Robertson says a key difference with most other capitals is the absence of significant occupiable space overhanging Istanbul. The CBD has very little space available and only one Grade-A building under construction; a significant development pipeline is in place, but only a few are located in CBD. "Thus, we can predict an undersupply in the CBD fairly soon - which should result in an early return to rental growth," he says.

By comparison, the logistics sector is more embryonic but offers excellent opportunities, he says. "Occupier demand is returning and will increase strongly in the medium to long term - not only as the economy matures but also as occupiers relocate from old, centrally-located sites to new zones on the city periphery such as Gebze and Hadimkoy. Unbuilt land, with the appropriate consents, is however difficult to come by. The best route for non-Turkish investors is to form a joint venture with a local organization,." Robertson says.