This study aimed to understand adaptive re-use of spaces as art galleries with a focus on gallery owners’ perspectives as well as properties of the spaces. Accordingly, first, criteria were determined by combining art gallery characteristics: spatial visibility, transparency, flexibility, and adaptive re-use characteristics, which are architectural, locational, financial and market characteristics within the context of Beyoğlu. Afterwards, decision making of owners and their prioritizations in the selection of district and the space was explored by questionnaire. This was followed by documentation of the galleries as observation with respect to the determined characteristics. The results show that spatial characteristics of the space and conversion process were less concerned for owners. Therefore, its urban context and presence have much greater importance than its spatial characteristics.