1 Million Square Meters Office Area is Waiting For Use in Istanbul

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About 1 million square meters office area, the construction of which is done, is waiting for its users. In Istanbul office market, the trading that was an average of 300 thousand square meters per year last year, fell to 200 thousand square meters. There is a 1 million square meter office area that is now done and waiting for the user. It is anticipated that the requesting demand will come into effect this year. While it was stated that the rents that were falling in the past days caused the movement, Hurriyet's report included the evaluations of Cushman & Wakefield's Managing Partner, Tugra Gonden.

Gonden said that: ‘The Office market in the past 10 years, rose from 1 million square meters to 5 million square meters. Last year we had elections, terrorist attacks and the impact of the coup attempt. But the most influential factor in the frend of the office market was the exchange rate increase. A 20 percent price increase for the same office caused people to wait’.


60% of Employment Offices Are in European Side

Gonden stated that the construction is completed in Istanbul and it is about 1 million square meters. He said that 60 percent of the offices are in European Side.

There is No Problem in the Center

"It is a big project being delivered and it seems that the vacancy rate is high when you look at the table at that moment. But if the demand is alive, there is no problem. The main problem in European Side, that is out of the Central side. There was a lot of production in that region, "he said.

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