Istanbul Office MarketView Q1 2024

Office rents in Istanbul continue to rise. The highest rent in class A office buildings reached 39 USD/m²/month by the end of the 2024 first quarter.

Due to the impact of local elections, the first quarter of 2024 was calmer compared to the previous year. However, the demand for high-quality office buildings remains strong. In particular, A+ office buildings continue to be preferred to meet the needs of the business world. These buildings offer modern infrastructure and comfortable, efficient working spaces.

When examining the vacancy rates in the Central Business District (CBD), the vacancy rate, which had decreased to around 4% by the end of the year, increased to 6.5% due to the activity in Yapı Kredi Plaza.