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2017 Newsletter Autumn/Winter

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A general overview of the Class-A office market in Istanbul in Q4 2017 shows no striking changes in average rents and vacancy rates over the previous quarter. In previous issues of this Newsletter we have frequently stated that the total leasing operations in a strong Istanbul office market had been in the region of 200,000 to 250,000m2, however after 2014 annual volumes dropped to around
100,000m2. When we look at the total for 2017, we see that lease volume has reached around 130,000m2 over the past few years, but 30% of these transactions were such that the tenant simply renewed their existing lease and did not relocate. We may therefore safely assert that pressure on rents is building. In this context, we see that rents in Istanbul are down by about 12% when compared to the same period last year (Q4 2016) and the current period (Q4 2017). When these two periods are compared, the highest rate of decline (at approximately 18%) was suffered on the European side.
On the Asian side, the annual rate of decline clocks in at 6%. A region-by-region analysis shows that the rents in the main regions on the European side declined year-on-year by 20% in the CBD and 15% in the Maslak region, on the Asian side by 6% in the Kozyatağı / Ataşehir region and 5% in the Ümraniye region.

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2017 Newsletter Autumn/Winter

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Hakan Sahin

Office Consultant


Hakan joined Colliers International Turkey in 2007.

He has been active in Colliers in commercial brokerage and market research for the delivery of landlord and tenant representation services to many local and multinational clients. These services included assisting his clients for new office and industrial lease acquisitions, lease renegotiations and renewals, and asset disposal in Turkey market.

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