Boom in Global Commercial Real Estate Expected in 2024 – RaillyNews

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According to the 2024 Global Commercial Real Estate Investments Report published by London-based real estate consultancy company Knight Frank LLP, despite the 2023 percent decline in 54, the sector is expected to boom in 2024 with new trends and changing business dynamics.

Evaluating the report, Ali Emre Bilgiç, Member of the Board of Directors of Bilgiçler Yapı, said, “In 2024, office and shop investments will be made by considering factors such as location and proximity to the city center. “We observe the demand for new or renovated office-shop spaces with the best amenities, energy efficiency and international standards,” he said.


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According to the report, 56 percent of global companies are expected to adopt hybrid working systems in the next 3 years. It is emphasized that 23 percent of this figure will remain in an office-centered system. The report emphasizes that remote working preferences have fallen to 3 percent, and states that the decrease in this figure shows that the demand for the office market has potential in the coming period. The report points out that the contraction in 2023 is caused by high financing costs, uncertainty in professional demands due to structural changes and concerns about the economic outlook, and emphasizes that geopolitical tensions also cause a slowdown in the commercial real estate sector globally.

“Movement is also expected in the Turkish commercial real estate market”

Evaluating the results of the report, Ali Emre Bilgiç, Member of the Board of Directors of Bilgiçler Yapı, said that they have produced 141 thousand square meters of commercial real estate in Istanbul so far and said, “There was a serious contraction in the housing market in 2023. Despite this, commercial real estate investors did not slow down as much as residential investors. There was a slowdown in Turkey as well as in the global market. “However, our expectations for a decrease in inflation and a decrease in interest rates indicate that there will be activity in 2024,” he said.

Stating that the construction continues in their new project of 110 thousand square meters, AKTİM Çarşı-Ofis project in Bayrampaşa, Istanbul, Bilgiç said, “We observe that investors’ interest is not diverted from commercial real estate. “There is no decrease in the appetite of commercial real estate and office investors as it is an instrument through which they can earn profits at the inflation rate,” he said.

“Modern and sustainable office spaces will be preferred”

Bilgiç said, “The demand for quality and safe brands was not surprising. Projects designed with new generation architecture and the prediction that solutions that will increase productivity will increase financial performance attract investors to our sector. In 2024, office and shop investments will be made by considering factors such as location and proximity to the city center. We observe the demand for new or renovated office-shop spaces with the best amenities, energy efficiency and international standards. Institutions make office-shop preferences based on criteria appropriate to their brand values. Trends are changing in Turkey as well as in the world. “Institutions that choose new areas that are suitable not only for rental income but also for their brand identities, need to be renewed with staff and customer satisfaction,” he said.

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