EXECUTIVE SUMMARY
Demand is returning, but it is moving toward high-quality, accessible work environments rather than square metres alone.
Cushman & Wakefield’s first-half 2026 data indicates rising prime office rents and declining overall vacancy in Istanbul. PROPIN’s fourth-quarter 2025 figures show that the recovery is not evenly distributed across submarkets.
For investors, “Istanbul offices” are not one market. District, building class, technical capability, accessibility and tenant demand must be read together.
01 · Prime rents reached a new threshold
Prime rents reached USD 52/m²/month in Q2 2026, representing 13% annual growth in US-dollar terms. Pricing power remains intact at the top end.
02 · Overall vacancy is declining
Vacancy fell from 10.04% to 9.37% in Q2 2026, signalling stronger demand for available high-quality stock.
03 · Submarkets are moving differently
In Q4 2025, Class A vacancy stood at 15% in the CBD versus 6.1% on the non-CBD European side. Supply structure and building quality matter as much as the district name.
04 · The Europe–Asia rent gap is visible
PROPIN reported average asking rents of USD 13.6/m²/month on the non-CBD European side and USD 24.1 on the non-CBD Asian side. Broad averages can conceal micro-market reality.
05 · Levent shows a measurable quality premium
The highest reported asking rent in Q4 2025 was USD 55/m²/month in Levent, reflecting accessibility, corporate tenant demand and high building standards.
Sources: Cushman & Wakefield Türkiye MarketBeat, H1 2026; PROPIN Istanbul Office Market Overview, Q4 2025. Commentary is NEXUS analysis. This publication is for general information and does not constitute investment advice.