Istanbul Office Market | 2

Office areas in Istanbul are analyzed based on classification into a total of 8 sub-regions, 4 on the Asian side of the city and 4 on the European side.

  1. Istanbul West area which is the surrounding area of the Atatürk Airport
  2. The European Side CBD area which include Levent, Etiler, Esentepe / Gayrettepe, Şişli, Beşiktaş and Taksim.
  3. Maslak
  4. Kağıthane/Candere
  5. Kavacık
  6. Ümraniye
  7. Kozyatağı/ Ataşehir
  8. Istanbul East which is the surrounding area of the Sahiba Gökçen Airport

After examination of the regional distribution of the total office stock in Istanbul shows that, in descending order of their share of the total stock, the regions with the highest levels of Class A office stock are the CBD (32%), Kozyatağı/Ataşehir (16%), Kağıthane/Cendere (15%), Ümraniye (13%) and Maslak (12%). The office stock in these five regions constitutes 88% of Istanbul’s overall total. It would therefore be fair to say that these five regions determine developing office parameters in Istanbul.

Current reports anticipate that demand for office space from the private education and private healthcare sectors that have undergone a period of rapid growth in recent years will continue moving forward. Demand from these sectors will impact office vacancy rates. Also after its completion, the Istanbul Financial Center project will house the Headquarters of the Banking Regulation and Supervision Agency (BDDK), the Central Bank, the Capital Markets Agency, Ziraat Bank, Halkbank, Vakıfbank and other institutions. With the draw of the Istanbul Financial Center complementing the region’s existing accessibility and advanced infrastructure advantages, Kozyatağı Ataşehir has begun to gain prominence as one of the Asian side’s leading office regions. This is expected to have an imminent positive impact on demand for office and residential space in the region’s environs. Financial center project in the Kozyatağı/Ataşehir region together with the major finance institutions it will house is expected to transform the Kozyatağı/Ataşehir region into Istanbul’s center of attraction and increase demand in this region. It will increasingly be perceived as a prestigious office region, and that rents will rise in line with growing demand.

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