If the planned developments and the constructed projects are completed, the office space, which is 3.5 million square meters today (2015), will reach 6.5 million square meters by the end of 2017.
Close to 1 million square meters of the 3 million square meters of additional stock which is either planned or already in construction, will come from the “Istanbul Finance Center” project. The 2.5 million square meter giant construction – Istanbul Finance Center – which is being planned within the scope of the objective of the government to make Istanbul one of the most important economy and finance centers in the world, is currently at the infrastructure works stage.
Istanbul Finance Center constructed by Ağaoğlu
Ağaoğlu, having taken on the construction of Istanbul Finance Center, is conducting all the excavation works, shared infrastructure, access roads, indoor and outdoor car parks, the ground improvement of the project area, and all structural and vegetative landscaping works for the project. The company has spent 550 million dollars for the project as of the end of 2014.
The approximate 2 million 500 thousand square meters of construction area of Istanbul Finance Center project will be comprised of 560 thousand square meters of offices, a 90 thousand square meter shopping center, a 70 thousand square meter hotel, 60 thousand square meters of luxury residences, and a two thousand person capacity culture and convention center. It is expected that the project will be completed in 2018.
IFC through the eyes of an appraisal expert
Makbule Yönel Maya, the Managing Director of TSKB Real Estate Appraisal Consultancy:
“The office areas which will be developed in Istanbul Finance Center, will create areas of employment for thousands of people. It will carry the economic dimensions of the country to a very different point. The Finance Center project will be a determining factor in real estate as well, due to this characteristic. There are now 16 thousand independent units in the Western Ataşehir region, and the region has reached saturation point. When the Finance Center is completed, this location can serve the high income groups. As for those who will come here to work in the organizations, new projects which have already been announced as well as the diversification of the transport facilities will fill the settlement areas.”