SUMMARY
For the first Quarter of 2013, the occupancy/vacancy and average rental rates for the Istanbul Office Market are summarized below based on the ‘location categories’.
• The general vacancy rates for Class A buildings in the Central Business District (CBD) increased from 10.7% in the last quarter of 2012 to 10.9% in the first quarter of 2013. This slight increase indicates that the ongoing pattern was sustained. The vacancy rate for Class B buildings is monitored at a level of 7.4%. The average rental rate for the office buildings in the CBD was 31.3 USD/m²/month for Class A buildings with an average increase of 2.2 USD/m²/month compared to the previous quarter. The average rental rate was 17 USD/m²/month for Class B buildings during the fourth quarter of 2012 and declined to 16.8 USD/m²/month in the first quarter of 2013.
• The general vacancy rates for Class A buildings out of CBD-Europe increased 15.8% compared to the fourth quarter of 2012. The average rental rate for Class A buildings was 17.4 USD/m²/month.
• The general vacancy rates for Class A buildings out of CBD-Asia increased 14.0% compared to the first quarter. The average rental rate for Class A buildings was 19.5 USD/m²/month.
• The highest rental price was 51 USD/m²/month in the Etiler district.
(This article features excerpts from the full report – please download it here)
