or WOW.
After the impact of the pandemic, the prime madrileño picked up speed again. In 2022, Madrid was the Spanish city that raised rents the most in the main commercial areas, according to industry sources.
Ortega y Gasset led the rise with an average rent increase of 3.6%, from an average rent of €185 per sq m in 2021 to €192 per sq m in the last fiscal year. Serrano and Goya, on the other hand, increased rents by about 3%. Overall, 29 new operators entered these lanes, driving up rents.
