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In our recent report, “Remodeling the Real Estate Market”, the trends in retail, office, logistics and hotel sectors, and also the 2015 projections have been presented.
Highlights of the report:
It is expected that the major infrastructure and transportation projects such as the 3rd Airport, the 3rd Bridge, the İstanbul–İzmir Highway, Organised Port Region and cruise ports will create new development and investment opportunities in retail, office, logistics and hotel markets.
In 2015, retail areas are expected to be integrated with real estate components aside from shopping centres, such as office developments, marina and cruise port developments. The transformation processes of first-generation shopping centres into third- and fourth-generation centres, where shopping areas are integrated with public areas, are expected to continue.
It is expected that conversion process of outdated and insufficient retail spaces will encourage new investment in high streets, which should result in a higher-quality retail stock on the market.
In recent years, offices with a gross leasable area (GLA) larger than 1,000 sq m were much preferred by institutional companies. Moreover, it has been noted that the demand towards improved efficiency and high comfort standards is shaping office take-up transactions.
The concept of ‘best place to work’ is becoming prominent in the office market for companies targeting top talents for their workforce; therefore, proximity to the metro route, smart locations and efficient floor plans will incrementally continue to be the determining factors in the office market for occupiers and developers.
If all the pipeline and planned projects are delivered, the total logistics supply is expected to reach 11.1 million sq m in the next five years.
Istanbul is also becoming a leading medical tourism destination, with its growing medical and health infrastructure and state-of-the-art technology.