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Turkey Marketbeat

Tugra Gonden • 5/11/2023

Office 

Office prime rents remain at the top with a five-year high in US$ 

The earthquake tragedy that occurred on February 6, 2023, had an impact on the eastern provinces of Turkey as well as other neighboring provinces and nations, and it resulted in fatalities. As a result of this earthquake, numerous debates about Turkey's earthquake-prone building supply have surfaced. Thus, ground survey reports, especially earthquake resistance reports, have started to be demanded primarily by users and investors in commercial real estate. In addition, before the election on May 14th, new leasing transactions and contract renewals also gained momentum. 

The rise in prime rents in TRY and US$ terms persisted in the first quarter of the year as a result of rising inflation and continuous currency rate volatility. In addition, the number of transactions decreased due to the recession and the troubled economic situation in the whole world after the pandemic, as well as the uncertainty before the general election to be held in the country. Despite all this, low vacancy rates continue to be recorded with the increase in demand for Class A offices and the increase in demand for the central business district (CBD) region, where accessibility is high. 

Retail 

Istanbul's main street rents have returned to 2018 levels 

In the first quarter of 2023, demand remained high, with high occupancy rates in both streets and shopping centers. As a result of this predicament, brands are having trouble finding empty storefronts. Despite limited availability, brands continue to declare their expansion plans. Furthermore, as a result of the earthquakes, it has been observed that particularly for major companies, a building's earthquake resistance report is required in their existing stores or when renting a new store to be built. The impacts of the decrease in store vacancy and the increase in demand remain consistent. 

Physical retail is in high demand in the first quarter of the year. Rents in the retail market continue to rise in both ₺ and US$, despite a limited supply and high occupancy rates in both shopping centers and main streets. The prime rent level on Istanbul's main streets grew by 67% in dollar terms in this quarter compared to the same period last year. Likewise, considerable rent rises have been observed in shopping centers that perform well. 

Industrial & Logistics 

Due to the continued high demand and limited supply, square meter rents in dollars increased by 45.5% over the previous year 

The earthquake disaster caused destruction and deterioration in industrial facilities, causing disruption of production. Furthermore, the massive loss of workers has significantly reduced production in the region. After the earthquake, many people migrated from the earthquake area to other regions; has decided to move the production facilities of many companies to other regions of Turkey, especially Central Anatolia. 

The availability of appropriate warehouses is currently restricted, and the demand for warehouses with vast indoor areas remains high. As a result, the increase in prime rents continued and increased by 45.5% compared to the previous year. With the continued demand for warehouse needs, it is expected that this net rise will continue in the short and medium term. 

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