Dynamic analysis of Istanbul office markets with highest demand and office rent
Yıl: 2022 Cilt: 3 Sayı: 2 Sayfa Aralığı: 171 - 182 Metin Dili: İngilizce DOI: 10.47818/DRArch.2022.v3i2051 İndeks Tarihi: 20-03-2023
Dynamic analysis of Istanbul office markets with highest demand and office rent
Öz: From the 1980s onwards, restructuring of economy and globalization has increased the size and number of companies in Istanbul and demand for modern office space which cannot be provided in the old CBD due to construction restrictions. Thus, multi-center development has started in the city in order to answer to the growing demand for modern office markets. The present study investigated the growth and decline of office rents in office markets which have highest demand and office rents. According to the results of the study, while office rents in the office markets with growth potential have increased, that of the markets with supply increased dramatically between 2011 and 2016. On the other hand, while office rents in all of the office markets were sharply declined in 2021 due to devaluation of Turkish Lira against USD. Although the pandemic has made Work from Home (WFH) and Hybrid working models a global trend, A class office demand stayed strong due to well-being requirements on office area. Thus, it is expected to have a positive impact on the economy of the city.
Anahtar Kelime: Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
- Arslanlı, K.Y., Dokmeci, V., Kolcu, H. (2017) The effects of the pedestrianization of Istiklal Caddesi on land values and the transformation of urban land use, ITU A/Z 14, 2, 31-41.
- Berkoz, L. and Turk, S.S. (2010) Intra-metropolitan determinants of foreign investment firms in Istanbul, Journal of Urban Planning and Development 136, 3,
- Berkoz L., and Eyupoglu, E. (2007) Intra-metropolitan location of producer service FDA in Istanbul, European Planning Studies, 15, 3, 357-381.
- Bollinger, C.R., Ihlanfeldt, K. R., Bowes, D.R. (1998) Spatial variation in office rents within the Atlanta Region, Urban Studies 35, 7, 1097-1118.
- Cushman and Wakefield (2021) Office Market Overview report for 2021.
- Cushman and Wakefield (2022) Office Market Overview report for 2022.
- Cushman and Wakefield, the George Washington University, Purpose of Place, History and Future of the Office (2020) https://www.cushmanwakefield.com/en/insights/covid-19/the-future-of-the-office-space
- Dokmeci, V. and Ciraci, H. (1988) Pera: A threatened historic European city within Istanbul, Ekistics 333, Nov.-Dec., 359-369.
- Dokmeci, V. and Berkoz, L. (1994) Transformation of Istanbul from a monocentric to a polycentric city, European Planning Studies, 2, 2, 193-205.
- Dokmeci, V. and Evcil, N. (1995) Distribution and growth of banks in Istanbul, 22-25 August, Denmark European Regional Science Association Congress, Odense.
- Dokmeci, V. (1996) Optimum location of new centers in Istanbul, European Spatial Research and Policy, 3, 1, 79-87.
- Dokmeci, V. and Berkoz, L. (1996) The Dynamics of Istanbul ‘s city center, in A Glympse of Istanbul, Chamber of City Planners, Istanbul.
- Dokmeci, V. and Ciraci, H. (1999) From westernization to globalization: An Old District of Istanbul, Planning History, 21, 3, 13-23.
- Dokmeci, V. and Balta, N. (1999) Evolution and distribution of hotels in Istanbul, European Planning Studies, 7, 1, 99-109.
- Dokmeci, V., Akin, U., Mutlu, H., Cetiner,M. (2000) Office rents in Istanbul, ADRESS ,29 February, 66-69.
- Dokmeci, V. (2002) Spatial analysis of physicians’ offices with respect to population and hospital beds in Istanbul, European Planning Studies, 10, 3, 406-412.
- Dokmeci, V. and Ozus, E. (2005) Effects of revitalization in historical city center of Istanbul, International Real Estate Review 8, 1, 144-159.
- Dokmeci, V., Altunbaş, U., Yazgi, B. (2007) Revitalization of the main Street of a distiguished old neighborhood in Istanbul, European Planning Studies, 15, 1, 153-166.
- Dokmeci, V. and Terzi, F. (2008) İstanbul’da nüfusun mekânsal dağılımı in İstanbul’da Gayrimenkul Pazarı, İstanbul Ticaret Odası, Yayın No. 2008-55.
- Dokmeci, V. (2009) Hierarcical anaysis of the multi-center development of Istanbul and its impact on real estate, in New Approaches in Urban and Regional Planning, Eds. N. Zeren Gülersoy, F. Gezici, K.Y. Arslanlı, Publications of Urban and Environmental Planning and Research Center, Istanbul Technical University, pp. 13-22.
- Dunse, N. and Jones, C. (1998) A hedonic price model of office rents, Journal of Property Valuation and Investment, 16, 3, 297-312.
- Gloscock, J.L., Jahanian, S., Sirmans, C.F. (1990) An analysis of Office market rents: Some empirical evidence, AUEUEA Journal, 18, 105-119.
- Koster, H.R.A., van Dumeren, J., Rietveld, P. (2014) Is the sky the limit? High-rise buildings office rents, Journal of Economic Geography 14, 1, 125-153.
- Mills, E.S. (2002) Office rent determinants in the Chicago area, Journal of the American Real Estate and Urban Economics Association, 20, 2, 273-287.
- Mourouzi-Sivitanidou, R. (2002) Office rent processes: The case U.S. Metropolitan markets, Real Estate Economics, 30, 2, 317-344.
- Nagai, K., Kondo, Y., Ohta, M. (2000) A hedonic analysis of the office market in the Tokyo Central Business District: 1985-1994 Fiscal Years, The Japanese Economic Review 51, 1, 130-154.
- Oven, V. A. and Pekdemir, D. (2006) Office rent determinants utilizing factor analysis: A case study for Istanbul, Journal of Real Estate Finance and Economics, 33, 1, 51-73.
- Ozus, E. (2009) Determinants of office rents in the Istanbul metropolitan area, European Planning Studies, 17, 4, 621-633.
- Ozus, E., Turk, S.S., Dokmeci, V. (2011) Urban restructuring of Istanbul, European Planning Studies 19, 2, 331-356.
- Ertekin, O., Unlukara, T., Ozus, E. (2008) Spatial distribution of shopping malls and analysis of their trade areas in Istanbul, European Planning Studies 16, 1, 143-156.
- Koramaz, T.K. and Dokmeci, V. (2020) Migration patterns in Turkey between 1995-2000: Income, employment and distance effects on inter-provincial migration, in Innovations in Urban and Regional Systems, Springer.
- Yazgi, B., Dokmeci, V., Koramaz, T. K., Kiroglu, G. (2014) Im pact of characteristics of origin and destination provinces on migration, 1995-2000, European Planning Studies 22, 6, 1182-1198.
| APA | Aybar N, Dokmeci V (2022). Dynamic analysis of Istanbul office markets with highest demand and office rent. , 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| Chicago | Aybar Nesil,Dokmeci Vedia Dynamic analysis of Istanbul office markets with highest demand and office rent. (2022): 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| MLA | Aybar Nesil,Dokmeci Vedia Dynamic analysis of Istanbul office markets with highest demand and office rent. , 2022, ss.171 - 182. 10.47818/DRArch.2022.v3i2051 |
| AMA | Aybar N,Dokmeci V Dynamic analysis of Istanbul office markets with highest demand and office rent. . 2022; 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| Vancouver | Aybar N,Dokmeci V Dynamic analysis of Istanbul office markets with highest demand and office rent. . 2022; 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| IEEE | Aybar N,Dokmeci V "Dynamic analysis of Istanbul office markets with highest demand and office rent." , ss.171 - 182, 2022. 10.47818/DRArch.2022.v3i2051 |
| ISNAD | Aybar, Nesil - Dokmeci, Vedia. "Dynamic analysis of Istanbul office markets with highest demand and office rent". (2022), 171-182. https://doi.org/10.47818/DRArch.2022.v3i2051 |
| APA | Aybar N, Dokmeci V (2022). Dynamic analysis of Istanbul office markets with highest demand and office rent. Journal of Design for Resilience in Architecture and Planning, 3(2), 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| Chicago | Aybar Nesil,Dokmeci Vedia Dynamic analysis of Istanbul office markets with highest demand and office rent. Journal of Design for Resilience in Architecture and Planning 3, no.2 (2022): 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| MLA | Aybar Nesil,Dokmeci Vedia Dynamic analysis of Istanbul office markets with highest demand and office rent. Journal of Design for Resilience in Architecture and Planning, vol.3, no.2, 2022, ss.171 - 182. 10.47818/DRArch.2022.v3i2051 |
| AMA | Aybar N,Dokmeci V Dynamic analysis of Istanbul office markets with highest demand and office rent. Journal of Design for Resilience in Architecture and Planning. 2022; 3(2): 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| Vancouver | Aybar N,Dokmeci V Dynamic analysis of Istanbul office markets with highest demand and office rent. Journal of Design for Resilience in Architecture and Planning. 2022; 3(2): 171 - 182. 10.47818/DRArch.2022.v3i2051 |
| IEEE | Aybar N,Dokmeci V "Dynamic analysis of Istanbul office markets with highest demand and office rent." Journal of Design for Resilience in Architecture and Planning, 3, ss.171 - 182, 2022. 10.47818/DRArch.2022.v3i2051 |
| ISNAD | Aybar, Nesil - Dokmeci, Vedia. "Dynamic analysis of Istanbul office markets with highest demand and office rent". Journal of Design for Resilience in Architecture and Planning 3/2 (2022), 171-182. https://doi.org/10.47818/DRArch.2022.v3i2051 |
