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Construction costs and price increases due to global inflation also affected commercial real estate rents. While showing that increasing offices offered with a service model, the 2023 half-year report published by CBRE, which provides global commercial real estate services, pointed out that shared office stock grew by 25% in only the first quarter of the year.

The annual increase of 65.93% in the construction cost index announced by the Turkish Statistical Institute in October 2023, along with the global inflationary environment, has also affected office rents, especially in major cities. This situation has led to growth in the office sector, which started to be seen in the Turkish market in 1999 and gained momentum as of 2013 with the shared office, co-working, and virtual office models. A report published by the global commercial real estate service provider CBRE showed that shared office space increased by 25% in just the first quarter of the year, reaching a nationwide stock level of 300,000 square meters. 

Melda Çelik, the Marketing and Business Development Manager at eOfis, shared her insights, stating, "The price increases in housing, especially in major cities, have been mirrored in premium office stocks referred to as A+. Businesses are trying to determine their return-to-office policies while dealing with rapidly rising costs. In the early days, the shared office model was preferred mainly by entrepreneurs and freelancers, but as a result, it has also come onto the radar of regional offices and corporate companies."

Levent - Etiler Region reaches 415 Euros per square meter per year

According to Statista data, first-class office rents in the Levent - Etiler area, known as the plaza district in Istanbul, have risen to as high as 415 Euros per square meter annually. In Maslak, this figure was measured at 245 Euros, while in the Esentepe, Gayrettepe, and Zincirlikuyu regions, it was recorded at 279 Euros. Melda Çelik, mentioning that these figures were published in May 2023 and should also take into account the post-election period, said, "Not only in Istanbul but also in Izmir and Ankara, annual prime office rents per square meter range from 125 to 145 Euros. Therefore, many users from various sectors, from entrepreneurs who implement a hybrid working strategy to corporate companies who don't want to deal with the overall costs of an office, are turning to the shared office model. Shared offices stand out as a more attractive option with technological infrastructure, central location, modern design, meeting spaces, and networking advantages."

They operate one out of every five shared offices outside of Istanbul

Melda Çelik highlighted that the trend seen in 2023 has revitalized the market. She said, "Conducting a business process through outsourcing and resorting to solutions offered as services is a priority for sectors and businesses aiming to manage costs effectively. This approach also supports the rise of the office or workspace-as-a-service model. Within this context, eOfis, one of Turkey's leaders in the shared office sector, is ending 2023 with growth. We have expanded not only in major cities like Istanbul, Izmir, and Ankara but also in cities such as Bursa, Gaziantep, Adana, Muğla, Antalya, Diyarbakır, Kayseri, Konya, and started offering shared office services in 13 cities with 60 locations this year. According to CBRE data, eOfis manages 20% of office spaces offered as a service model outside of Istanbul in terms of leasable areas. One out of every five shared offices outside of Istanbul, with 32,500 square meters of leasable area, is operated by eOfis."

“Office as a service provides an 80% cost advantage”

Melda Çelik, the Marketing and Business Development Manager at eOfis, concluded her remarks by expressing optimism about the upcoming year. She said, "Flexible office models such as serviced and shared offices offer a cost advantage of up to 80% in office expenses. This is a significant opportunity for businesses of all sizes. As eOfis, which provides access to 60 offices with a single contract, we will continue to grow in 2024, adding to our locations, the cities where we operate, and our customer base, which has already exceeded 10,000 companies. eOfis, serving in 60 A+ office buildings, will continue to connect its customers with modern office solutions throughout Turkey in the new year."