Turkey - Strong market activities continued - DTZ Q1 Report Signals for slowdown became evident in the first quarter of 2012. Based on the first quarter data so far available, GDP growth is likely to have slowed further in 2012 to 4%. The first quarter indicators also show that domestic demand remained almost flat and consumer spending will be constrained by high inflation in the short term. On the other hand, foreign trade and external financing suggest a favourable outlook regarding growth in the forthcoming period. The current outlook suggests that the economy will continue to grow in 2012, although at a decelerating pace. Istanbul office market continued to perform well during the first quarter of 2012, increase in office space availability with new openings in the previous quarters had a positive effect on office space absorption. Total Grade A office supply reached to 2.2 million sq m in the primary office regions. The prime office rent stands around US$ 42/sq m/month. Approximately 1,230,000 sq m of Grade A office space (430,000 sq m is under construction and 800,000 sq m on planning stage) are expected to be added into current inventory within the five years. Majority of the planning stage office developments are located in the Asian side. Especially, Atasehir area will emerge as a new office sub-market, with the relocation plan of governmental institutions and banks from Ankara to new 'Istanbul Financial Center'.
Total retail centre stock reached to 7.7 million sq m, as end of the first quarter of 2012. Total number of retail centres reached 288 centres in 52 of 81 provinces in Turkey. The major metropolitan cities, Istanbul, Ankara, Bursa and Izmir, remained as supply leaders. The average GLA per 1,000 inhabitants increased to 103 sq m in Turkey. Total retail centre supply is expected to reach 12 million sq m within five years, considering shopping centers in the planning stage. The majority of pipeline are located in the major metropolitan cities, although medium - sized Anatolian cities, like Konya, Samsun, Hatay and Kocaeli, have attracted new developers.
Further information www.dtz.com.tr
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Commercial Real Estate & Investments in Turkey - discover
27.06.2012
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