Q3 2020 Macro Economic & Real Estate Market Figures of Turkey
According to the report, Gross Leasable Area (GLA) reached 13.4 million sq m in 444 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 Q3 2020, the Central Business District (CBD) came to the fore as the sub-market with 17,000 sq m take-up transactions. On the other hand, Ataşehir and Kozyatağı were the office districts hosting most of the transactions on the Anatolian Side.
Given considerable transaction figures in the second quarter of the year, the take-up volume in the logistics sector between January and September exceeded 2019 numbers as well as approached the level of 2018 figures.
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.