Will the rise in Turkish consumer spending boost retail rents?

The fact that Turkish household consumption growth turned positive in Q4 is encouraging news for retailer occupier demand. But it needs to be set against the substantial increase in supply expected over the next couple of years. On balance, we think that supply factors will dominate over the next 12-18 months and, for now, we will stick with our forecast that Turkish retail rental values will mark time this year and rise by just 2% next year.