Vacant shops on the rise: 'For rent' listings increase in commercial real estate

There is an increase in the number of 'for rent' listings for workplaces in the commercial real estate market. It is noted that the hybrid work model, which became permanent after the pandemic, has changed office preferences, leaving many offices located within buildings in city centers vacant.

It is stated that the activity in the market is not limited to offices, as the transformation in shopping habits and economic difficulties in certain sectors have also increased store closures. Meanwhile, the fact that residential rental income has risen faster than commercial rental income is shifting investor preferences toward housing.

Real Estate Expert Mustafa Hakan Özelmacıklı stated that the change in the commercial real estate market should be evaluated in terms of offices, shops, and investment preferences collectively.

E-COMMERCE AND SECTORAL CHALLENGES ARE IMPACTFUL

According to Özelmacıklı, the growth of e-commerce has reduced shopping from street-level stores, contributing to workplaces remaining vacant. Changing consumer behaviors are creating a new pressure factor, especially for shops located on main streets.

Pointing out that macroeconomic conditions have also accelerated closures in some sectors, Özelmacıklı noted that the textile industry has been going through a difficult period recently. He said that some businesses in textile-heavy regions such as Merter and Zeytinburnu have closed due to the challenges being faced.

Noting that there has been a significant shift in investor preferences in recent years, Özelmacıklı stated that workplaces, which were seen as more attractive for a long time, have been replaced by residential investments. The fact that the increase in residential rents has been higher compared to commercial rental income is influential in investors turning to housing instead of commercial real estate.