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

The report on Istanbul’s shopping streets is now complete.

According to Istanbul Shopping Streets Report covering Baghdad Street, Istiklal Street, and the Nisantasi region, high occupancy rates on these streets continued to be observed in 2024.

ABDI IPEKCI STREET COMPETES WITH WORLD STREETS

As per the report, Abdi Ipekci Street in Nisantasi maintained its status as the street with the highest primary rent per square meter for the past 8 years at $250 per square meter like the previous year.

OUTPERFORMING AMSTERDAM, PRAGUE, AND HELSINKI

With this figure, Abdi Ipekci, surpassing leading shopping streets in Amsterdam, Prague, and Helsinki, was followed by Istiklal Street at $220 per square meter and Baghdad Street at $150 per square meter.

DEMAND EXPECTED TO RISE ON BAGHDAD STREET

Due to its modernized physical structure and increased accessibility as a result of intensified urban renewal efforts, Baghdad Street is expected to experience strengthened demand in the future.

As finding suitable locations becomes more challenging due to high demand and rent levels, urban renewal projects increasing the supply are expected to continut to expand street retailing in the coming years.

DECREASE IN EMPTY STORE NUMBERS CONTINUES

According to the report prepared by Cushman & Wakefield for TR International, cultural attractions increasing pedestrian traffic and local brands standing out while the number of empty stores on streets continued to decrease.

While most transactions were new leases, in 2024, 24% of stores under urban renewal and 34% of empty stores were leased.

While the number of new lease transactions decreased in Istiklal Street and the Nisantasi region, it increased on Baghdad Street.

12 STORES EMPTY ON ISTIKLAL STREET

Of the 270 stores on Istiklal Street, which is 1.4 kilometers long, 258 were occupied, while 12 were found empty. The number of empty stores increased by one to 12 in 2024 compared to the previous year.

DECREASE IN EMPTY STORE NUMBERS ON BAGHDAD STREET

In the 2.6-kilometer-long section of Baghdad Street, where urban renewal efforts have increased in recent years, the number of stores decreased from 335 to 329, with 324 stores occupied. The number of empty stores reduced from seven to five.

INCREASE IN EMPTY STORE NUMBERS IN NISANTASI

In the Nisantasi region comprising four main streets, namely Rumeli, Tesvikiye, Vali Konagi, and Abdi Ipekci, which are popular shopping areas, the number of stores decreased from 374 to 370. While 352 stores were occupied, the number of empty stores increased from 14 to 18.

Last year, a total of 51 store leasing transactions took place on these streets, with 22 each in Baghdad Street and Nisantasi, and 7 on Istiklal Street.

NEW LEASES BY WHICH SECTOR?

The report revealed varying trends on a street-by-street basis.

While the number of transactions decreased in the Nisantasi region and on Istiklal Street, the increase in average leased areas garnered attention. This trend proved that brands are tending towards larger stores.

On Baghdad Street, due to urban renewal projects and high occupancy rates, it was observed that brands had difficulty finding suitable locations, leading to a decrease in the average leased area.

Particularly in the food and beverage sector, the attack on leasing transactions did not go unnoticed. 36% of new lease transactions volumetrically were carried out by the clothing and shoe sector, and 32% by the food and beverage sector. This rate in food and beverage increased from 23% to 32%.

MOST FOREIGN BRANDS ON BAGHDAD STREET

As in the previous year, in 2024, Baghdad Street had the highest percentage of foreign brands at 21%, followed by Nisantasi with 17% and Istiklal Street with 15%.

Nisantasi, being a prime center for both national and international luxury brands, stood out with its famous restaurants and cafes.

While Baghdad Street houses luxury and upper segment brands as well as a wide range of multi-floor retail, Istiklal Street hosted numerous national and international retailers, along with cultural and historical sites, museums, theaters, restaurants, and embassies.