Taking an overview of the Class-A office market in Istanbul in the third quarter of 2018 compared to the previous quarter, we observe that the declining trend in average rents has continued. With the exception of the Kozyatağı/Ataşehir district, there has been no striking change in vacancy rates during this period. The communiqué issued under Decree No.32 of the Protection of the Value of the Turkish Currency statute forbids the signing of lease contracts in foreign currency terms. In compliance with the same communiqué, rents stipulated in foreign currency prior to 2nd January 2018 shall revert to Turkish Lira. Before this communiqué, we witnessed the fact that contracts in the market were often made in Turkish Lira or specified an exchange rate upper limit. With the communiqués of 13th September and 6th October, property owners have begun mostly to declare their listing rates in Turkish Lira. After this transition period, we believe that property owners who tend to still declare their lease and sales rates in foreign currency will also finally turn into Turkish Lira, under the impact of market and competitive conditions. In the coming period, we take the view that all prices will be declared in Turkish Lira. Combined with the state’s setting a lower rate than the current one, this currency unit conversion in existing lease contracts has led to an average 20% fall in active rent amounts in contracts, on a foreign currency basis. Looking forward, we believe that as long as the depreciation of the Turkish Lira against foreign currencies continues, new leases will also be impacted by this, and rents may decline a further.