Istanbul office market sees sharp increase in rents: Report
ISTANBUL
Istanbul’s commercial real estate market has reached a milestone, with prime office rents in the megacity climbing to unprecedented levels.
According to Cushman & Wakefield’s latest Market Beat report, prime rents in the Levent-Etiler district hit $46 per square meter per month — the highest ever recorded.
This marks a 10 percent year-on-year increase in dollar terms.
In the second quarter of 2025, the vacancy rate increased by 0.1 percent and remained almost stable at 9.9 percent.
In the first half of 2025, the overall supply in the Istanbul office market was recorded as 7.18 million square meters.
During this period, Istanbul's Grade A office market witnessed a 15 percent decline in transaction volume compared to the same period of the previous year.
“This was mainly due to the high rent levels, with tenants opting to renew their leases with existing owners rather than leasing new space,” said the report.
The report highlighted that insufficient supply and the limited availability of large square meters of space led companies to lease smaller spaces, adding that this trend is expected to continue in the coming period and the upward pressure on prime rent levels is expected to increase.
In this period, prime rents increased 11.06 percent nationwide, according to the report.
