Istanbul Office Market occupancy, vacancy rates and rental averages in 2013 Q3 are summarized below in relation to their “location category”:
• In the Central Business District (CBD), the general vacancy rate for Class-A office buildings increased to 16.1% and the vacancy rate for Class-B office buildings was 7.5%. The average rent for Class-A office buildings in the CBD was US 31.1 m²/month and the average rent for Class-B office buildings was US 17.3 m² /month in this quarter.
• Out-of-CBD Europe vacancy rates for Class-A office buildings were at 12.5% in 2013 Q3.
For Class-A office buildings, the general average rent reached US 20.6 m² /month with a 1.5 USD /m² /month increase.
• In 2013 Q3 Non-CBD Asian average vacancy rates for Class-A office buildings was 16.0%, while the general rental aver-age for Class-A was US 21.1 m² /month.
• The prime rental price was US Dollars 51 m² /month in Etiler.
The stock rocketed in 2013 Q3 underwent a remarkable increase. Newly completed projects were added to the stock, which drove up vacancy rates, as you can see in detail on the following pages. We expect this stock increase to last until the end of 2016, by which time we forecast the total stock to exceed 7 million square meters in over 15 office areas.
(This article features excerpts from the full report – please download it here)