With the rise in pedestrian site visitors and a very sturdy providing of native manufacturers, three excessive streets in Istanbul continued to face out with excessive occupancy in 2024, in keeping with a analysis report shared this month by actual property brokerage Cushman & Wakefield TR International.
The report titled “Istanbul High Streets” in its eleventh version analyzed three streets and areas of Istanbul, contemplating matters similar to occupancy charges, footfall rely and presence of worldwide manufacturers, amongst others.
Covering bustling Istiklal Street, Bağdat Street within the metropolis’s Anatolian facet and the stylish upscale neighborhood of Nışantaşı, the report identified numerous dynamics contemplating pedestrian rely and variety of occupied shops for instance.
While Istiklal Street retained its standing as the town’s “busiest high street,” the restricted provide and excessive occupancy charges on the road have led to a notable slowdown in leasing exercise, the report mentioned.
Moreover, whereas the rise in total pedestrian site visitors of cultural attraction facilities and the prominence of native manufacturers drew consideration, the variety of vacant shops on the streets continued to lower. While nearly all of transactions have been new leases, 24% of the shops that have been in city transformation the earlier yr, and 34% of vacant shops have been leased in 2024.
“In 2023, of the 58 stores under urban redevelopment, 14 (24%) were leased in 2024. Additionally, of the 32 stores that were vacant in 2023, 11 (34%) have now been leased,” it famous.
While the variety of new lease transactions decreased on Istiklal and in Nişantaşı, it surged in Bağdat Street. “On Bağdat Street, despite limited availability, demand continued to rise, reflecting the street’s ongoing appeal,” Cushman & Wakefield TR International mentioned.
“As in the previous year, Bağdat Street recorded the highest share of foreign brands, at 21%. It was followed by the Nişantaşı District at 17%, and Taksim Street at 15%,” the report mentioned.
In the introductory a part of the report, the brokerage revealed particulars of the streets coated in its analysis. It defined that Nişantaşı contains 4 predominant streets – Rumeli, Teşvikiye, Vali Konağı and Abdi Ipekçi – stretching 2.7 kilometers (1.68 miles) in complete.
In distinction, it referred to Istiklal Street, situated on Istanbul’s European facet, as “a 1.4-kilometer pedestrianized high street and the city’s most iconic shopping destination.”
“On the Asian side, Bağdat Street spans 2.6 kilometers and stands out as the city’s longest high street. Located in one of the highest-income areas, it hosts a broad mix of national and international brands, including luxury and multi-level retail stores,” it mentioned of one of the vital in style outing streets on the town’s Asian facet, which hosts dozens of home and overseas luxurious manufacturers, together with Pandora and Sephora for example.
In Bağdat Street, the place city transformation efforts have elevated in recent times, the variety of shops within the examine decreased from 335 to 329, whereas 324 shops have been occupied. The variety of empty shops decreased from seven to 5, the report mentioned.
In the Nişantaşı space, the variety of shops decreased from 374 to 370. While 352 shops have been occupied, the variety of empty shops elevated from 14 to 18.
Istiklal reclaims dominance
At the identical time, the report revealed that the common footfall has elevated in Istiklal Street and Nişantaşı, whereas a decline has been noticed on Bağdat Street. It additionally mentioned that native manufacturers proceed to keep up their dominance, accounting for 82% of complete shops.
Considering the variety of guests, Istiklal Street retained the crown, whereas a lower in month-to-month foot site visitors of two.6 million led to Bağdat Street being visited by some 31.4 million final yr.
“Istiklal Street once again ranked as the most visited high street in 2024. Weekday footfall rose by 2% to reach 207,000, while weekend numbers increased by 7% to 313,500. With a monthly average of 7.5 million visitors and an annual total of 90.1 million, the street continues to serve as the epicenter of metropolitan tourism,” the report urged.
“In 2024, Bagdat Street saw a decline in footfall due to renovation works led by the Istanbul Metropolitan Municipality and ongoing urban redevelopment along the street,” it added.
Lastly, the Nişantaşı space skilled a big enhance in footfall in 2024 in comparison with the earlier yr, in keeping with the brokerage.
“Estimated weekday footfall remained nearly unchanged at around 78,000, while weekend footfall surged by approximately 59%, reaching 153,000. The district recorded an average monthly footfall of 3.01 million and an estimated annual total of 36.2 million visitors,” it mentioned.
Source: www.dailysabah.com