Property utilized solely for business-related activities or as a workspace is referred to as commercial real estate (CRE); residential real estate, on the other hand, would be used for living. Tenants typically lease commercial real estate to carry out revenue-generating operations. Anything from a single storefront to an expansive shopping mall can fall under this broad category of real estate. Commercial real estate comes in various forms. It could be a restaurant, coffee shop, warehouse, or even an office building and a duplex of homes. Commercial real estate can be profitable for people, businesses, and corporate interests through leasing, holding, and reselling.
According to SPER Market Research, ‘Turkey Commercial Real Estate Market Size- By Property Type, By Business, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Turkey Commercial Real Estate Market is estimated to reach USD 87.13 billion by 2033 with a CAGR of 26.71%.
Opportunities for the growth of commercial real estate have been provided by government investments in infrastructure projects, such as those related to transportation, utilities, and large-scale developments. Turkey’s retail industry is expanding rapidly due to shifting consumer habits, growing disposable incomes, and increased urbanization, all of which are opening up new potential for the expansion of retail space. Opportunities for hotel and resort expansions are presented by the nation’s initiatives to boost tourism and grow the entertainment and hospitality industries.
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The Turkey’s commercial real estate market is subject to a number of laws and licensing procedures, which can be very challenging for developers and investors. The global economy and changes in oil prices have a significant impact on the demand for commercial real estate, which leaves the market susceptible to volatility. Furthermore, there may be an excess of commercial real estate due to the quick development of certain major areas, like office and retail space. This quick expansion may cause supply and demand imbalances, which would exacerbate market volatility and make it more difficult to maintain stability in investments and profitability over the long run.
Turkey’s commercial real estate industry was greatly affected by the COVID-19 outbreak. Businesses migrated to remote work and e-commerce, while lockdowns and limitations resulted in a dramatic fall in demand for office and retail premises. The hotel and tourism industries suffered significant setbacks, which caused a decline in commercial property occupancy rates. However, the boom in online shopping and supply chain modifications led to increasing demand in the logistics and industrial categories, partially offsetting the overall market slump. Recoveries are still sector-specific and slow.
The Istanbul region of Turkey has the most percentage of share in the commercial real estate market. Istanbul, the country’s largest metropolis and center of economic activity, is the market leader in commercial real estate due to the strong demand it has for office space, retail establishments, and industrial real estate. Major players in the market are:
- Ağaoğlu Group
- Akfen Holding
- Artaş Group
- Calik Holding
- Doğuş Group
- Ege Yapı
- Emaar Turkey
- Kiler GYO
- Nurol GYO
- Rönesans Holdin
Turkey Commercial Real Estate Market Segments:
By Property Type:
- Residential Buildings
- Commercial Complexes
- Industrial Infrastructure
- Government Buildings
By Business:
- Sales
- Rental
- Lease
For More Information, refer to below link –
Turkey Commercial Real Estate Market Share
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