800,000 sq mof retail spaceadded in 27 malls in 2012, taking the total to8.6m sq m in 337 shopping centres
A further 2.7m sq m due to be added by 2015 in 73 malls, taking the total to 11.2m sq m
A lack of space and rising demand helped boost rents on Turkey’s high streets, according to Jones Lang LaSalle, but a continually expanding shopping centre market meant mall rents stayed constant at €80 per sq m/per month, where they have sat since 2011. Source: Jones Lang LaSalle
€25 €200
High street up by
↑ to per sq m/per month OFFICES
PRIME RENTS up by
to TAKE-UP doubled from
137,000 per sq mto SUPPLY
€5 €35 ↑
↑ per sq m/per month 240,000 per sq m
215,000 per sq madded in Istanbul in 2012, taking the total to 3.1m sq m
1.4 sq mmore expected to be added by 2015, taking the total to4.5m sq m
Office rents have shown healthy growth over the past year but, as new space is added in Istanbul, JLL says that rents will start to decline.
Country of honour Turkey gears up for 5% growth
Turkey may haveseen only modest economic growth of 2.5% in 2012, but its prospects are looking brighter with expectations of 5%+ growth over the next few years. The country is the fastest-growing emerging economy outside Asia and is this year’s country of honour at MIPIM.