Istanbul’s largest ever office lease signals healthy 2014 for commercial sector

Posted on 11 February 2014

A New Year’s boost for Istanbul’s commercial real estate sector is the announcement that Colliers International has pre-leased what it claims is the largest-ever office lease recorded in Turkey, namely over 60,000 square metres of the Torun Tower, on behalf of Torunlar REIT.

The space has been leased to Denizbank, one of the leading institutions in the Turkish banking sector. Torun Tower is a new Class A office project situated in Istanbul‘s Central Business District and due to be completed in June 2014. It comprises 65,600 square metres of office space spread over 35 storeys.

Kerim Cin, managing partner at Colliers International, commented: “The immense size of this lease transaction between Denizbank and Torunlar REIT, together with the fact that it is a pre-lease, proves the level of improvement, that the Class A office market has come along in the last 10 years in Turkey and its bright growth potential into the future. We are confident that large lease transactions such as this one, in Turkey, will create confidence to the market and attract more interest from local and foreign institutional real estate investors and developers.”

Meanwhile, according to a report by Colliers International, an office supply of 1,777,885 square metres will be added to Istanbul’s existing office stock during the next three years, 31 per cent of which will be constructed in the Central Business District, 30 per cent in Kozyatağı/Ataşehir region, 16 per cent in Maslak, 15 per cent in Kağıthane/Cendere, five per cent in Ümraniye and three per cent in Istanbul-East.

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