Interest in commercial real estate grew while rental revenue remained steady.
As per the “Real Estate Market Outlook” report issued by Cushman & Wakefield I TR International, Istanbul has achieved the greatest office occupancy rate in the past decade.
According to TUIK, a smaller number of houses were sold in August than there were the previous year. Bilgiçler Yapı Board Member Ali Emre Bilgiç stated, “A great mobility has started in the sales of offices and commercial units,” pointing out that they have noticed a notable growth in the sales of commercial real estate. We see that there is a favorable balance between supply and demand. But if this demand persists, the equilibrium may be upset and costs might go up.” Bilgiç asserted that commercial real estate offers investors a safe haven, saying, “We had noticed that interest in commercial real estate grew as the pandemic’s impact reduced. During this time, the e-commerce industry saw rapid expansion and augmented demand by utilizing commercial spaces for logistics and warehousing. However, highlighting the potential for commercial real estate to expand in value, Bilgiç stated, “We observe the demand for commercial real estate other than housing among investors as well as business people in terms of rental income and stable income flow.” In Istanbul, there are 300,000 commercial spaces that are ready for change. The requirement for real estate that is earthquake-resistant and the hunt for more contemporary, sustainable business districts additionally show up as factors driving market movement and providing fresh momentum to commercial endeavors.” Bilgiç stated, “We have already sold 16 percent of the commercial units in our project before the launch,” pointing out that they have begun work on their two new developments, AKTİM Bazaar and AKTİM Office. Some businesspeople who are very interested in the project are also those who will be making their first purchases of commercial real estate. Investors gravitate toward our projects since commercial real estate is among the most lucrative investment vehicles in terms of recycling duration.”
