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Office Market Snapshot by Pega |
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Tuesday, 12 February 2008 12:36 |
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The entrance of Tat Towers to the Office Market resulted in a dranatic increase in vacancy rates from just over 6% in June to nearly 14% in July. There is nearly no impact on average rental rates in the CBD at $16.38/m², Tat Towers enters the market with below-market rental rates for A+ quality space.
With recent comparable rentals being in the $30 range, Tat Towers is quoting $20-$23 and average rental rates for A+ space being just over $28. The combination of low rates and Tat Towers' desirable location will surely result in speedy absorption of the excess space, though the building will not be delivered until early 2008. The market on the Asian side remains consistent, with average rental rates of $10.83 and vacancy rates hovering around 20%. This is a snapshot from Pega’s Market Report for Office Buildings. Full report can be obtained by contacting Pega directly at www.pega.com.tr Feb 12 ,2008 – Source: Pega Commercial Real Estate |
