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Istanbul on the world stage



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