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In Caballito: The most expensive open-air commercial corridor in the city where international brands could arrive - La Nacion Propiedades
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En Caballito: el corredor comercial a cielo abierto más caro de la ciudad donde podrían llegar las marcas internacionales
El corredor comercial de Acoyte y Rivadavia se lleva el primer puesto en el ranking de los más ocupados y se destaca por mantener los precios de alquiler en el nivel más alto del mercado.
www.lanacion.com.ar
February 26, 2024
The Acoyte and Rivadavia commercial corridor takes first place in the ranking of the busiest and stands out for maintaining rental prices at the highest level in the market.
By Candelaria Reinoso Taccone
The Acoyte and Rivadavia commercial corridor takes first place in the ranking of the busiest and stands out for maintaining rental prices at the highest level in the market.
Caballito , located in the geographical heart of the city of Buenos Aires, not only experienced a boom of new real estate developments that compete in demand with established neighborhoods such as Palermo , Recoleta and Belgrano , but also became the most coveted location for various brands. to establish their businesses . In the commercial corridor of Acoyte and Rivadavia avenues , almost all of the stores are occupied and real estate agencies are managing record prices with waiting lists.
The main attraction that makes these blocks a magnet for brands is their status as a nerve center with a large influx of pedestrians and a wide variety of means of transportation , with a varied commercial offer. Although demand in this neighborhood was always constant, it experienced a significant boost after the pandemic and ended up establishing itself as a favorite destination for commercial ventures.
In the Acoyte and Rivadavia corridor you can find brands such as Juanita Jo, Le Utthe, Cinemark, DD-2, Paruolo, Nike, Rapsodia, Desiderata, Cuesta Blanca, Vitamina, María Cher and Cheeky.
Despite the expansion of the commercial area in recent years along the traditional corridor of Rivadavia Avenue , from La Plasta Avenue to Rojas Street, in Primera Junta, the intersection with Acoyte is the focal point of the demand. With a minimum vacancy of 0.7% and an average rental value of US$35/m², this commercial corridor takes first place in the ranking of the busiest and stands out for maintaining rental prices at the highest level. of the market , according to the latest survey by LJ Ramos, which takes data from the 154 stores on Rivadavia Avenue from Centenera streets to Rio de Janeiro.
“It is the best corridor in the Federal Capital, which years ago was only surpassed by Florida Street ,” says Jorge Gayoso, broker of the Local Division of LJ Ramos. “ He is always 30% or 40% above the value of the other runners . It was the most significant during the pandemic because there were practically no premises available, the tenants were able to hold on because they knew that if they moved from there, they would lose ,” explains the broker. In comparison, today the rent in other commercial corridors averages around US$20/m².
The mix of brands is made up of street stores and Caballito Shopping.
As for the brands, it presents a mix of brands recognized in street stores such as Nike, Vitamina, Paruolo, Juanita Jo, Cheeky, Desiderata, Portsaid, Indian Style, among others and those considered top within Caballito Shopping such as María Cher, Caro Cuore, 47 Street, Ayres, Repsodia, among others, something that also happens in Recoleta or Palermo. “Although it is true that on Coronel Díaz Avenue and Santa Fe Avenue there are more important brand names than on Caballito, these tend to be concentrated only within the Alto Palermo shopping center. On the other hand, along these avenues, numerous secondary stores predominate,” says Gayoso.
The fashion and textile sector occupies the largest proportion of premises, representing 32.9% , closely followed by gastronomy, which reaches 18.4%. Likewise, the area has the Mercat gastronomic promenade inside the shopping center.
The area is also home to notable emblematic venues with dimensions exceeding 1000 square meters . One of them is the 3,000 m² space currently occupied by the clothing brand Le Utthe, located on 5000 Rivadavia Avenue. Likewise, another location of considerable size is the DD-2 Chinese bazaar, which is located in the previously occupied space. by Banco Río on Rivadavia Avenue at 5100.
The fashion and textile sector occupies the largest proportion of premises, representing 32.9%, closely followed by gastronomy, which reaches 18.4%.
Historically, getting available space in the area has always been a challenge. Although there are exceptions, such as large spaces where the owners request extremely high figures , becoming inaccessible for most brands and, as a consequence, remaining unoccupied.
For example, a hamburger shop located on Rivadavia and Centenera avenues, with an area of 90 m², has a rental cost of $1,400,000 per month. Furthermore, if it were left empty it could be rented for $1,800,000. Likewise, a 60 m² location on Ambrosetti and Rivadavia, in front of Parque Rivadavia, is also available for US$5,000 per month .
The reason behind the significant increases in prices in this microzone of the city is that, according to the real estate broker, “ the owners are the ones who set the price .” In addition, it stands out that these owners are the same ones who have premises in the commercial corridor of Cabildo and Juramento avenues.
As a result, a “spillover effect” is generated in the surrounding streets where the value drops by 30% and brands are established that cannot compete with the prices or have difficulties finding stores. This is José María Moreno Avenue in the direction of Pedro Goyena , the latter with notable growth and transformation into a key point within the gastronomic panorama.
What international brands could be installed in Acoyte and Rivadavia
Although Gayoso remains skeptical about the possibility that with the new government of President Javier Milei, international brands will arrive in the country, he considers that even if they decide to establish themselves in Argentina, there are currently no premises available to house renowned brands.
“The brands that could hypothetically reach Argentina do not choose Acoyte and Rivadavia as a destination, but rather prefer neighborhoods like Recoleta and Palermo . The historical brands that left and could return, such as Polo, Hermes, Fendi, are shopping mall brands such as Patio Bullrich or Paseo Alcorta or Alvear Avenue ,” explains the real estate broker.
However, he points out another phenomenon that could emerge if the market opens up: “There could be a boom of unknown brands that have never entered the country before , as happened with Under Armour, the sportswear brand that has gained ground in recent years. We cannot rule out the possibility that brands that we never heard of that come from China, Korea, Australia or Europe will appear,” Gayoso mentions.
In the event that Ikea decides to establish itself in Argentina, the broker mentions that it could occupy the premises located at 5200 Rivadavia Avenue.
A case of particular interest is that of Ikea , the Swedish home products giant that, just a year after opening its first establishment in Chile and South America, officially registered its brand in Argentina in August 2023 . Although the registration of the brand does not guarantee the opening of stores in the country by this multinational, it constitutes an essential step for this to materialize.
In the event that Ikea decides to establish itself in Argentina, the broker mentions that it could occupy the premises located at 5200 Rivadavia Avenue , where Garbarino was previously located, offering a surface area of 500 m². However, he points out that the format of this brand is more similar to that of Easy , with stores between 2,000 and 5,000 m². “As there are no stores of that magnitude available in the city of Buenos Aires, Ikea could consider setting up in the Buenos Aires suburbs , preferably in the northern corridor , or even occupying the space on Florida Street where Falabella was previously located ,” suggests Gayoso and He concludes by proposing two possible scenarios: “ Either nothing happens, or the area is filled with new brands .” It is possible that, even if there are no premises available, landlords, seeing interest from major companies, will choose to evict current tenants to make way for these brands.”
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