Istanbul’s office market hit a milestone in 2013, hitting record levels for completed transactions. Close to 250,000 square meters of space were registered last year. New development projects offered both pre-lease and pre-sale incentives to occupiers and investors, according to Cushman & Wakefield’s Annual Review & Outlook Turkey for 2013/2014.
Tuğra Gönden, member of the Board at Cushman & Wakefield in Turkey, stated recently that nearly half of all office transactions in Istanbul in 2013 were for owner-occupiers. Some larger corporations chose to rent Class B office stock, which accounted for nearly 50,000 square meters of new rental deals.
The report highlights the country’s economy. Its growth in the second and third quarter of 2013 was stronger than expected. Unemployment increased from 9.5 to 9.9 per cent, as the level of total employment fell in the agricultural and employment sectors. The service and industrial sectors both gained in 2013, though.
Nearly 42 per cent of total rental and purchase deals were in the banking industry. There was a strong demand for technology, insurance, and consumer service industries. The Cushman & Wakefield report also revealed an increase in shopping centre space.
According to the review, the number of shopping centres is forecast to reach 440 in five years. Total shopping centre supply is anticipated to exceed 12 million square meters by that point.
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