Istanbul has not become the most important city only due to the luxury housing projects but also has become important with conspicuous office projects.Office stock will reach 5 million square meters with ongoing new projects from 4 million square meters.

The changing dynamics in Istanbul office market

Istanbul has not become the most important city only due to the luxury housing projects but also has become important with conspicuous office projects.Office stock will reach 5 million square meters with ongoing new projects from 4 million square meters.


New office districts consist of Basın Ekspres Way, Kağıthane and Kartal regions. In Istanbul that become also management base of international companies, office stock will reach 5 million square meter at the end of this year.Competition is increasing in parallel with increasing of office number at Istanbul.

Makbule Yönel Kaya, general manager of the TSKB Real Estate Appraisal said that Levent-Maslak axis continued to be prestigious region of Istanbul.”Price-sensitive companies  head towards secondary regions such as Kağıthane and Basın Ekspres Way.”she said.

One type offices are diversifying according to the technical equipment and locations anymore.In the recent years attention to the open office types increased in Turkey.Individual working areas are becoming small so social interaction is increasing.Companies head towards architectural solutions for interaction of workers in office anymore.

Uncertainty effect

12 percent increase was recorded compared to the previous quarter by renting of 137.000 square meters area in Istanbul office market which has remained stable due to the political and economic uncertainties after the June polls.

Levent and Ataşehir regions are the most preferable regions of Istanbul as CBD areas in office market. Most of the ongoing projects are being constructed in CBD areas and Ataşehir. Levent region ranks first in renting prices with $35,5 per-sqm.Maslak and Şişli regions follows Levent with $32 per-sqm and $29,9 per-sqm. Recently Beşiktaş, Şişli, Umraniye, Bakırköy and Kadıköy districts are the prominent regions for office investment in Istanbul.

Nurullah Kırmacı / [email protected]