Turkey Commercial Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The report covers Commercial Real Estate Market in Turkey is segmented by type (office, retail, industrial, logistics, hospitality, and multi-family) and key cities (Istanbul, Bursa and Antalya). The report offers market size and forecasts in Values (USD billion) for all the above segments.

Turkey Commercial Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Turkey Commercial Real Estate Market Size

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Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 9.74 %
Market Concentration Low

Major Players

Commercial Real Estate Market in Turkey Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Commercial Real Estate Market in Turkey with other markets in Real Estate and Construction Industry

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Turkey Commercial Real Estate Market Analysis

The Commercial Real Estate Market in Turkey Market is expected to register a CAGR of 9.74% during the forecast period.

With annual GDP growth in 2020 recorded as 1.8%, Turkey has become one of the few economies recording growth against the backdrop of the Covid-19 pandemic.

This positive climate continued into 2021; the Turkish economy exceeded expectations by growing by 7.4% in Q1 2021, 22.0% in Q2 2021, and 7.4% in Q3 2021 annually. While base effects lifted recorded growth rates in annual terms, the expansion in the Turkish economy was mainly driven by household spending.

The existing shopping center supply reached 14 million sq m in 453 centers in Turkey as of 2021 year-end. Thanks to the rebound in retailer leasing activities, shopping center openings accelerated rapidly, especially in October 2021. Currently, approximately 883k sq m GLA in 28 centers is under construction, adding up to c. 14.9 million sq m supply by the end of 2024.

In the office sector, while the existing Grade-A office supply in Istanbul reached 5.8 million sq m GLA as of year-end 2021, there is circa 1.6 million sq m office supply under construction, and it is expected that the total Grade-A office supply will outpace 7.4 million sq m GLA by the end of 2023. The majority of the future supply consists of the Istanbul International Finance Centre project located in Ataşehir, which is planned to be completed by the end of 2022.

For the hospitality sector, during H2 2021, the hotel market benefited from the ease in restrictions and the reopening of international flights, as well as from postponed holidays, as expected. The rebound in the hotel sector was especially vibrant in the summer season, primarily for the riviera region of Turkey.

Turkey Commercial Real Estate Industry Overview

The commercial real estate market in Turkey is fragmented and has a highly competitive environment in order to capture limited demand between the property owners. The market has wonderful opportunities for Turkish and foreign real estate developers and investors.

Turkish property developers established their international offices to attract prospective foreign investors and promote their projects. Investors from Qatar, Russia, Iran, Saudi Arabia, Turkic Republic, the United Arab Emirates, and Azerbaijan established their keen interest in Turkish projects.

Turkey Commercial Real Estate Market Leaders

  1. Ağaoğlu Group

  2. Artaş Group

  3. Ege Yapı

  4. Calik holding

  5. Rönesans Holding

  6. *Disclaimer: Major Players sorted in no particular order
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Turkey Commercial Real Estate Market News

October 2021: Stolthaven Terminals and Rönesans Holding have signed a partnership agreement to jointly develop a new greenfield terminal in Ceyhan, Adana, Turkey, providing storage and handling services to the Ceyhan Petrochemical Industrial Zone, which is being developed by Rönesans Holding.

July 2021: Turkey Government has signed a contract with with Calık Holding for the construction of 2 new cutting-edge gas turbines for the Oil Refinery Complex in Turkmenbashi and reconstruction of the power plant. According to the contract, the project will be delivered completely ready for operation in 18 months.

Turkey Commercial Real Estate Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Current Economic Scenario and Consumer Sentiment
  • 4.2 Commercial Real Estate Buying Trends - Socioeconomic and Demographic Insights
  • 4.3 Government Initiatives and Regulatory Aspects for Commercial Real Estate Sector
  • 4.4 Insights into Existing and Upcoming Projects
  • 4.5 Insights into Interest Rate Regime for General Economy and Real Estate Lending
  • 4.6 Insights into Rental Yields in Commercial Real Estate Segment
  • 4.7 Insights into Capital Market Penetration and REIT Presence in Commercial Real Estate
  • 4.8 Insights into Public-Private Partnerships in Commercial Real Estate
  • 4.9 Insights into Real Estate Tech and Startups Active in Real Estate Segment (Broking, Social Media, Facility Management, and Property Management)
  • 4.10 Impact of Covid-19 on the market

5. MARKET DYNAMICS

  • 5.1 Drivers
  • 5.2 Restraints
  • 5.3 Opportunities
  • 5.4 Industry Attractiveness - Porter's Five Forces Analysis
    • 5.4.1 Bargaining Power of Suppliers
    • 5.4.2 Bargaining Power of Consumers
    • 5.4.3 Threat of New Entrants
    • 5.4.4 Threat of Substitutes
    • 5.4.5 Intensity of Competitive Rivalry

6. MARKET SEGMENTATION

  • 6.1 By Type
    • 6.1.1 Offices
    • 6.1.2 Retail
    • 6.1.3 Industrial
    • 6.1.4 Logistics
    • 6.1.5 Multi-family
    • 6.1.6 Hospitality
  • 6.2 By Key Cities
    • 6.2.1 Istanbul
    • 6.2.2 Bursa
    • 6.2.3 Antalya

7. COMPETITIVE LANDSCAPE

  • 7.1 Market Concentration
  • 7.2 Company Profiles
    • 7.2.1 Agaoglu Group
    • 7.2.2 Artas Group
    • 7.2.3 Ege Yapi
    • 7.2.4 Calik holding
    • 7.2.5 Ronesans Holding
    • 7.2.6 PEGA
    • 7.2.7 IC Ibrahim Cecen Investment Holding
    • 7.2.8 Emlak Konut GYO
    • 7.2.9 Ozak GYO
    • 7.2.10 Kiler GYO*
  • *List Not Exhaustive

8. FUTURE OF THE MARKET AND ANALYST RECOMMENDATIONS

9. INVESTMENT ANALYSIS

  • 9.1 Direct Investments
  • 9.2 Indirect Investments

10. DISCLAIMER

11. ABOUT US

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Turkey Commercial Real Estate Industry Segmentation

The commercial real estate market in Turkey report provides insights into the current economic scenario and consumer sentiment, commercial real estate buying trends - socioeconomic and demographic insights, government initiatives, regulatory aspects for the commercial real estate sector, insights into existing and upcoming projects, insights into interest rate regime for general economy and real estate lending, insights into rental yields in the commercial real estate segment, insights into capital market penetration and REIT presence in commercial real estate, insights into public-private partnerships in commercial real estate, insights into real estate tech and startups active in real estate segment (broking, social media, facility management, property management), and market dynamics, among others.

The report on the commercial real estate market in Turkey is segmented by type (office, retail, industrial, logistics, hospitality, and multi-family) and key cities (Istanbul, Bursa, and Antalya). The report offers market size and forecasts for the commercial real estate market in Turkey in value (USD billion) for all the above segments. The report also offers an in-depth analysis of the short-term and long-term impact of Covid-19 on the market. Additionally, the report provides company profiles to understand the competitive landscape of the market.

By Type Offices
Retail
Industrial
Logistics
Multi-family
Hospitality
By Key Cities Istanbul
Bursa
Antalya
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Turkey Commercial Real Estate Market Research FAQs

What is the current Turkey Commercial Real Estate Market size?

The Turkey Commercial Real Estate Market is projected to register a CAGR of 9.74% during the forecast period (2025-2030)

Who are the key players in Turkey Commercial Real Estate Market?

Ağaoğlu Group, Artaş Group, Ege Yapı, Calik holding and Rönesans Holding are the major companies operating in the Turkey Commercial Real Estate Market.

What years does this Turkey Commercial Real Estate Market cover?

The report covers the Turkey Commercial Real Estate Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Turkey Commercial Real Estate Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Turkey Commercial Real Estate Industry Report

Statistics for the 2025 Commercial Real Estate in Turkey market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Real Estate in Turkey analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.