Office Prices Soar 1007% Since 2021, Outpacing Housing and Shops

According to the Central Bank of Türkiye (CBRT), office properties have recorded the steepest price surge among real estate categories since 2021. From the first quarter of 2021 to the second quarter of 2025, the Office Price Index rose by 1007%, surpassing both housing and shop prices.

During the same period, the Shop Price Index increased by 944%, while the Housing Price Index climbed 975%.

Big Cities: İzmir and Ankara Lead the Surge

The three largest cities revealed different dynamics. In Istanbul, housing retained the lead with a 998% rise, followed by offices at 975%. However, Ankara and İzmir experienced a striking office boom:

• Ankara: Office prices up 1315%, compared to 1191% for housing and 1110% for shops.

• İzmir: Office prices up 1425%, breaking records. Housing rose 923% and shops 1076%.

This indicates that in İzmir and Ankara, offices outperformed both housing and retail, reshaping the local commercial property market.

Price Growth Nearly Triple Inflation

For comparison, consumer inflation (CPI) rose 498.3% over the same period, meaning office prices grew almost three times faster than inflation.

Experts Expect a Slowdown

Despite this surge, experts foresee a cooling trend. Remote work adoption and a growing supply of office stock have reduced demand.

Endeksa CEO Görkem Öğüt noted that since 2020, office stock for sale rose 112% in Istanbul and 124% nationwide, as fewer companies commit to traditional office use.

CBRT data also shows moderation: in Q2 2025, office prices rose just 5.8%, after only two quarters of double-digit growth in recent years.