Serviced Office Rental Turkey

The first quarter of 2008 has seen the slowest traditional office space take up in London since the emergence of the corporate market in 2004. The traditional office space demand has significantly fallen as troubled sectors such as the banking industry have begun cutting jobs. Some 11,000 job are predicted, which will be reflected in the take-up and exerting pressure on landlords.

Large corporates are starting to back away from committing to long leases and are now opting for more flexible short term solutions. In the City of London, there is a sharp fall in traditional office space deals, with take-up from banks and financial services companies dropping from 40% to below 10%. Financial institutions and banks are making a clear move towards shorter commitments in terms of office leases.

08.07.08 Richard Smith, Managing Director of SOS > Search Office Space, an agency specialising in serviced offices and business centres for over 15 years, comments as follows “In uncertain times such as these, the fundamental concept of serviced offices i.e. FLEXIBILITY, really comes to the fore. Tenants don’t want to sign long lease commitments, they want to be able to expand or downsize according to their business needs. They do not want to worry about dilapidations at the end of their stay, nor unexpected service charge/building maintenance bills during their occupancy - none of these concerns are an issue in a serviced office centre - these benefits are often overlooked but they are especially crucial in today’s marketplace.”

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• CENTRAL BANK OF THE REPUBLIC OF TURKEY

• MINISTRY OF CULTURE AND TOURISM

• MINISTRY OF FOREIGN AFFAIRS

• MINISTRY OF HEALTH

• MINISTRY OF LABOR AND SOCIAL SECURITY

• MINISTRY OF NATIONAL EDUCATION

• MINISTRY OF PUBLIC WORKS AND SETTLEMENT

• MINISTRY OF TRANSPORT

• PRIME MINISTRY PRIVATIZATION ADMINISTRATION

• PRIME MINISTRY STATE PLANNING ORGANIZATION

• PRIME MINISTRY UNDERSECRETARIAT OF CUSTOMS

• PRIME MINISTRY UNDERSECRETARIAT OF FOREIGN TRADE

• PRIME MINISTRY UNDERSECRETARIAT OF TREASURY

• TURKISH STATISTICAL INSTITUTE

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• ASSOCIATION OF INDEPENDENT BUSINESSMAN

• ASSOCIATION OF THE INSURANCE AND REINSURANCE COMPANIES OF TURKEY

• ASSOCIATION OF TURKISH FURNITURE MANIFACTURERS

• ASSOCIATION OF TURKISH TRAVEL AGENCIES

• ECONOMIC POLICY RESEARCH FOUNDATION OF TURKEY

• FOREIGN ECONOMIC RELATIONS BOARD

• INTERNATIONAL INVESTORS ASSOCIATION

• INTERNATIONAL TRANSPORTATION ASSOCIATION

• REAL ESTATE PLATFORM OF TURKEY

• THE BANKS ASSOCIATION OF TURKEY

• THE TURKISH TOURISM INVESTORS ASSOCIATION

• THE UNION OF CHAMBERS AND COMMODITY EXCHANGES OF TURKEY

• TTGV TURKISH TECHNOLOGY DEVELOPMENT FOUNDATION

• TÜBİTAK SCIENTIFIC AND TECHNOLOGICAL RESEARCH COUNCIL OF TURKEY

• TURKISH CLOTHING MANUFACTURERS’ ASSOCIATION

• TURKISH CONTRACTORS ASSOCIATION

• TURKISH HOTELS FEDERATION

• TURKISH INDUSTRIALISTS’ AND BUSINESSMEN’S ASSOCIATION

• TURKISH INFORMATICS INDUSTRY ASSOCIATION

• TURKISH SHIPBUILDERS ASSOCIATION

• TURKISH YOUNG BUSINESSMAN ASSOCIATION

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June, 2008

• BAT completes Turkey’s Tekel acquisition
• UBS shares soars on rumor of HSBC takeover bid
• Economic gloom abounds, except in UK shops
• Economy: A country at the crossroads
• Foreign direct investment: In the premier division, but for how long?
• All eyes on privatisation of Izgaz

May, 2008

• Fuel rates rise for company cars
• Foreign investment may rise to $30 bln
• Turkey approved to become full member of EBRD
• Foreign investors at advantage to attain Turkish citizenship
• Real Estate Summit 2008 focuses on affordable housing
• UK inflation jumps to 3 pct in April
• Queen’s tribute to Turkey founder
• Johnson wins London mayoral race
• Turkish exports up 39 pct in April
• Turkey’s automotive exports rise sharply

April, 2008

• Foreign investors have 67% of the market
• HSBC targets bigger UK mortgage market share
• IMF predicts Turkey to become world’s 15th largest economy
• Turkey to become a major hub for London Metal Exchange
• Turkey’s tasty real estate market
• Turkey’s economy beats in Istanbul
• “25-30 foreigners visit Turkey every week to invest”

March, 2008

• Turkey’s exports to neighbors continue to increase
• Turkish economy hits record $651 billion in 2007
• YASED: “FDI influx into Turkey will continue”
• Foreign investors to benefit from trade law
• “Turkey is a safe destination for investments”
• World Bank report: “Turkey is moving forward”
• Turkish Finance Ministry sign protocol for real estate sale to foreigners
• Economic Times: “Turkey: truly tremendous”
• “Foreign investment may reach $30 billion”
• Istanbul property returns may surpass London
• Industrial production increases 11.7% in January
• Korkmaz: “This year is going to be even better for Turkey”
• Turkey’s factoring sector lures foreign investors
• Turkey’s investment potential ‘yet to be seen’
• Turkey decisive to attract foreign R&D investments
• Turkey targeting to host 50 mln foreign tourists in 2023
• Turkey’s exports hit $10.67 billion in February
• Independent: ”Turkey and beyond: Rewards of buying property”
• Turkey has become the new Spain in real estate industry

February, 2008

• BAT wins Tekel with raised USD 1.72bln bid (UPDATED)
• Turkey ranks 7th on the list of rental summer houses
• London metal exchange introduces steel futures
• Alpaslan Korkmaz is promoting the Investment Support and Promotion Agency of Turkey (TYDTA)
• UK house prices rise unexpectedly
• British Enstar Capital enters Turkish real estate market
• Turkey exported 829,879 vehicles in 2007
• Looking abroad for opportunities
• New trade code will boost foreign direct investments
• Migros Turk agrees $3.2 bln buyout by BC Partners
• Turkey’s export volume drops in Dec
• Exports soar in January
• Turkish textile sector turnover to reach $150 bln in 2023
• British Midland strengthens in Turkey
• New York Times: A bright future for Turkey
• Lastauto Omnibus: Turkey is the base for European bus production

January, 2008

• Turkey’s fire safety market attracts major UK players
• Vodafone Q3 revenue rises 4.2% on Turkey, India growth
• 31% increase in foreign partner companies in Istanbul
• Auto manufacturers poised to increase investments
• U.K. housing market to stagnate, Investor Club says
• Korkmaz: ”Investment hunters are working hard”
• Tesco to spend $750m on Turkish expansion
• Turkey ‘safe haven’ for investors
• Economy Minister Simsek: ”Turkey better able to weather global turmoil”
• Finance Minister: There’s no need for panic about global fluctuations
• Exports increased by 26.6%
• UK house price rise lowest since 2005
• Turkish lira declines, investors shun emerging-markets
• E-commerce in Turkey more than doubles in 2007
• Lira stronger against almost all currencies
• EU Newsletter January
• Domestic interest in mergers increase
• Transporters address EU quota restrictions
• Turkey to build Spanish model vacation properties to foreigners
• Zapatero: “Turkey accession to be the most important decision of EU”
• Unakitan: Finance minister of the year
• UK housing facing tough years
• Over expansion poses challenge for cement
• Turkey eyes incentives for auto exports, key sectors
• The Guardian: ”Developing world to drive global growth”
• Turkey’s role in European energy security emphasized
• Foreign buyers line up for Turkish firms
• WTO: ”Turkey’s strong foreign trade performance to continue in 2008”
• Turkish State Minister Tuzmen puts 2008 export target at $ 125 bln

December, 2007

• Korkmaz: “Turkey’s investment environment good for foreigners”
• FDI in Turkey up 0.7 pct in Jan-Oct period
• Turkey has become ”investor country”
• Turkey to become fertile ground for R&D investment
• Istanbul becomes management hub
• EU Newsletter December

November, 2007

• EU Grants & Incentives Newsletter November
• EU Grants & Incentives Newsletter October

October, 2007

• Turkish industrial output expands 6.1 pct in August
• Turkish September exports rise 17.3 pct yr/yr
• Public Transport for London / What is Oyster Travel Card?

September, 2007

• UK supports Turkey’s energy objectives
• Turkey’s gold jewellery exports up 22.8 pct
• Is Turkey the new Spain?
• The third issue of the EU Grants & Incentives Newsletter - September
• Turkey’s import and export in numbers
• Turkish industrial production grows 3.5 pct in July
• Annual export volume approaches $99 bln in August
• Britain reaffirms continuing support for EU bid
• Manufacturers ’see strong growth’

August, 2007

• Tüpras, Türk Telekom top Capital 500 list

July, 2007

• Turyap opens an office in London
• Real estate booming in Beyoglu, attracting foreign investors
• Dry Turkey woos $12 bln foreign money for dams
• UK economy showing strong growth
• The third issue of the EU Grants & Incentives Newsletter
• Property market booms across ex-communist EU
• New Rules in the United Kingdom; and How Act 2006 Will Affect your Business

June, 2007

• Black Sea Economic Cooperation
• ING sets eyes on Oyak Bank
• Tax evasion or exaggeration?
• Turkey Among Global Economy Future Leaders
• Turkey’s 2006 GNP grows 6 percent, tops forecasts
• Romania invites Turkish investors
• Foreign investors come to Turkey’s future
• Publicity a must for tourism sector in 2007

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Hyundai Motor Company, which is leaping fast forward in recent years, is drawing attention as one of the fastest growing brands in automotive sector with its global operations.

Established in 1967, Hyundai Motor Company has important manufacturing plants in Korea, USA, China, India and Turkey and all the vehicles are sold at almost 200 countries around the world.

Turkey has a very important place for Hyundai Motor Company and strategically positioned Hyundai Assan Plant is the most considerable link between South Korea and Europe. Turkish customers first met the Hyundai brand in 1990, when Assan Hyundai M.A.S A.Ş. became Hyundai Motor Company’s distributor for Turkey. After a short period, Kibar Holding had negotiations to build Hyundai branded vehicles in Turkey and by taking the government’s approval in December 1993, it had started working on a new plant. The groundbreaking was done in 26th of September 1995 and it was completed in a record-breaking 15 months time. Hyundai Assan Industry and Trade Inc. Plant started production in July 1997 and the official opening ceremony was realized on the 20th of September, 1997. The plant, which has 100,000 units of annual production capacity, in İzmit-Ali Kahya region has a million square meters plot of land, 700,000 square meters of factory site and 108,000 square meters of production site.

Hyundai Turkey Plant currently produces Matrix and Accent passenger car models, as well as Starex light commercial vehicle group and acts as Hyundai Motor Company’s gateway to Europe. Turkish built Accent, Matrix and Starex models are exported to most European countries, especially Germany, France, Italy, Spain and Portugal, and also to Middle East and North Africa covering over 60 countries in total. Hyundai’s Atos Prime, Getz, Coupe FX, i30, Sonata, Grandeur passenger cars, Tucson and Santa Fe 4×4 vehicles and Starex Light Truck and H100 Light Truck models are imported from South Korea. The employment of Hyundai Assan is around 2,500 people.

Hyundai Turkey Plant has done the biggest export increase in the automotive sector with 71% and gained approximately 360 million USD. In 2006 Hyundai Assan exported 34,630 cars and light commercial vehicles but just in first 6 months of 2007, this number reached up to 32,158 units. A total of around 70,000 vehicles are planned to be exported from Hyundai Turkey plant in 2007. Domestic sales of Hyundai in the first 6 months of 2007 are realized as 16,965 units. Now having accession talks with European Union, Turkey has more importance for Hyundai Motor Company and Izmit Plant will be one of the key role-players on the way to Hyundai Motor Company’s global target to be “One of the 5 Biggest Auto Manufacturers” in the world by 2010.

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HSBC Bank A.Ş. serves Turkey with an uncompromising dedication to customer satisfaction, a full range of products and services, and the commitment to make the world’s local bank Turkey’s favorite bank.

Having entered the Turkish market in 1990 as Midland Bank Inc., the first British Bank in this country, it established its presence, building on the pillars of strength and prowess of the HSBC Group. On this foundation, and with a deep knowledge and broad understanding of the local economy and markets and by specializing in corporate banking and capital markets activities, it prospered.

In 1997, Personal Financial Services, whose operations had already included corporate banking and capital markets, was launched, offering an extensive range of products. Thereafter, Demirbank T.A.Ş., Turkey’s fifth largest private bank, was acquired in 2001. The acquisition extended HSBC’s local network of branches and delivery channels as well as its customer base in retail banking and a corporate banking client portfolio.

The following year, HSBC Bank A.Ş. acquired Benkar Tuketici Finansmani ve Kart Hizmetleri A.Ş., one of the country’s top providers of consumer finance, from Boyner Holding A.Ş. The acquisition included the Advantage Card, the largest card organization in Turkey, outside the banking sector. In 2004, HSBC Portfolio Management A.Ş. began operations and two pension funds were put into effect following an agreement with Anadolu Hayat Emeklilik A.Ş. SME Banking business line was established in 2005

Today, HSBC Bank operates personal financial services, corporate, commercial and investment banking and treasury and capital markets. More than 5,000 employees work at HSBC, and this number is expected to grow.

The main motivators behind this investment strategy are the potential for economic growth; the young, dynamic population in Turkey; the growth opportunities in the banking sector, accelerated developments in recent years due to the EU adaptations and successful returns on previous investments since early in the 1990s.

The bank is committed to its investment in Turkey, whose economy will soon grow to be one of the largest. The positive potential of the EU adaptation process and political stability will determine the future of business in Turkey. A total FDI worth of 35 billion USD is an indicator of this potential.

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World technology leader Hewlett-Packard offers technology, technological services and products, as well as technological solutions to end-users and companies, facilitating their workplace and home lives.

Headquartered in Palo Alto, California, HP increased its presence in the technology industry through its merger with Compaq on May 11th, 2002. HP is currently the global number one in Windows and UNIX servers, corporate data storage systems, imaging and printing solutions, PCs and management software and number three in IT services. HP’s revenue totaled 100.5 billion USD for the four fiscal quarters ending July 31, 2007.

HP Turkey was founded in 1989 with 100% American capital. HP Turkey offers its products and services throughout the country through its many offices and nationwide authorized service centers.

As Turkey’s biggest IT company, HP Turkey is among the top vendors on the government’s tax payment list. In 2003, HP led the corporate tax list and was awarded a certificate by the Istanbul Revenue Department for its contribution to national development.

Actively implementing a “Total Quality” management approach, HP Turkey has achieved the high quality it strives for, with the ISO 9001 Quality Assurance Certificate.

Corporate Structure

• Personal Systems Group offers industry-leader solutions to its customers who use personal and business computers, mobile computing devices, and workstations.
• Imaging and Printing Group leads the industry with its expertise in inkjet, laser and commercial printing, supplies, digital photography and entertainment devices.
• Technology Solutions Group’s range of products includes data storage systems, servers, consulting and integration services, outsourcing, software and training.

As the biggest company in the MEMA (Middle East, Africa, and Mediterranean) region, HP Turkey maintains a consistent growth rate, the number of its employees, turnover, and business potential. In the first half of 2007, HP Turkey exceeded expectations and achieved a 116% growth in all product and service groups. The company’s total revenues reached 378.1 million USD in the aforementioned period.

Through its direct partners, HP offers the most comprehensive support and service network and maintains a vast stock of materials and spare parts in Turkey. Thanks to HP, users benefit from easy-to-buy, simple-to-install, easy-to-use solutions and products. Companies can reach HP solutions, services, and expertise anytime, anywhere.

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Presently total sales of GE in Turkey are around 1 billion USD with 200 million USD export. GE employs over 800 people in Turkey, and when the partner companies are included; this number of employees exceeds 10,000.

GE is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and industrial products, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.

GE traces its beginnings to Thomas A. Edison, who established Edison Electric Light Company in 1878. In 1892, a merger of Edison General Electric Company and Thomson-Houston Electric Company created General Electric Company.

In Turkey, all major working fields of GE have existed; mostly GE has operations in the fields of energy, aircraft engines, health technology, consumer goods, industrial products, water technology, security equipment, project financing, media and engineering.

First investment of GE in Turkey is the lamp plant was established in 1948 by joint venture with Koç Group which is the first foreign partnership industry in Turkey. Following that, GE switched investments to production and development of the aircraft engines. Investments in these fields started with the establishment of Tusaş Motor Industry joint stock company that produces, designs and improves aircraft engine parts, and gives technical services and logistic support. GE has 46% of the shares and 54% of the shares of Tusaş Motor Industry belongs to the Turkish Government.

Additionally, GE Marmara Technology Center has started R&D activities in production and quality processes of high quality aircrafts. Kale Power Controls, which has specialized in the production of special products in energy sector, was established with the partnership of GE and Kale Group. Besides, CNBC television channel, which is also owned by GE, is represented by Dogus Group under the name CNBC-e in Turkey.

GE involved in banking and finance sector through purchasing 25.5% shares of Garanti Bank in 2005. Moreover, at the end of 2006, GE started its investments in Turkish real estate sector through GE Real Estate Europe which purchased 50.98% shares of Dogus Holding-Garanti Real Estate Investment Partnership.

In 2006, GE generated double-digit earnings and revenue growth (163 billion USD in revenues and 20.7 billion USD of earnings). Over the past five years, GE has grown its earnings with an average of ten percent annually. GE also generated 24.7 billion USD in cash in 2006, which has given us flexibility to invest in our businesses, return more than 18 billion USD to shareowners through a dividend increase and stock buyback, and acquire new growth businesses.

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Based on worldwide vehicle sales, Ford Motor Company, an American multinational corporation, is the world’s third largest automaker. Ford was ranked the seventh American-based company on the 2007 Fortune 500 list, with global revenues of 160.1 billion USD. Ford produced about 6.6 million automobiles in 2006 and currently employs approximately 280,000 employees in 100 plants and facilities worldwide.

Ford is now associated with various global brands, including Lincoln and Mercury of the US, Jaguar and Land Rover of the UK, and Volvo of Sweden. The company also owns one-third of the controlling interest in Mazda.

Ford Otosan is a joint venture between Ford Motor Company and Koç Group of Companies. Established in 1959 as the first automotive company in Turkey, Ford led the way in the automotive industry by producing the first Turkish automobile, the Anadol in 1969, and establishing the first engine manufacturing plant in 1983. Current capacity is 300,000 vehicles per annum in its Kocaeli and Inonu plants, rated respectively, as the “Best Vehicle Assembly Plant” and “Best Powertrain and Engine Plant” within the Ford of Europe Organization. Other Ford Otosan locations are the Parts Distribution Center in Kartal, Istanbul which is the largest one in Turkey with 50,000 line items available and the recently established Gebze Research & Development Engineering Center in Gebze, Istanbul.

Main vehicles produced at the plants are the Transit (Van of the Year of Europe - 2007), the Transit Connect (Van of the Year of Europe - 2003) and Cargo trucks. As of December 2006, more than 258,000 vehicles had been produced by a workforce of 8,000 employees. Ford has been the market leader in Turkey for 5 consecutive years and also exports products to Europe - more than 183 thousand vehicles in 2006 alone.

Ford Motor Company recognizes the great potential both for the automotive market in Turkey and for Turkey as a manufacturing and engineering base. Turkey presents a tremendous opportunity for growth in the automotive sector which is considerably ahead of that of Western Europe. Ford Otosan is well-placed to play a significant role as the leading automotive company in Turkey. The competitive market conditions, strong supply base and availability of a highly educated workforce make Turkey an excellent location for Ford’s manufacturing and engineering resources in Europe.

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The Fontana Pietro company was established in Olginate (Lecco) in 1956 by Mr. Pietro Fontana, as a mechanical and cutting workshop.

In 1980s the venture started to penetrate into international markets and in 1991 cumulated all its activities under the brand name of Fontana Pietro Inc.

At the beginning of the year 2000, the globalization compelled the company to delocalize its production facilities and after two years of researches in different countries, Fontana Pietro Inc. has decided to invest in Turkey, thanks to the positive collaboration experience that the company had with local Turkish partners.

The globalization compelled the firm to establish commercial branches in developing countries, such as Shanghai Fontana Pietro Dies, as well as a manufacturing company in Turkey in 2003.

In the meantime, at the headquarters in Calolzio, the panel stamping and assembling works were launched but only for niche vehicles.

Optimal dimensions of the die making industry and the ease of management and the work force were taken into account when investing in Turkey.

As a result, a last generation company with a production capacity of 500.000 hrs/year; employing 250 staff; having a production area of 16,500 sqm. of which 10,500 sqm. is covered, emerged. And following the laying of the foundation in May 2003, the company started to manufacture in January 2004.

Here are the main reasons driving the company to invest in Turkey:

a) A technically mature market and a competitive industrial level;
b) Closeness of Turkey to Europe; advanced logistics and existing agreements between Turkey and the EU, making possible free circulation of commodities,
c) Low-cost of labor force as compared with other European countries, and its global competitiveness,
d) A booming automotive industry, the long-time presence of the prominent motor companies in Turkey and their increasing production capacities.

The areas in which Fontana Pietro is active are panel stamping and parts assembly, manufacture of sheet metal dies. The company is providing services, including engineering, design and manufacturing, only to prominent companies.

In 2006, the turnover of the company was 70 million Euros and the company controls 60% of the Turkish die making market, as well as 40% of the exports.

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