Correct Pricing Strategy for A-Segment Plaza Offices in Beşiktaş

Determining the right price for "A-segment" plaza offices in and around Beşiktaş cannot be achieved solely by calculating based on square footage. Particularly along the Büyükdere Avenue, Levent, and Gayrettepe corridor, the reason why similarly sized offices enter the market at different price points lies in factors such as the building’s quality, location, functional advantages, and the profile of the target tenant.

When pricing a plaza office—whether for sale or for lease—the first step should be to understand the property’s true standing within the market.

Varying values ​​within the same area

In the A-segment office market of Beşiktaş and its immediate vicinity, projects such as Zorlu Center, Quasar Istanbul, Torun Center, and Ferko Signature cater to different user expectations. Developments like Maslak 42 and APA Giz also serve as alternatives that can be considered in comparative assessments.

However, it would be inaccurate to treat the prices in these projects as direct benchmarks for one another. A building’s prestige, accessibility, parking capacity, technical infrastructure, common areas, and operating costs all influence the commercial appeal of an office. Furthermore, the specific floor level, view, ease of access to major thoroughfares, building orientation (façade), flexibility for subdivision, and existing interior layout can all be decisive factors in pricing.

Pricing for plaza office floors (for sale or lease)

When determining the price for a plaza office floor intended for sale, key considerations include the rental yield expected by an investor, existing lease agreements, the risk of vacancy, and the potential time required to re-lease the space. In cases where a user is purchasing an office for their own company, corporate requirements and long-term operational advantages may take precedence.

Evaluating a plaza office floor for lease requires a different approach. For a tenant, it is necessary to account for not only the monthly rent but also service charges (dues), parking fees, common area expenses, and the costs incurred to make the office ready for operation.

For this reason, office spaces in a plaza—whether for sale or for rent—should not be evaluated using the same pricing logic. In both cases, one should examine not only current comparable listings but also completed transactions and the specific terms negotiated in those deals, to the extent possible.

The Right Price, the Right Buyer or Tenant

When a plaza office remains on the market for an extended period, the issue is not always its location or the quality of the building. Sometimes, price expectations do not align with the financial capacity of the target user group. An unrealistic initial asking price can lead to a decline in qualified interest and an unnecessarily long marketing period.

Successful pricing for A-segment plaza offices in Beşiktaş requires a comprehensive evaluation of comparable properties, return on investment (ROI), the target user profile, and competitive market conditions.

In strategic real estate asset management, the objective goes beyond simply setting a price; it involves accurately positioning the property’s potential to achieve a sustainable outcome for the owner.

Ozkan OZEL

Strategic Real Estate Asset Management

Besiktas / Istanbul

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