A report examining Istanbul’s famous shopping streets revealed intriguing details. According to the report, Abdi Ipekci Street in Nisantasi became the most expensive in Istanbul in terms of rent per square meter.

The report on Istanbul’s shopping streets has been completed.

According to the Istanbul Shopping Streets Report covering Bagdat Street, Istiklal Street, and the Nisantasi area, the high occupancy rates on these streets continued in 2024.

ABDI IPEKCI STREET COMPETING WITH WORLD STREETS

In Nisantasi, Abdi Ipekci Street maintained its title as the street with the highest primary rent per square meter for the past 8 years, at $250 per square meter, as stated in the report.

SURPASSING AMSTERDAM, PRAGUE, AND HELSINKI

This figure surpassed prominent shopping streets in Amsterdam, Prague, and Helsinki. Following Abdi Ipekci were Istiklal Street at $220 and Bagdat Street at $150 per square meter.

INCREASED DEMAND EXPECTED FOR BAGDAT STREET

Due to its modernized physical structure and improved accessibility from urban transformation efforts, Bagdat Street is expected to see strengthened demand in the upcoming period.

As finding suitable locations becomes more challenging due to high demand and rent levels, urban transformation projects are foreseen to increase supply, leading to the growth of street retail in the coming years.

DECREASING EMPTY STORE COUNTS CONTINUE

According to the report prepared by Cushman & Wakefield | TR International, the increase in cultural attractions boosting foot traffic and the prominence of local brands were noted, while the number of empty stores on the streets continued to decline.

Most transactions were new leases, with 24% of stores undergoing urban transformation in 2024, and 34% of empty stores being leased.

Although the number of new lease transactions decreased on Istiklal Street and in the Nisantasi area, it increased on Bagdat Street.

12 EMPTY STORES ON ISTIKLAL STREET

Out of 270 stores along the 1.4-kilometer-long Istiklal Street, 258 were occupied, leaving 12 stores vacant. The number of empty stores increased from 11 to 12 from the previous year to 2024.

DECREASE IN EMPTY STORES ON BAGDAT STREET

In the 2.6-kilometer section of Bagdat Street included in the study, the number of stores decreased from 335 to 329, with 324 being occupied. The count of empty stores decreased from seven to five.

INCREASE IN EMPTY STORES IN NISANTASI

In the Nisantasi area composed of the Rumeli, Tesvikiye, Vali Konagi, and Abdi Ipekci streets, the number of stores decreased from 374 to 370. While 352 stores were occupied, the number of empty stores increased from 14 to 18.

Total of 51 store leasing transactions occurred on these streets last year, with 22 each on Bagdat Street and in Nisantasi, and seven on Istiklal Street.

NEW LEASING TRANSACTIONS BY SECTOR?

The report highlighted varying trends on different streets.

While a decline in transaction counts occurred on Nisantasi and Istiklal Street, an increase in the average size of leased areas drew attention. This trend indicated a shift by brands towards larger retail spaces.

On the other hand, on Bagdat Street, the impact of urban transformation projects and high occupancy rates caused brands to struggle in finding suitable locations, resulting in a decrease in the average leased area size.

ATTACK BY THE FOOD & BEVERAGE SECTOR?

The report revealed that especially the food and beverage sector showed strong activity in leasing transactions on the three main streets. 36% of new leasing transactions volume-wise were from the clothing and footwear sector, and 32% were from the food and beverage sector. This represented a rise from 23% to 32%.

MOST FOREIGN BRANDS ON BAGDAT STREET

Similar to the previous year, in 2024, the highest percentage of foreign brands, at 21%, were present on Bagdat Street, followed by 17% in the Nisantasi area and 15% on Istiklal Street.

Nişantaşı stood out as a primary center for both national and international luxury brands, as well as for its famous restaurants and cafes.

Bağdat Street accommodated a wide range of national and international brands in the luxury and upper segments, along with multi-story retailing. Istiklal Street hosted numerous national and international retailers, cultural and historical sites, museums, theaters, restaurants, and embassies.

ISTIKLAL STREET RECEIVES 90 MILLION VISITS IN A YEAR

When observed in terms of visitor numbers, pedestrian traffic increased on Istiklal Street and in the Nisantasi area, but decreased on Bagdat Street. The daily visitor count on Istiklal saw a 2% increase on weekdays to 207,000 and a 7% rise on weekends to 313,500. Monthly foot traffic increased to an average of 7.5 million, and annually rose from 87 million to 90.1 million. Cultural and artistic events, as well as the street’s prominence as a cultural and touristic hub, significantly influenced this traffic.

An increase in visitors was also noted in the Nisantasi area last year. While the visitor count remained steady at 78,000 on weekdays, it surged by 59% to 153,000 on weekends. Monthly visitors averaged 3.01 million, reaching 36.2 million annually, up from 31 million the previous year.

In the same period, Bagdat Street experienced a decrease in visitor traffic. Urban transformation and infrastructure renewal projects on the street were the main factors contributing to this decline. The average daily visitor count dropped by 40% on weekdays to 87,000 and by 35% on weekends to 85,000. Monthly foot traffic decreased to an average of 2.6 million, accumulating to 31.4 million annually.