Jones Lang LaSalle is pleased to present its new semi-annual Turkey Real Estate Overview Report.

 

Turkish real estate market experienced slow down in line with the rest of the world under the impact of global economic conditions. Slower retailer and occupier demand led to temporary rent incentives mostly in the form of fixation of foreign exchange rates in foreign exchange linked rents. However, consumer confidence is picking up and retail turnover is still seeing real growth though at a slower pace than last year. Occupiers review their operational costs resulting in some of them re-locating to less expensive locations mostly on the Asian side of İstanbul. Strong development continues in emerging office sub-markets such as Ümraniye. The logistics market is the most affected by the economic recession as Turkey’s export manufacturing sectors have been hit hard. However, Turkey’s geo-strategic importance significantly enhances the market potential in the medium term.