Real estate sales expert Göktuğ Beşer shares his knowledge.
We see that new plazas and offices have been built in many parts of Istanbul. New trend mixed life projects also offer office blocks. In terms of construction firms, the production of office space has great attraction. First of all, it is sold at much higher prices than the residence. Investors are more interested in commercial real estate. “Shell and core” means that the cost is lower because the interior is delivered incomplete. With the effect of these factors, many plazas have been built and continue to be made. By 2015, office space supply in Anatolia will double in 2018.
Unfortunately, the economy did not grow at this rate, and the project of being Istanbul’s Finance Center did not come to the desired position. As a result, demand fell behind supply. For this reason, there are many office floors and plazas that can not find tenants for a very long time. I share with our readers the conversation with the construction engineer and commercial real estate consultant Taner Özkan about the current situation of the office market.
What does Plaza floor tenants pay attention to during the renting process? Which criteria affect your decisions besides the rent value?
The customer’s initial criteria are signage value and proximity to transportation axes. It is very important that the staff and customers come to effortlessly and quickly. Afterwards, it becomes clear that the office is ready for use. It’s taking time to rent “shell and core” offices I call noncompleated. The number of parking lots falling in the area, dues and rental fees are also considerable factors in renting.
Customers in demand of 500 m2 and above demand that these needs be met on one floor. This need is not always met, because the parcels in which structures are already small, and the space of the building with the traction distances is shrinking. I agree with the owners of the land that they are interested, and in larger parcels they constitute wider office spaces. In this way both rental and sales figures will increase.