In October, Friedrichstraße again reached frequencies of around 17,000 passers-by per day on weekdays. When it was car-free, the average daily values were below 10,000. In a survey, 74% of retailers perceived negative effects due to the blocking of car traffic; only a full 4% saw the measure positively. Of the entire Berlin citizenry, only 37% were in favor of the closure in a representative survey, while it was rejected by a majority.
Two years after the end of the closure, Friedrichstraße has visibly recovered and revived. We are not only observing new leases, but above all a significant change towards system catering. With regard to the vacancy trend, there has been a clear trend reversal: the vacancy rate is no longer increasing, but has fallen by around 16% of units in two years to around 16% of the units. 10 %. The transformation of Galeries Lafayette into a mixed-use project “Lumina” with retail, restaurants, offices and apartments represents an absolute premium development in the city, which will contribute to the further upgrading of Friedrichstraße. The completion of the Gendarmenmarkt also has a positive impact, while the letting situation in Q206 remains unclear and the future of the Russian House is also uncertain.
All in all, the upward trend of Friedrichstraße since its reopening to car traffic is clear. The experiment of blocking has failed. Measures driven by pure ideology have had negative effects because they make no sense at this point.
From a real estate point of view, this is hardly surprising, because the central question is: What really brings people to a shopping street? They are anchor points, a location-related relevant mix of uses, good accessibility, parking facilities and a real quality of stay.
It remains to be seen whether the Senate’s concept presented on November 17 – wider sidewalks and additional trees with the simultaneous elimination of parking spaces – will lead to a further positive development. As announced, it will be crucial to actively involve residents and businesses in the “transformation” of Friedrichstraße and to really take their requirements and needs into account. Because this is the only way to avoid further undesirable developments!
