Q1 2021 Macro Economic & Real Estate Market Figures of Turkey
JLL Turkey’s Q1 2021 snapshot regarding 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 Q1 2021, the Central Business District (CBD) came to the fore as the sub-market with 17k sq m take-up transactions. On the other hand, vacancy rate for Grade A offices in the CBD decreased to the level of 16.8%.
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.
In the logistics sector, as a result of the leasing transactions accelerated by e-commerce in 2020 and the limited stock under construction, the prime rent in the first quarter of the year increased to TRY 40 per sq m.
The effects of periodic flight bans and lockdown continued to be observed in the hotel market, which is the commercial real estate component most affected - locally and globally - by the COVID-19 pandemic.