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.