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The avenue that recovered the charm it had in the eighties - La Nacion Propiedades
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La avenida que recuperó el encanto que tuvo en los ochenta
El tradicional corredor crece con locales en construcción, otros que se renuevan, marcas que lo eligen para mudarse y firmas internacionales que desembarcan
www.lanacion.com.ar
September 19, 2025
The traditional corridor is growing with stores under construction, others being renovated, brands choosing to move there, and international firms arriving.
The new layout of the commercial premises on Santa Fe Avenue, from 9 de Julio Avenue to Scalabrini Ortiz. Daniel Basualdo
"A day out in Santa Fe, it never hurt anyone, I know; you were looking at the shop windows, I found you," was a hit by the musical group Industria Nacional in 1969.
Historically, the most in-demand stretch, featuring premium brands, was located from Avenida 9 de Julio to Callao, with its emblematic galleries . Next came the stretch from Callao to Pueyrredón, which had the greatest commercial variety and traffic due to its proximity to universities and colleges, and its greater gastronomic options. From Pueyrredón to Scalabrini Ortiz, passing through the elegant corner of Coronel Díaz , the mix was more residential than commercial. But that photo depicting the more than 25 blocks of Santa Fe Avenue, from 1000 (9 de Julio) to 3600 (Scalabrini Ortiz), has become black and white because today the corridor is highly commercial along all its sections, with high demand between Callao and Pueyrredón, and the highest rental prices and lowest vacancy rates between Pueyrredón, Coronel Díaz, and Scalabrini Ortiz.
From Callao to Pueyrredón
The stretch between Callao and Pueyrredón avenues is attracting the attention of brands choosing this option to move or open stores. This location has managed to displace the traditional area between Callao and 9 de Julio. This is confirmed by a report from the real estate firm Colliers, which specifies that this "displacement" is reflected in the rental prices per square meter , which are higher in the new trend zone: they are US$36/square meter , while they drop to US$32/square meter in the section between Callao and 9 de Julio.“Today, it's undoubtedly one of the most attractive and sought-after areas for rent , especially for brands and entrepreneurs looking for visibility, high footfall, and commercial growth,” shares Marcos Ballario of LJ Ramos, who is extending the new trendy stretch to Bulnes Street. He goes so far as to say that the square meter in the area could even reach US$40, although he clarifies that this applies to large spaces of more than 800 square meters. “Since the pandemic, prices have increased considerably , which is a good sign of recovery. This increase reflects renewed interest and greater movement in the market,” he adds.
Santa Avenue is one of the most attractive and sought-after areas for renting premises. Daniel Basualdo
Santiago Winokur, head of the retail sector at Newmark, shares his survey data that further confirms this trend. "The stretch between Callao and Pueyrredón, characterized by its commercial diversity and connectivity with other neighborhoods , has a vacancy rate of 2.8% and a turnover rate of 3.8%, suggesting an active movement in retail occupancy," he analyzes, highlighting that it is a stretch that reflects Recoleta's elegant and cultural spirit . Other data show that of the 181 stores, 42% are fashion and textile stores, 18% are home and bazaar stores, 11% are health and beauty stores, and 10% are gastronomy stores.
When referring to this trendy micro-zone, Marcelo Zuliani, commercial director at Colliers, says that it represents “ a change in the trend of the city’s real estate market ,” and details the brands that have chosen this location: from international brands like Zara, to national brands like Cuesta Blanca, which is renting a space on Pueyrredón and Santa Fe and has renovated its store on Santa Fe and Billinghurst; or Le Utthe, which opened its doors with a large space on the corner of Callao at 1800 and also has a presence in Santa Fe, just a few meters from Pueyrredón (at 2400) and from Coronel Díaz (at 3600), thus planting its flag along all sections of the corridor.
One of the new developments on the avenue is the upcoming arrival of a renowned Uruguayan clothing brand. Indian is already present on Florida Street and has also chosen this new area of Santa Fe Avenue to open another store. Located at Junín Street, it is still under construction and will have over 1,200 m² and a 23-meter frontage. The brand has acquired land in Mendoza and Rosario, is established in Córdoba, and plans to expand to Santa Fe, Bahía Blanca, and Mar del Plata.
Gastronomy is also very present along the commercial avenue. Noelia Marcia Guevara/AFV
Beyond the clothing sector, the domestic appliance chain On City has opened two stores along Santa Fe: one near the intersection with Ayacucho (at 1900) and another near Pueyrredón Avenue (at 2500).
A Colliers report from the first half of the year shows how rental prices can change in just a few blocks , such as: Santa Fe at the height of Pueyrredón with a value close to US$45.50/m² , while going down Santa Fe and towards Callao the value can be as low as US$25/m² .
“Even in an inflationary context, the location in this corridor guarantees above-average revenue, which justifies higher rents in certain micro-areas,” adds Jesica Amendola, manager of retail and office space at Adrián Mercado, explaining that leading brands and franchises prioritize the location for its visibility, purchasing power, and history as a commercial hub, “which allows vacant spaces to be filled quickly.”
From Pueyrredón to Scalabrini Ortiz
A report by LJ Ramos analyzing the Santa Fe Avenue corridor, between Pueyrredón and Scalabrini Ortiz, showed that the vacancy rate for commercial premises in that area is 1.4%, with asking rents of US$41/m² .In this way, it surpassed other corridors analyzed by the real estate company that ranked the section of Cabildo Avenue, between Virrey del Pino and Monroe Avenue, in first place, with a 1.6% vacancy rate, or Rivadavia Avenue, between La Plata Avenue and Colpayo Avenue, in second place, where the levels were close to 2.1%.
“ Santa Fe is a corridor that remains in the sights of brands looking to be in the best locations,” says Winokur, detailing the reasons behind this demand: “Its strategic location, surrounded by established residential neighborhoods with a high pedestrian flow, reinforces its appeal for brands seeking visibility and sales volume.”
In numbers, a Newmark report details that the stretch of Santa Fe between Coronel Díaz and Scalabrini Ortiz maintains a vacancy rate of 1.9%. "This percentage demonstrates its high occupancy. Today, rental values are around US$45/m² , one of the highest in the market, with a turnover rate of 4.5%, which demonstrates sustained demand," Winokur elaborates, highlighting one of its strengths: the combination of commercial life with green spaces and high-end residences . Another fact is that 38% of the supply in this stretch is fashion and textiles, gastronomy (13%), health and beauty (12%), and food (11%).
The Alto Palermo shopping mall creates a spillover effect on the stores on the surrounding streets. Daniel Basualdo
Amendola agrees with Winokur and points out that the key to the area "lies in the combination of high residential density, constant pedestrian flow, and excellent connectivity thanks to the D and H subway lines and bus lines." He also adds that the corridor exhibits a significant phenomenon: "Vacancy remains low even during economic downturns, because demand doesn't depend exclusively on the consumption of a single target audience, but rather is fueled by a mix of consumers with different purchasing motivations : there is a strong presence of fashion and textiles, health and beauty, gastronomy, food, and technology."
“Vacancy is minimal. When a space becomes vacant, a replacement arrives very quickly , especially on corners and with wide frontages,” says Martin Akian, Aranalfe's commercial director, citing the proximity to the Alto Palermo shopping center and the presence of established brands as attractive elements. “This section of the avenue clearly demonstrates how consumption and commercial activity are boosted when an urban shopping center coexists with an open-air corridor,” Zuliani points out.
"The corridor's high visibility and demand make the area attractive for tenants, which also explains the high asking price. In fact, when a well-located space becomes available, interested parties quickly appear, with prices that are easily accepted," says Ballario.
The vacancy rate for retail spaces in the section from Puerredón to Scalabrini Ortiz is very low, at 1.4% according to LJ Ramos.Hernan Zenteno - La Nacion
Along the same lines, Adrián Mercado, from the eponymous real estate agency, acknowledges that one of the most distinctive aspects of Santa Fe Avenue is its strategic importance. He adds that "its transformation not only reflects the dynamism of the Buenos Aires real estate market, but also its ability to adapt to changing urban needs."
From LJ Ramos, they detail that the fashion and textile sector continues to lead the area's commercial offering . Regarding the gastronomic sector, they observe a decrease in the presence of establishments that "in 2024 occupied second place in terms of participation and today are fifth." According to percentages according to Toribio Achával, who analyzes this corridor between Azcuénaga and Coronel Díaz, 38.09% of the establishments belong to the clothing, footwear, and leather goods sectors, and only 15.55% are gastronomy, food, and kiosk establishments.
The double hand and the
The brokers explain that the reconfiguration of the avenue's two-way traffic in 2011 improved accessibility and revitalized urban life by promoting the installation of bus stops and expanding pedestrian traffic. "The corridor's boom is due to consumer factors and sound urban planning decisions," says Antonio Ginevra, head of Aranalfe, adding: "We know the pulse of the area and we experience it firsthand: people enjoy walking around, window-shopping, coming in, comparing prices, and that habit is more prevalent than ever."
Having made the avenue two-way instead of its traditional one-way street boosted the flow of people and the commercial boom. Daniel Basualdo
The redesign or update of some brands that have long been present in this area is an important point to consider in the analysis. “The restyling of some retailers with many years of presence in the corridor is of no small importance. A clothing brand is modernizing its traditional location on Santa Fe and Junín streets, another firm has just reopened its location on the corner of Aráoz and Santa Fe streets,” says Zuliani, adding: “The traditional bars in the area have not been left behind. The one on the corner of Riobamba Street was recently remodeled, and the one on Pueyrredón and Santa Fe Streets is currently undergoing renovations.”
Another store under construction is located near the corner of Azcuénaga and will have a frontage of about 15 meters.
Ballario shares Zuliani's understanding of the importance of the redesign: "Many stores have been renovated, modernized, and even expanded. There's a significant investment that's changing the face of the area."
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