Central Business District term is being used for the identification of the office regions where A class professional office buildings are available and demand is high…
The largest office market of Turkey is in Istanbul. When office regions are examined within the framework of international standards, classification is made as Central Business District (CBD) and Non-Central Business District (Non-CBD). CBD includes the office regions where A class professional office buildings are available and demand is high.
Looking at Istanbul in general, it is observed that the office areas are accumulated in certain regions. The buildings with office function on the European Side are primarily located in the Levent, Etiler, Maslak, Zincirlikuyu-Esentepe, Gayrettepe, Besiktas-Balmumcu and Taksim, Sisli regions, plus around the Ataturk Airport. Meanwhile, the Kozyatagi, Altunizade, Kavacik and Umraniye regions stand out on the Anatolian Side. The CBD includes the Levent, Etiler, Maslak, Zincirlikuyu and Besiktas-Balmumcu regions on the European Side.
Since the qualified office stocks are limited and the leases are high on the European Side, the demand for A class offices on the Anatolian Side has started to increase during the recent years. In areas on the Anatolian Side where transportation means are easy, the A class office demand has continued increasingly.
2013 has been a profitable year when examined with respect to the office sector in Istanbul. Constructions of new office buildings have been started especially in the “Etiler-Levent-4.Levent-Maslak Region”, in order to be added to the stocks. Corporate demands have increased, independent buildings have been preferred, and lease and sales transactions for complete buildings have been performed. While the leases made by international companies have brought dynamism to the sector, it has been observed that -term contracts have been preferred in the lease transactions.
In the coming period, it is predicted that the dynamism in the sector will continue with the new office buildings to contribute to the stocks in Levent, Maslak, Sisli-Kagithane and Umraniye. After new office projects were bought up recently in the Asian side, Kartal area also began to stand out.
Especially after the opening of Kartal Court House, it is anticipated that the office sector in the area will have more of brisk and the projects will increase in number, making Kartal a new area of attraction. Despite there are projects currently, Kartal and its surrounding area cannot yet be defined as an office area. Atasehir will continue to experience dynamism in the coming period with respect to the finance sector, and the addition of new office blocks to the stocks is on the agenda in the area to be identified as the “Istanbul Finance Center”.
Although there is a trend towards the Anatolian Side from the European Side that is currently accepted as the Central Business District (CBD), the CBD continues to be the favorite areas for the finance, banking and service sectors especially. The projects that have been implemented lately, the plot pursuits by investing companies the Zincirlikuyu-Maslak axis, the demands of international organizations, the newly opened shopping centers and the newly formed residential areas and the new centers of attraction are proof that the European Side is still favored.