The Future Trends of Office Buildings and Investment Economics: The Case of Ankara Province Office Market, Türkiye

Harun Tanrivermis and Salih Demirkaya

ERES from European Real Estate Society (ERES)

Abstract: Office buildings, as a form of real estate, have gained increased significance with industrialisation, and are currently viewed as the hub of trade and services. The transformation of office buildings, extensively utilised by the service sector, is shaped according to contemporary demands. In particular, spatial design and organisation provide significant advantages in office management, and leveraging management factors becomes easier when the design caters to specific needs. In the economic analysis of office investments, a return assessment was conducted based on investment costs, rental income, vacancy rates, and operating expenses, revealing the outcomes of changes following the COVID-19 pandemic, both generally and specifically for the province of Ankara. Regarding investment success, market research has been performed for individually used offices and plaza-type or mixed used offices with mass usage in Ankara, aiming to identify problems, favourable situations, and current market trends within the research area. The study examines the benefits gained through successful investment, focusing on investment economics, user expectations, and satisfaction levels. By presenting the results obtained within this defined scope, the research seeks to provide suggestive findings for potential future investments and to establish a foundation for future spatial arrangements. The research revealed that the growing shift towards remote work, accelerated by developments during the COVID-19 pandemic, has had a significant influence on the dynamics of working life. While existing office spaces have not undergone notable spatial changes due to prevailing contractual obligations and established usage patterns, rising operational costs have led to an increasing preference for smaller office units among newly established enterprises. The findings, focused on prospective office developments in Ankara, indicate a clear demand for office spaces that include social amenities, parking facilities, and central locations, alongside functional features and ergonomic considerations such as heating, lighting, acoustics, colour schemes, and ventilation to enhance employee comfort. Furthermore, despite a marked preference for offices managed by professional facility management services due to the managerial convenience and service efficiency they offer, it is anticipated that there will be a concurrent increase in the demand for small-scale office units characterised by lower energy consumption and reduced management costs.

Keywords: Change in office markets; Investor and user expectations; Office investments; Project development and investment economics (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
New Economics Papers: this item is included in nep-inv
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