Supply of shopping centers reached 12 million square meters in the third quarter of this year. The number of shopping centers, which was 379 in the third quarter of last year, was calculated as 393 in the same period of this year. Class A office supply in Istanbul increased by 700 thousand square meters in one year, while rental transaction volume in logistics sector increased by 137 percent. In tourism, there are serious recovery signals.
JLL Turkey’s ‘Turkey Commercial Real Estate Market Outlook – Q3 2017’ was published
According to the report, the number of shopping centers, which was 379 in the third quarter of last year, was calculated as 393 in the same period of this year. The supply of AVM, which is 11.2 million square meters, is 12 million square meters. Istanbul, which has a significant share in the supply of the shopping mall, is estimated to have hosted 36 percent of the Total Leasable Area (TKA).
In the third quarter of last year, the supply of class A office in Istanbul was 4.5 million square meters, this year it reached 5.2 million square meters. The Anatolian side is home to 74 percent of the new projects in the construction phase, while Ümraniye and Ataşehir districts are in the forefront in terms of renting operations in the third quarter. On the European side, Maslak was one of the favorite regions in the area of Kagithane and Central Business District.
In the logistics sector, there was a significant increase in transaction volume in the third quarter of this year. According to the third quarter of 2016, logistics supply in Istanbul and Kocaeli sub-markets increased by 682 thousand square meters to 9.5 million square meters. According to a year ago, 137 percent increase was recorded in leasing transaction volume.
Recovery signals in tourism
According to the JLL report, the number of foreign visitors and foreign passengers to Istanbul from January to August 2017 increased by 11 percent and 3 percent, respectively, compared to the same period last year. Istanbul, in terms of ‘general’ hotel performance, recorded a 25 percent increase in occupancy rate in the first eight months of this year and occupancy rate in the hotels increased to 60 percent. Daily room rate decreased by 18 per cent to 76.8 euros, while revenue per room increased by 2 per cent.