29 May 2017

REIDIN Office Report 2017 1st Quarter Results

REIDIN Office Rent Index 2017 first quarter results announced.

According to REIDIN Office Rental Index 2017 Q1 results, rental values decreased by 0.54% for upper price office segment and decreased by 0.23% for lower price office segment all Istanbul compared to the previous quarter.Based on the square meter rental values calculated for the 14 office area where the office buildings are concentrated;

On the Asian Side, the highest value observed in Ataşehir Office District was 28.11 USD in the upper price segment and 18.81 USD in the lower price segment while the lowest rental values have been observed in the Kurtköy Office District with 11.96 USD per sqm in the upper price segment and 4.26 USD in the lower price segment.

In the Istanbul Central Business District (CBD), the upper price segment was measured at 34.18 USD per sqm while the lower price segment observed was 18.84 USD per sqm.

For the European Side,among the office areas excluding the Istanbul Central Business District (CBD), the highest value observed was in Maslak Office District with the value of 29.87 USD per sqm in the upper price segment and 20.58 dollars in the lower price segment while the lowest rental values were measured in Beylikdüzü-Esenyurt Office District with 7.04 USD per sqm in the upper price segment and 5.86 USD in the lower price segment.On the density map of Istanbul Office Districts, the red areas show the highest office building are concentration, while the yellow-green areas show the secondary office districts and the developing office districts.The Occupancy Rates and Gross Leasable Area (GLA) for the Istanbul office districts are shown in the graph below.

For the European Side, the highest GLA has been observed for the Istanbul CBD with 91.32% occupancy rate while for the Asian Side the highest GLA observed in Umraniye with 93.57% occupancy rate.According to REIDIN Ankara Office Rental Values, office rental values decreased by 0.19% for the upper price segment and decreased by 0.52% for the lower price segment in Ankara Central Business District (CBD) compared to the previous quarter.

The occupancy rate of office buildings in Ankara CBD were observed at 82.92% and increased by 2.95 percent compared to the previous quarter.On the density map of Ankara office districts, the red area show the Ankara CBD, while the yellow-green areas show the developing office districts.According to REIDIN Izmir Office Rental Values, İzmir Central Business District (CBD) office rental values increased by 2.69% for the upper price segment and decreased by 0.46% for the lower price segment compared to the previous quarter. Occupancy Rate of the office buildings in İzmir CBD were observed at 76.94% and increased by 12 percent compared to the previous quarter.

In the Konak Office District, which is İzmir’s secondary office district, the upper price segment decreased by 0.09 percent while the lower price segment increased by 1.14 percent compared to the previous quarter. The occupancy rate of office buildings in Konak Office District was observed at 94.04% and decreased by 0.83 percent compared to the previous quarter.Offices in Izmir are concentrated in two main area. The areas indicated in red on the density map, are the office areas of Izmir CBD and Konak where office building concentration are the highest. Yellow and green areas show the secondary office districts in Izmir.

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