TÜRKİYE MARKETBEAT Q1 2024
OFFICE MARKET OVERVIEW
Despite economic imbalances, the office market is reversing course
In addition to high inflation and exchange rate appreciation, the inability to meet demand due to supply constraints led to continued increases in prime rents in both ₺ and US$ terms. However, positive expectations for the future, despite the economic recession, had a positive impact on the office market, with a significant increase in transaction volume. Vacancy rates in Central Business Districts (CBD) continued to decline in the quarter.
RETAIL MARKET OVERVIEW
High occupancy on high streets continues to drive up prime rents
Occupancy rates in shopping center and high streets rose significantly in a retail market where supply is limited. This led to a 67% year-on-year increase in prime rents on İstanbul's main avenues in both US$ and ₺ terms. In addition to the main streets of İstanbul, the upward trend in shopping center rents continued in this quarter.
INDUSTRIAL & LOGISTICS OVERVIEW
The increase in primary rents shows that the sector is still facing strong demand
The number of warehouses rented in and around Istanbul decreased by 50% compared to the previous year, but increased by 200% on a square meters. Prime rents continued to rise and increased 18.75% y-o-y.
