Abdi Ipekci remained Istanbul’s most expensive shopping avenue in 2024, the annual Istanbul High Streets report by the Turkey office of Cushman & Wakefield (New York/CWK) showed on April 15.

Monthly prime rent on the street in Nisantasi district stood at $250 per square metre (m2), outpacing local shopping avenue rivals Istiklal and Bagdat as well as peers in Amsterdam (Kalverstraat), Prague (Na Prikope) and Helsinki (city centre).

Table: London’s New Bond Street remains the queen of Europe's high streets.

On the European side of Istanbul, Nisantasi has four avenues, namely Rumeli, Tesvikiye, Vali Konagi and Abdi Ipekci. They stretch for 2.7 kilometres (1.7 miles) in all. The district is a key hub for luxury brands and cafes.

In 2024, a total of 22 stores were leased in Nisantasi. Fashion brands Longchamp, Womma and Say were among the lessors.

Bravo opened its first boutique store and one of the district’s oldest shops, Alaattin, was leased by jewellery designer Berrin Ozkan.

Slowest leasing activity since 2014

Leasing activity on the three shopping avenues totalled 128 transactions in 2020, 137 in 2021, 51 in 2022, 67 in 2023 and 51 in 2024.

The combined leased space in the top three shopping locations, meanwhile, declined to 12,000 m2 in 2024, the lowest level seen since 2014.

Strong demand, limited supply and high occupancy rates have collectively kept rental levels elevated.

Table: Istiklal remains the busiest shopping avenue, while unending construction works on Bagdat push residents of the Asian side of Istanbul to Nisantasi on weekends.

Exodus from Istiklal

Istiklal, located on the European side of Istanbul, is a 1.4-km-long pedestrian zone and the city’s most iconic destination. It hosts local and global retailers along with museums, restaurants and consulates.

In 2024, Istiklal remained the busiest high street in the city. Limited supply and high occupancy rates have, meanwhile, led to a notable slowdown in leasing activity.

The number of leasing transactions, as a result, dropped by 61% y/y while the leased area declined by 43%.

Constrained supply and high rents have prompted many retail brands, particularly in the food and beverage sector, to opt for side streets.

Istanbul Municipality’s Casa Botter (the first art nouveau style building in the city, which was renovated to serve as an art and design centre) along with Isbank (ISCTR) Museum and Akbank (AKBNK) Museum have contributed to rising footfall on the street.

Additionally, the newly discovered hidden tunnel in Rumeli Han has positively influenced pedestrian traffic.

In 2024, a total of seven stores were leased on Istiklal. Shoe retailer Flo, one of the street’s oldest occupants, restructured its operations by transferring its location to its subsidiaries InStreet and Lumberjack.

Two other apparel and shoe retailers, namely N&B Collection and Diamanstayn, in addition to two restaurants, namely Mr. Churros and Ist Restaurant, rented stores.

Bagdat under construction

On the Asian side, Bagdat spans 2.6-km, making it the longest high street in town. Located in one of the highest-income residential areas, it hosts national and international brands, including luxury and multi-level retail stores.

Despite limited availability in 2024, leasing activity has risen thanks to urban transformation projects and infrastructure upgrades on the street.

In particular, the modernised physical environment and enhanced accessibility of the street are expected to further strengthen retailer demand in the near future.

In 2024, 22 stores were leased on Bagdat. Twelve of them were restaurants and cafes/pubs, including Filo D’olio and Gizia Brasserie.

Apparel brand Gizia and cosmetics retailer Swarovski swapped stores on the street while another apparel retailer Knitss was among the newcomers.

A total of 29 brands have, meanwhile, fled, including apparel brand Gusto, footwear retailer Crocs and cosmetics shop Cassandra.