Dynamic analysis of Istanbul office markets with highest demand and office rent

Nesil Aybar; Vedia Dokmeci

doi:10.47818/DRArch.2022.v3i2051

Dynamic analysis of Istanbul office markets with highest demand and office rent

Authors

Nesil Aybar Short Bio Istanbul Technical University

Nesil Aybar graduated from Istanbul Technical University, Urban and Regional Planning Department. After graduation she got two master’s degrees in “Housing and Earthquake” and “Real Estate Development” programs in Istanbul Technical University. She started her professional career in former associate office of Savills in 2005 and led consultancy and business development departments. Then she joined Cushman & Wakefield in 2013 and she is in charge of Valuation and Advisory Department. She is a member of ULI and RICS and has a CMB designation. She is a visiting lecturer in Istanbul Technical University, Real Estate Development Master Program since 2019.
Vedia Dokmeci Short Bio Istanbul Technical University

Prof. Vedia Dokmeci was graduated from the Faculty of Architecture (ITU) in 1962; she received M.Sc. in 1969 and Ph.D. in 1972 from Columbia University, New York. She published 9 books on Urban and Regional Planning, Migration, Real Estate Development and more than fifthy papers at the international journals. She taught at the ITU, Urban and Regional Planning Department and retired in 2006 She still continues to publish at the national and international journals.

DOI:

https://doi.org/10.47818/DRArch.2022.v3i2051

Keywords:

Istanbul office market, rent analysis, Turkiye economy

Abstract

From the 1980s onwards, restructuring of economy and globalization has increased the size and number of companies in Istanbul and demand for modern office space which cannot be provided in the old CBD due to construction restrictions. Thus, multi-center development has started in the city in order to answer to the growing demand for modern office markets. The present study investigated the growth and decline of office rents in office markets which have highest demand and office rents. According to the results of the study, while office rents in the office markets with growth potential have increased, that of the markets with supply increased dramatically between 2011 and 2016. On the other hand, while office rents in all of the office markets were sharply declined in 2021 due to devaluation of Turkish Lira against USD. Although the pandemic has made Work from Home (WFH) and Hybrid working models a global trend, A class office demand stayed strong due to well-being requirements on office area. Thus, it is expected to have a positive impact on the economy of the city.

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Published

2022-08-31

How to Cite

Aybar, N., & Dokmeci, V. (2022). Dynamic analysis of Istanbul office markets with highest demand and office rent. Journal of Design for Resilience in Architecture and Planning, 3(2), 171–182. https://doi.org/10.47818/DRArch.2022.v3i2051