The rental market for business premises in Ibiza’s Eixample is described as “completely dead” by Miryam Ahouari, CEO of Mondialité Real Estate, due to high rental prices, stringent owner conditions, and extensive renovation needs. With rents ranging between €2,500 and €3,600 for spaces of 178 to 213 square meters, and revaluation of rent at 17% in the last year, the financial burden on small business owners is significant. The area requires costly updates in plumbing and electricity, deterring potential renters. Additionally, the market faces a paradox where high rents contribute to a high turnover of businesses, unable to sustain operations amid steep operational costs. This situation is exacerbated by the inflated costs of living in Ibiza, affecting both commercial and residential sectors. Ahouari also highlights the issue of undeclared work, as high rents force some entrepreneurs to operate informally. The government’s plan to build rental apartments on municipal land in the Balearic Islands addresses some concerns, but the core issues of affordability and business sustainability in prime areas remain critical challenges. For the full article, please visit Diario de Ibiza website here.