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Istanbul

*

Space Measurement Standard
SQMT
SQFT
Space Unit of Measure

USD

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Financial Data Currency

Yes

Transfer Taxes

Notes:

*Special market standard: floor leasable area is measured as the entire floor from outside of the facade, including all floor common areas (elevator shafts, stairs, floor lobby, etc)

Office Occupier Market Condition

1,1,1

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for skilled office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

25%*

From rentable to useable square meters

Loss Factor Notes:

*Usable area is calculated by deducting vertical shafts from the total area that is found by measuring between the interior boundaries and the building’s permanent exterior walls.

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Fit-Out Cost Notes:

Exceptions can be seen in some deals

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

2mo.-6mo.

Typical number of rent-free months.

Rent-Free Period Notes:

Typically 2 months

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

3yrs.-5yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

$2/sm-$6/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Typical market practice is the ability to terminate after the third year with 6 months prior notice for 5-year lease contracts. Statutory early termination: contractual only and term can vary for different landlords and deals. Typical costs: none if terminated according to lease contract.

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

Based on the lease, reinstatement costs may apply

Workplace

Regional Office Space

10sm-15sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Desk Sharing

Desk-sharing is not a common practice in the market.

Industrial Occupier Market Condition

1,1,1

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for manuafacturing and warehouse/distribution office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for industrial space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically does not provide a rent-free period in addition to the fit-out contribution.

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

3yrs.-5yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Typical market practice is the ability to terminate after the third year with 6 months prior notice for 5-year lease contracts. Statutory early termination: contractual only and term can vary for different landlords and deals. Typical costs: none if terminated according to lease contract.

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

Based on the lease, reinstatement costs may apply

Project Management

Section 1. Fit Cost Data

Total Fit-Out Cost

$110/sm-$650/sm

Class A Office

$500/sm-$600/sm

Class B Office

$360/sm-$475/sm

Class C Office

$325/sm-$525/sm

Warehouse

Total Fit-Out Cost Notes:

The fit-out cost refers to the total cost of design, construction, and installation for a space. It includes categories such as materials, labor, furniture, fixtures, equipment, finishes and other related costs. The specific factors influencing the total fit-out cost can vary widely depending on the project scope, location, size of the space, quality of materials, and complexity of design.

Furniture Cost

$75/sm-$175/sm

Class A Office

$42/sm-$69.5/sm

Class B Office

$38.5/sm-$48.5/sm

Class C Office

$7.5/sm-$13.75/sm

Warehouse

Furniture Cost Notes:

In the Low prices section, from standard task chairs to a medium level task chairs are considered. In warehouse sqm price cell, a 1000 sqm warehouse with 100 sqm offices considered. In the High Prices section, from standard-medium task chairs to high quality task chairs are considered.

Floor Covering Cost

$77/sm-$121/sm

Class A Office

$56/sm-$75/sm

Class B Office

$47/sm-$61/sm

Class C Office

$102/sm-$165/sm

Warehouse

Floor Covering Cost Notes:

In the Low Figures section, floor covering costs include raised floor prices as well. Minimum to high quality carpet is considered. In High Figures section, raised floor from standard to high quality and carpet from low to high quality considered (Most expensive finishes are generally natural stone which is not included in these prices).

Partitioning Walls Cost

$32.5/sm-$49/sm

Class A Office

$20/sm-$34.5/sm

Class B Office

$15.5/sm-$22/sm

Class C Office

$22.5/sm-$45/sm

Warehouse

Partitioning Walls Cost Notes:

Low Class Offices prices' have more gypsum wall partitions (2FX+50mmUprofile+2FX) and less glass partitioning with 5+5mm tempered glass partition. High class offices have less gypsum walls and 5+5mm glass partition, and more acoustic performing glass partition. Warehouse part considers partitioning with sandwich panels, etc.

Other (IT/etc) Cost

$15.5/sm-$22.5/sm

Class A Office

$10/sm-$16/sm

Class B Office

$6/sm-$11.75/sm

Class C Office

$2/sm-$4/sm

Warehouse

Other Cost Notes:

In the low figures section, data cabling is changing from local to international brands. Passive connection components are included in sqm price. In the high figures section, from low to high amount of hdmi cabling and other similar infrastructures are considered in the sqm prices.

Construction to Move-in Cycle Time

10wks-16wks

Class A Office

8wks-12wks

Class B Office

8wks-10wks

Class C Office

32wks-40wks

Flex Office / Warehouse

Cycle Cost Notes:

In warehouses cycle time, 4 weeks of a permitting time and up to a 5,000 sqm of a construction area considered. For offices, if design and build combined route is not selected, 2-4 weeks of an additional time should be added.

Typical Manpower Hourly Rates

$58/hr

Programme Manager

$55/hr

Senior Project Manager

$49/hr

Project Manager

$38/hr

Junior Project Manager

$32.5/hr

Project Assistant

$42.5/hr

Workplace Consultant

$42.5/hr

Designer/Architect

Manpower Rates Notes:

Min wage between Jan-Dec.2021: 2.825,90 TRY. As of Jan.2023 it is 8.500,00 TRY

Project Management Base Fee

3-5%

Base fee [%] for the fitout of above office of 1000 m2.

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Advise Colliers broker and client on project issues and their resolution as they occur.
Typically included in "Project Management" scope of work.
Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report
Typically included in "Project Management" scope of work.
Develop high-level project estimate and timeline based on test fit and Client standards
Typically included in "Project Management" scope of work.
Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls
Typically included in "Project Management" scope of work.
Define workplace strategy for client, research what kind of location, office / work environment accelerates business
Typically included in "Project Management" scope of work.
Define program of requirements for location, building and interior characteristics
Typically included in "Project Management" scope of work.
Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards
Typically included in "Project Management" scope of work.
Phase 1 Notes:
Review the Letter Of Intent (LOI) and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project: Clients seek Tenant Rep to be assisted by PM Department. However, it's mostly preferred to appoint PM at the final stage of the lease. Technical items are expected to discussed where necessary, by the PM. High level technical evaluations are executed in some cases on request. If Client specifically asks, TDD reporting is executed by the PM. Review of guidelines of the Client is requested to compare with building standards in some cases. PM is expected to define the briefs as per Client requirements. PM prepares the technical part of the leases if requested.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Typically included in "Project Management" scope of work.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Typically included in "Project Management" scope of work.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Orchestrate the space planner/architect interview process.
Typically included in "Project Management" scope of work.
Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.
Typically included in "Project Management" scope of work.
Review architect’s final Program of Requirements.
Typically included in "Project Management" scope of work.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Typically included in "Project Management" scope of work.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Typically included in "Project Management" scope of work.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Typically included in "Project Management" scope of work.
Coordinate with either Architect or General Contractor in permitting process
Typically included in “Design/Build” scope of work.
Schedule and chair weekly design review meetings/conference calls
Typically included in "Project Management" scope of work.
Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.
Not typically included at all, but available for an additional fee.
Define interior guidelines for architect based on workplace strategy
Not typically included at all, but available for an additional fee.
Control workplace strategy and functionality and during design process
Not typically included at all, but available for an additional fee.
Architectural design
Not typically included at all, but available for an additional fee.
Phase 2 Notes:
In some cases, when PM gets appointed, a designer or design & build contractor already works on the project. In such projects, PM monitors the agreed parameters and report.

Analyze, compare and evaluate responses to the RFP: By integrating client priorities in the score card besides the technical parts. In some cases, procurement department handles the negotiations and PM assist with documentation.

Review and recommend payment of the invoices for services.

Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget: This is limited with the tendered service providers: designer, contractor, move company and other consultants if any.

Coordinate with either Architect or General Contractor in permitting process: Permitting process should be applied by the service providers themselves however PM is expected to coordinate the providers within the agreed timeline.

Services are typically provided by PM before the lease acquisition for a fee. GIA vs NIA or BOA vs NIA ratios are not well known and requested from the PM. If requested, while conducting workplace consultancy services, a concept design is included in scope of PM.

Control workplace strategy and functionality and during design process: This is conducted if workplace consultancy is requested in particular by Client. Architectural design: In some cases, PM includes design works in their scope, not limited to architectural but also including mechanical and electrical scopes as well, under a single contract.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Typically included in "Project Management" scope of work.
Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.
Typically included in "Project Management" scope of work.
Analyze, level, and evaluate the responses to RFP.
Typically included in "Project Management" scope of work.
Orchestrate general contractor interview process and prepare evaluation scorecard.
Typically included in "Project Management" scope of work.
Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Typically included in "Project Management" scope of work.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Typically included in "Project Management" scope of work.
Schedule and coordinate Architect's 90% Construction Drawings review
Typically included in "Project Management" scope of work.
Develop Project Cost Summary + Invoice Tracker and update weekly
Typically included in "Project Management" scope of work.
Phase 3 Notes:
Prequalify a list of general contractors to be interviewed: This stage also includes identification requested suppliers by Landlords (base building brands, etc.).

Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor: PM works with the tenant representative where required.

All payment requests of suppliers are justified by PM. However, after approving the amounts and recording to the tracker, invoicing or actual payments are not followed.

At final stage, a value engineering examination can conducted by PM.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule.
Typically included in "Project Management" scope of work.
Monitor the construction budget.
Typically included in "Project Management" scope of work.
Review, and recommend for payment, the contractor’s Applications for Payment.
Typically included in "Project Management" scope of work.
Monitor all project documentation.
Typically included in "Project Management" scope of work.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Oversee the punch list process to ensure acceptable completion of all items.
Typically included in "Project Management" scope of work.
Close out all consultant, contractor and vendor contracts.
Typically included in "Project Management" scope of work.
Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter
Typically included in "Project Management" scope of work.
Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval
Typically included in "Project Management" scope of work.
Deliver close-out documents, as specified in the Lease, to Client
Typically included in "Project Management" scope of work.
Coordinate value/engineering process, if required.
Typically included in "Project Management" scope of work.
Provide as-built drawings and O&M Manuals to Client FM Operations team
Typically included in "Project Management" scope of work.
Phase 4 Notes:
Act at all times as client’s liaison to vendors contracted directly by client (IT, AV, Security/Access Control, Signage) and/or Support Client FM Operations team in the set up and mobilization of the FM services and effect commissioning and handover: PM is expected to kick the process off with all stake holders including AV, IT, etc.).
Deliver close-out documents, as specified in the lease, to the client: To the facility teams or global real estate departments where necessary.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Typically included in "Project Management" scope of work.
Represent Client in development of move strategy.
Typically included in "Project Management" scope of work.
Monitor development of move activity checklist.
Typically included in "Project Management" scope of work.
Represent client on site during move process.
Typically included in "Project Management" scope of work.
Additional Services Notes:
In all our projects, move is included with all its stages to make sure a smooth transition to the new offices is completed with all required infrastructure and finishes.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Typically included in "Project Management" scope of work.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Not available / not a service that can be offered.
Evaluate bids and negotiate purchase order with manufacturer(s).
Typically included in "Project Management" scope of work.
Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power
Typically included in "Project Management" scope of work.
Change management before, during and after moving to the new work environment
Not typically included at all, but available for an additional fee.
Measuring/monitoring (KPI's) how the way of working and building accelerates business and goals of the client
Not typically included at all, but available for an additional fee.
Additional Services Notes:
These items are generally included in PM scope if there aren't any specific reason. Conduct bid process for refurbishment of existing furniture and/or workstations: These type of works are defined and priced at proposal stages also can be covered in PM scope where required.Change Management part can be partially covered in PM scope however a full scope Change Management is priced separately.In PM scope, quality, cost and schedules are measured at the end of the project against initial targets.

Operating Environment Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

3, 7 3/10

Labor Force Growth
Labor force growth rate (past 5 years)

6, 4 6/10

Wage Inflation
Rise in wages (past 5 years, local currency)

4, 6 4/10

Millennials
Proportion of population in the age 20-39 cohort


10, 0 10/10

High School Education Equivalent
Proportion of population attaining this level

10, 0 10/10

University Education Equivalent
Proportion of population attaining this level

10, 0 10/10

Overall Education
Composite average of High School & University


6, 4 6/10

Human Capital Composite

Business Climate

4, 6 4/10

Innovation
Presence of innovative factors in economy

4, 6 4/10

Economic Risk
Resilience of economy to unexpected events

4, 6 4/10

Business Environment
Friendliness of business environment

3, 7 3/10

Corporate Tax Rate
Favorable corporate tax rate


4, 6 4/10

Business Climate Composite

Operating Environment Composite

5, 5 5/10

Combined average score of Human Capital and Business Climate factors

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s).

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