Propin Property Investment Consultancy, a full-service property consultancy firm in the office segment, has prepared the 2011 Istanbul Office Market Report fourth quarter. The report is covering changes in office market in October, November and December and presciences for the coming quarters.
According to report, in the fourth quarter the Office Market of Istanbul experienced one of the most active periods of the year. Propin, sums up the developments the fourth quarter of the 2011 Istanbul Office Market as follows:
- In the general vacancy rate of Class A office buildings in CBD an increase was observed. The vacancy rate increased to the level of %11.1.
- The average rent of the office buildings in CBD increased to the highest level in recent years in class-A office buildings and it was observed as US$29.3/m²/month. On the other hand, a small decrease was experienced in the average rent of class-B office buildings and it occurred as $14.8/m²/month.
- The general vacancy rates of Class A buildings showed a recession towards the lowest level of the recent year in Out of CBD-Europe and it was observed as %10.3. No changes were seen in CBD and Out of CBD-Asia.
- The general average rent of the office buildings reached the highest average rent amount in CBD and Out of CBD-Europe in the recent year while no significant difference was observed when compared with the third quarter in Out of CBD-Asia.
Propin informs that in 2011 the supplies of the companies offering instant office systems such as Regus, Servcorp and Windowist increased in the Office Market of Istanbul. Competition came with this increase in the instant office market. As a result, the companies began to offer bigger spaces that could be used according to the needs of the users in addition to marketing areas per capita so as to make difference. The rent approximately corresponding to the size of 500 m² that was made by Windowist from HTC through the consultancy of Propin, and the rent that was made by Bank El Habib in Servcorp Tefken Tower, again through the consultancy of Propin, are among the clarifying examples of this situation.
Propin predict the office investments will speed up within the urban transformation area of Kartal and that the Cendere Axis in the Kagithane region will transform into a prestigious office region. Within this context, Kagthane and Kartal, which are among the developing office regions, will take their places among the ascending regions concerned with office investments. Moreover, Propin predict that the planning works that still continue in the Atasehir region will be completed by 2012. Within this process, works will be initiated to transform the Atasehir region into a financial center and Yeni Sahra Axis into a commercial center.