Kartal-Pendik E-5 Office Analysis

A new office project has arisen day by day in Kartal and Pendik districts having developed rapidly in recent years. 17 office projects have been examined in the line of D-100 Highway (E-5) between Cevizli Bridge and Pendik Bridge and the positive/negative features and unit prices of such projects have been compared.

As a result of the analysis made within the territory; it has been observed that unit prices per office within the said district are in the range of 3.000-8.000 TL/m2 through the gross areas. Although the unit prices are between such ranges, the gross areas declared by adding the common areas into the net areas for the said projects have been observed to be declared 25-50% higher than it should be. Upon declaring the gross areas higher, the calculation of the unit prices over the net areas has been observed to be up to the range of 6.000-32.000 TL/m2. It is suggested to take into consideration the effect of net/gross area rate to the indirect increase on the unit price and to evaluate such situation while purchasing an office.

It has been observed that the said unit prices are very high compared to the important commercial centers throughout both Istanbul and territory (such as Ataşehir Financial Center, Maslak, Kavacık). It is of the opinion that the fact that projects within the territory exceed 15.000-20.000 TL/m2 unit prices according to their location and qualities isn’t feasible.

With extending the route of Kadıköy-Metro throughout Kaynarca, the projects in the route of metro after Pendik Bridge and the new station under construction and the points of exit have been examined. It has been understood that two of the said office projects are located close to the new station exits. It has been seen that when evaluating the fact that extending Metro route to Kaynarca for the projects located in Kartal, m2 unit prices especially located in this territory will increase in the range of approximately 15-20% in conjunction with putting metro into the service. The present unit prices of office projects located in this route vary between the ranges of 4.000-6.000 TL/m2 according to their gross areas. Such unit prices, when being calculated over the net areas, are between the ranges of 6.000-8.000 TL/m2. It has been stipulated that Kartal-Pendik district which is planned to become new commercial centers of Anatolian side will be further preferred because of both its location and its closeness to important locations (TEM Linking Road, D-100 Highway, Coast Road, Sabiha Gökçen Airport, High-speed Train Line etc.) and with the start of the new metro route.


Assistant Real Estate Valuation Expert