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Istanbul on the world stage

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Istanbul on the World Stage

According to our “Istanbul on the World Stage” report, Istanbul has been the most improved Emerging World City over the past five years on a range of performance indicators. Its economic fundamentals are stronger than many of its global peer cities.

  • "Istanbul on the World Stage" reports that Istanbul now sits firmly among Europe's 'Big Four' megacities – alongside London, Moscow and Paris, despite a background of rising geopolitical risk.
  • JLL's Index of Commercial Attraction sees Istanbul ranking among the world's top 20 most important business hubs. Among its Emerging World City peers, Istanbul stands out for having improved as a trusted financial centre, a home to innovation and commerce and for infrastructure improvements.
  • A unique cultural identity and extraordinary vibrancy supports Istanbul's position among the world's top five visitor destinations, although it is vulnerable to security threats. Global connectivity is improving rapidly – and Istanbul is now the world's fastest growing air passenger hub.
  • Expansion of the city's infrastructure is transforming Istanbul and is playing a key role in its economic dynamism.
  • Istanbul is witnessing an impressive level of new construction. By the end of the current development cycle the city is likely to be home to:
    • Over 5 million square metres of modern retail space, including several truly world-class shopping malls;
    • Close to 7 million square metres of Grade A commercial office space, including new business districts such as the Istanbul International Financial Center;
    • Around 9.5 million square metres of modern logistics space (across the Greater Istanbul Area);
    • In excess of 56,000 hotel rooms in over 500 graded hotels.
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Istanbul on the World Stage positions Istanbul as a dynamic and increasingly successful Emerging World City, despite a background of rising geopolitical risk. A combination of growing consumption, a strong demographic profile and an economy driven by the expansion of financial & business services and the technology sector have fuelled strong metropolitan growth.

Avi Alkaş,
Country Chairman of JLL Turkey

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