Istanbul Office Rental Prices fell in Q3

Rents of both upper and lower price segments in Istanbul dipped. Upper price segment of  office rental values decreased -1.37% and lower price segment of office rental values decreased -2.46% from the previous quarter, data from REIDIN showed.

Among office districts of upper price segment, Esentepe district recorded the highest rental price of 41.05 USD/sqm. And Esentepe also has the highest rental price of 31.20 USD/sqm among lower price segment districts. From total 14 office districs, Yeşilköy/Havaalanı districts shows the lowest rental price of 17.97 USD/sqm in upper price segment and Kavacık district has the lowest rental price of 9.95 USD/sqm of lower price segment.

Index, started as 2009 Q1=100, recorded the value of 111.71 for lower price segment and the value of 105.70 for upper price segment in Q3 of 2013. After 5 years, lower price segment is 6 points higher than upper price segment.

Office rental price trend has been stable till it recorded an increase during the last 3 quarters. And in contrast, rental prices in Q3 of 2013 showed a decline. Lower price segment index fell from 114.53 to 114.71 and upper price segment index fell from 107.16 to 105.70. Despite these declines, index values recorded an increase during past one year.

Here’s the list of top 3 districts of Istanbul which have the highest rental prices:

These top 3 districts – Esentepe, Beşiktaş and Şişli have rental prices that are much higher than prices of the other districts in Istanbul. Then comes Levent, Fulya and Maslak. Yeşilköy/Havaalanı, Bakırköy, Üsküdar, Altunizade, Kozyatağı are at the end of the list as their rental prices lower than 20.00 USD/sqm in upper price segment. Fulya and Maslak are the districts which have the closest rental price to Istanbul rental price in general. Esentepe has the highest rental price in lower price segment and Kavacık district has the lowest rental price that is under 10.00 USD/sqm.

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