Market Overview

The Turkey commercial real estate market was valued at USD 92.78 Billion in 2024 and is forecasted to reach USD 172.00 Billion by 2033, growing at a CAGR of 6.82% during the period 2025-2033. The market expansion is driven by urbanization, foreign investment, and infrastructure development, with increasing demand for mixed-use properties, logistics hubs, and smart office spaces. Sustainability trends and government incentives continue to shape investment strategies and market growth dynamics.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Turkey Commercial Real Estate Market Key Takeaways

• The commercial real estate market size in Turkey was USD 92.78 Billion in 2024.
• The market is forecasted to reach USD 172.00 Billion by 2033.
• The CAGR for the forecast period 2025-2033 is 6.82%.
• Market growth is fueled by rapid urbanization, infrastructure development, and foreign investment.
• In 2024, non-residential construction rose by 11.1%, indicating expansion in commercial and industrial projects.
• Over 18.7 million nationwide real estate transactions occurred in 2024, including more than 3 million commercial property sales.
• Sustainability and smart building technologies are increasingly influencing market dynamics and investment strategies.

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Market Growth Factors

Turkey's commercial real estate market growth is primarily driven by rapid urbanization, infrastructure development, and increasing foreign investment. Expanding metropolitan areas are generating heightened demand for office spaces, retail centers, and logistics hubs. For example, non-residential construction increased by 11.1% in 2024, reflecting robust growth in commercial and industrial building projects. Large infrastructure projects such as new airports, highways, and transportation networks enhance market accessibility, thereby boosting property values and investment opportunities.

The rise of mixed-use developments integrating office, retail, and residential spaces aligns with evolving business and consumer preferences. Istanbul and Ankara, as leading metropolitan centers, are seeing large-scale projects incorporating smart building technologies and sustainability features. Events like the 2024 Light + Intelligent Building Istanbul, featuring 110 exhibitors from seven countries, underscore the sector’s drive toward smart, sustainable commercial real estate.

E-commerce growth and supply chain modernization are transforming demand within Turkey’s commercial real estate landscape, particularly for logistics and industrial properties. In 2024, online spending increased by 84%, with 6.67 billion transactions marking a 13% rise from the previous year. Consequently, warehouses, fulfillment centers, and distribution hubs are expanding near major urban centers. High-tech logistics parks with automation and energy-efficient solutions are attracting investors, and demand for last-mile delivery facilities continues to grow, positioning logistics real estate as a critical market driver.

Market Segmentation

Analysis by Type

• Rental: The rental segment is expanding due to businesses favoring flexibility. Demand for premium office spaces, retail centers, and logistics hubs is rising in Istanbul and Ankara. Co-working spaces and serviced offices attract startups and multinational corporations. Long-term rental agreements in industrial and logistics sectors provide steady investor cash flows.
• Sales: Commercial property sales are driven by foreign investment, infrastructure development, and demand for strategic real estate. Institutional investors and high-net-worth individuals are acquiring office buildings, malls, and logistics centers. Government programs incentivize foreign buyers, encouraging cross-border transactions.

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Analysis by End Use

• Offices: Demand remains strong for premium offices in Istanbul, Ankara, and Izmir. Expansion of co-working and serviced offices addresses startup and remote work trends. Smart buildings with energy-efficient systems attract corporate tenants prioritizing operational efficiency.
• Retail: Turkey’s retail real estate adapts with a shift toward experiential shopping destinations. Expansion includes malls, high-street retail, and mixed-use developments blending entertainment and dining. Demand is supported by international and domestic brands and e-commerce growth.
• Leisure: Expansion in leisure real estate is driven by tourism growth and increasing domestic entertainment demand. Investment targets hotels, resorts, and recreational facilities in Istanbul, Antalya, and coastal areas. Mixed-use developments include theme parks and cultural centers supported by government tourism initiatives.

Regional Insights

Marmara is Turkey’s most dynamic commercial real estate region, anchored by Istanbul, the financial and business hub. It features high demand for office spaces, luxury retail centers, and logistics facilities. Infrastructure projects such as new highways and port expansions enhance attractiveness. Foreign and domestic investors focus on mixed-use developments, smart offices, and industrial zones, solidifying Marmara’s position as the leading commercial real estate destination in Turkey.

Recent Developments & News

In 2024, Emlak Konut GYO launched the second stage of the Vadi Houses project in Istanbul, featuring terraced houses with family-friendly designs and green spaces. The company also commenced the first stage of Bizim Mahalle in Küçükçekmece, Istanbul, covering one million square meters with social and cultural amenities. In 2023, Akfen Real Estate Investment Trust initiated three projects in Kadıköy Söğütlüçeşme, Bodrum Yalıkavak, and Kıyıkışlacık, investing $170 million, scheduled for completion by 2026.

Key Players

• Emlak Konut GYO
• Akfen Real Estate Investment Trust (Akfen REIT)

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