TÜRKİYE MARKETBEAT Q3 2023

OFFICE 

Office supply increases thanks to the opening of İstanbul Finance Center (IFC)

In the Q3 2023, with the opening of a certain portion of the İstanbul Finance Center (IFC), the overall supply in the İstanbul office market increased to 7.14 million sqm. Total leasing transactions in this quarter amounted to 98,060 sqm. In 2023, total leasing transactions reached 205,057 sqm.

RETAIL

High demand for high streets and high occupancy rates persist 

While the prime rents on İstanbul's high streets remained unchanged in US$ terms this quarter compared to the previous quarter, there has been a significant year-on-year increase of 150% in US$ terms.

INDUSTRIAL AND LOGISTICS

Rents per sq. m. increased by 23% in US$ terms year-on-year, reaching the highest level of the last 15 years

According to available data, warehouse leasing activities amounted to 90,563 m² in the third quarter. Thus, a total of 156,063 m² of transactions were realized in the first three quarters of the year. Therefore, the limited supply coupled with the increasing demand for qualified warehouses in the third quarter led to a significant 23% year-on-year increase in prime rents.