The 21st seminar of the "Istanbul Urban Studies" seminar series organized by the Department of Urban and Regional Planning of Istanbul Medeniyet University moderated by Res. Asst. Ayça ÇELİKBİLEK was held online on Tuesday, 19th October 2021. At the seminar Gözde KARAHAN (Msc.) a senior advisor from Maptriks, presented her study titled "İstanbul Ofis Pazarı için Uzun Dönem Denge Kirası Analizi" (Long- Term Balanced Rent Analysis for Istanbul Office Market).
The researcher said that multi- stakeholder office market in Istanbul which started to institutionalize since 1995 has been struggling with some issues to settle despite all the efforts and it shares the same problems with other developing countries. KARAHAN pointed out that personal interests of property owners may affect office market negatively and this situation makes office rent values even more unclear and creates prediction uncertainty. She further added that property owners in Istanbul request letting values more than office units´ real market values just to maximize the sale price which ends up with office buildings staying empty and unoccupied in the long run. KARAHAN mentioned that the concept of ‘long term balanced rent’ is an important issue to study in Istanbul when current and prospective office areas are considered. The researcher claimed that office market in Istanbul is quite different compared to highly studied examples from UK and USA. KARAHAN explained that some major differences stem from the investors not making market survey sufficiently. Other reasons include weak market transparency and differences in property ownership models.
In the following q/a session, it was discussed how rental values can change in case new sub-centers emerge in city. Also, the effects of urban planning decisions and tools on office areas covered in presentation were discussed.
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