2021 Mid-Year Turkey Commercial Real Estate Market Overview
JLL Turkey’s 2021 mid-year report, including commercial real estate markets with main parameters is published
According to the report, Gross Leasable Area (GLA) is recorded as 13.6 million sq m in 442 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 remain stable at 5.6 million sq m, the Anatolian Side hosts most of the pipeline projects owing to the Istanbul International Financial Center. While office leasing transactions were recorded at 55,033 sq m, Levent in the Central Business District (CBD) and Atasehir on the Asian Side have become prominent sub-markets in terms of take-up. Meantime, vacancy rate for Grade A offices in the CBD decreased to the level of 16.9%.
The logistics sector continues to benefit from increased demand for delivery platforms, online retail and urban logistics. While the leasing transaction volume in logistics was recorded at 204k sq m as of H1 2021, the most active industries were e-commerce (38%), retail (37%) and 3PL logistics (18%).