People are now preferring real estate projects which have multiple functions – from offices to shopping centers and from hotels to luxury residences. While in the past, shopping centers, offices, luxury residences and hotels were built independently of each other, they are now being brought together within the concept of combined projects. Ozan Kolcuoğlu, the deputy managing director of TSKB Real Estate Valuations, points out that shopping center, office and hotel functions are present alongside the housing function, in mixed use projects which have been developed in recent periods.
Shopping centers need to stand out
Shopping mall investments, which is one of the areas of real estate in which investment is the highest, now also need a story and a feature which will distinguish them from the others. Kolcuoğlu says as follows on this matter:
Shopping centers which have an open roof, look like the high street, are green and environmentally friendly, are coming to the fore. Together with the implementation of the ban on smoking, open areas have become favorable in Turkey. The average sizes of shopping centers in the past was 20-35 thousand square meters, but in recent years, shopping centers with indoor areas of between 50-100 thousand square meters have been built.
It is believed that smaller shopping centers will have difficulties if they are not in highly populated city centers.
30 percent of the market belongs to foreign investment
With the addition of the shopping centers in mixed use projects, currently there are 394 operating throughout Turkey. Turkey, which was introduced to the concept of shopping malls with the opening of the Ataköy Galleria in 1992, today continues on its path with third and fourth generation shopping centers, where shopping areas are integrated with outdoor areas. The growth pace of the retail market in Turkey is around 8 percent. While the growth in retailing increases the demand, the total area available for rent in the shopping centers has reached 10 million 100 thousand square meters. More than 30 percent of the market belongs to foreigners. Many shopping centers are being purchased by foreign groups – primarily by investors from the Gulf.