2020 Year-End Turkey Commercial Real Estate Market Overview
JLL Turkey’s 2020 year-end report, including commercial real estate markets with main parameters is published
According to the report, Gross Leasable Area (GLA) reached 13.6 million sq m in 447 shopping centres across the country. Istanbul continued to stand at the forefront by hosting 37% of total GLA.
While the A-class office supply in Istanbul was recorded as 5.6 million sq m, the Anatolian Side hosts most of the pipeline projects owing to the Istanbul International Financial Center. During Q4 2020, the Central Business District (CBD) came to the fore as the sub-market with 12,000 sq m take-up transactions. On the other hand, vacancy rate for Grade A offices in the CBD decreased to the level of 17.4%.
The transaction volume in the logistics sector, which has accelerated by e-commerce, exceeded the level of 300k sq m as of 2020 year-end and tripled the previous year.