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Turkey Commercial Real Estate Market Overview 2015 Year-End Report

JLL Turkey presents its 2015 overview report "Turkey Commercial Real Estate Market” regarding Turkey’s economic situation, retail, office, logistic and hotels markets.​

The political uncertainty - created by two general elections and regional conflicts - and global and local economic issues such as FX rates fluctuations, inflation and FED’s interest rate decision led to slowdown in the performance of Turkey Commercial Real Estate Market throughout the year. 

The retail market has maintained its momentum according to various indexes, including the Shopping Centre Index and the Sales Efficiency Index by the Council of Shopping Centres Turkey, thanks to strong domestic demand and major openings, despite additional import taxes and special customs implementations as well as given macroeconomic and political issues. 

There was no significant increase in office supply and vacancy rate, which had experienced a significant rise in 2014 due to considerable delivered office supply; they remained constant during 2015. CBD continued to attract most of the institutional occupiers with strong accessibility by public transportation and upper-class neighbourhoods for attracting a qualified workforce and boosting corporate image. 

Political uncertainty caused a stagnant logistics market, which directly depends upon trading volume and mainly driven by economic and political conditions. Warehouse portfolio diversification has taken to the stage with two additional warehouse types, including 200–1,000 sq m for private usage and up to 100,000 sq m for the consolidation trend. Meanwhile, decrease in the key performance metrics of the Istanbul hotel market, which has 489 graded hotels with over 48,000 rooms and dominated by the upscale and upper-upscale hotel segments, is mainly a result of unstable economic and geopolitical issues as well as significant addition to hotel supply.​​

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