Gayrimenkul geliştirmede karma kullanım, en etkin ve verimli kullanım analizi: Sarıyer – Seyrantepe örneği
Mixed use in real estate development, highest and best use analysis: Case study on Sarıyer - Seyrantepe
Yazar: DENİZ ÇULLU
Danışman: DOÇ. DR. FUNDA YİRMİBEŞOĞLU
İstanbul Teknik Üniversitesi / Fen Bilimleri Enstitüsü / Gayrimenkul Geliştirme Ana Bilim Dalı / Gayrimenkul Geliştirme Bilim Dalı
Derece: Yüksek Lisans, 2014
Konu: Şehircilik ve Bölge Planlama = Urban and Regional Planning

Özet:
Son yıllarda, ülke ekonomisi üzerindeki olumlu etkisi oldukça hissedilen gayrimenkul sektörü, tüm metropollerde olduğu gibi İstanbul metropolünde de plansız büyüme ve kent merkezinde sanayi alanlarının yer alması sonucu geliştirilen dönüşüm ve iyileştirme projeleri doğrultusunda önemli bir rol oynamaktadır. Kent merkezi ve çeperlerinde geliştirilen bu tip dönüşüm ve iyileştirme projeleri, arsa stoğunun da azalması nedeniyle, alan kullanımını maksimize etmek amacıyla birden fazla kullanımın yer aldığı karma kullanımlı projeler olarak geliştirilmektedir. Karma kullanımlı projelerin gayrimenkul yatırımcıları tarafından tercih edilmesinin bir başka nedeni ise, farklı kullanımların bir araya gelmesiyle ortaya çıkan sinerji sonucu projedeki kira değerleri ve doluluk oranlarının artması, satış ve kiralama emiliminin hızlanması, dolayısıyla yatırımcının karının olumlu yönde etkilenmesidir.
Kent merkezlerinde yapılan dönüşüm sürecinde, arsa üzerinde geliştirilecek proje, yapılaşma koşullarını belirleyen şehir plancıları ile projenin finansmanını sağlayan gayrimenkul yatırımcıları ve geliştiricilerine bağlıdır. Ancak arsa için hangi kullanımın daha uygun olduğu, genellikle gayrimenkul geliştiricileri tarafından yapılan en etkin ve verimli kullanım analizi sonucu ortaya çıkmaktadır. 
Tez kapsamında, yakın zamana kadar sanayi işletmelerinin yer aldığı ve dönüşümünün gündeme getirilmesiyle birlikte gayrimenkul açısından hızla hareketlilik kazanan Seyrantepe bölgesinde geliştirilecek karma kullanımlı bir projenin en etkin ve verimli kullanım analizine yer verilmiştir. 
Öncelikle, İstanbul geneli ve inceleme alanı olan Seyrantepe bölgesi özelinde ofis, rezidans, otel ve perakende sektörlerinin genel piyasa analizi yapılmıştır. Edinilen bilgiler doğrultusunda, iki farklı alternatif içeren bir karma kullanımlı gayrimenkul projesi yatırım analizi çalışması yapılmıştır. 1. alternatifte ofis, rezidans, otel ve perakende, 2. alternatifte ise rezidans, otel ve perakende kullanımlarına yönelik bir çalışma yapılmıştır.
En etkin ve verimli kullanım analizi için oluşturulan nakit akış tablolarında, piyasa analizleri doğrultusunda gelir ve giderler öngörülerek, karma kullanımlı iki alternatif projenin net karına ulaşılmıştır. Projenin hangi kullanımlar ile daha karlı olacağı, iki alternatifin net bugünkü değerleri kıyaslanarak tespit edilmiştir. 
Sonuç bölümünde ise, gayrimenkul projelerinin hayata geçirilmeden önce, gayrimenkul geliştiricileri tarafından piyasa analizlerinin yapılması, doğru ve gerçekçi varsayımlar ile oluşturulacak en etkin ve verimli kullanım analizi sonucu projenin kullanımına karar verilmesi gerektiği konuları üzerinde durulmuştur. Bu şekilde geliştirilen gayrimenkul projeleri, toplum, ekonomi ve çevre için önemli bir katma değer sağlayacak ve yatırımcılarının finansal açıdan beklentilerini karşılayacaktır.

Abstract:
Istanbul has been the commercial, control and coordination center for many years and provides laboring and transportation facilities for all over Turkey, Middle East, and Balkan states. Central Business District (CBD) is declared as the main retail and business area of the city and attracts occupiers mainly from financial and business sectors.
Real estate sector which affects the country's economy positively in recent years, has a major role in İstanbul through the urban renewal projects caused by unplanned growth and the industrial places took place in the city center like all other metropolitan areas. The urban renewal projects in the city center and peripheries  are developed as "mixed used project" for maximize the use of space because of the lack of land stock. 
A mixed use project which is an important land use trend in terms of city planning comprises two or more significant revenue producing uses such as residence, office, shopping center, hotel, hospital and school. Mixed use projects have significant functional and physical integration of the different usages and provide a living environment day and night. 
Mixed use projects are not a land use option of new planning. Mixed use projects were the norm before the development of modern zoning and land use practices. This land use trend has been apparent in both urban and suburban areas, but the more urban areas such as center of larger cities. 
Typical mixed use projects are designed with commercial space on the ground floor and residential and/or office above and this become typical living arrangement for the users of the projects.
To maximize the use of space, mixed use projects are prefered to be developed in the scope of urban renewal projects. Another reason why real estate investors prefer mixed use projects is the synergy resulted by the combination of different functions. Rental values  and occupancy rates increase, take up values of both sale and lease accelerate by the synergy and consequently, investor makes more profit.
Mixed use projects are more apparent in the cities of Europe and America than Turkey. In our country, mixed use project development is a new trend. Therefore, examples of mixed use real estate projects in Turkey is limited. The mixed use projects, especially apparent in İstanbul, are mostly prefered by developers with the success of initial examples of mixed use projects.
In the process of urban renewal in the city centers, the real estate projects depend on both city planners who determine the construction conditions of the land and the real estate investors and developers who provide financing of the projects. Urban renewal projects in former industrial areas of city center has a big significance in respect of both urban planning and real estate development. In these projects,  it is very important for city planners and real estate developers to decide which function is the best for the area. Real estate developers and/or investors try to look for the answer with the highest and best use analysis. Highest and best use analysis is the only way to determine which function will be more convenient and efficient for the land.
Within the scope of the thesis, financial analysis techniques are aimed to be investigated while a mixed use real estate development is in project phase. Financial feasibility determines the situation when the return on the investment in a mixed use development meets or exceeds the expected or the required return of the developer and/or the investor in the project. 
In the scope of defining highest and best use analysis, basic valuation methods such as comparable transactions approach, cost approach and income capitalization approach should be examined as the basis of the analysis. Market analysis for a mixed use development is important in determining the demand and supply of each use in the subject area. 
The valuation methods are used in the phases of highest and best use analysis and cash flows are created according to the assumptions from the result of the market analysis. As a consequence of the analysis, net present value of the project is calculated. Real estate developer or investor realizes the project if the value meets the developer or investor's expectation. The success of the project is measured regarding the financial success of the project. That's why market analysis and assumptions should be done accurately. 
Within the scope of the thesis, highest and best use analysis of a mixed use project in Seyrantepe region where industrial plants located at until recently and real estate development facilitate movement after revive of urban renewal is presented.
City planning is a technical and political process concerned with the use of land and design of the urban environment. The building conditions of the lots and space organization are determined by the development plans made by city planning departments of the municipalities. Development plans also provide distribution of unearned income with direction of real estate developments and investment. City planning has a major role in the development of real estate projects in the cities because city plans effect feasibility of investments directly.
Nowadays, new mixed use projects become dominant in Seyrantepe. When the master plan of the region is examined, it is seen that combining the lots and constructing large scale mixed use projects is encouraged by the plan.  And also, in environmental plan of İstanbul, subject region is determined as the urban renewal area that will be an integration area of central business district and contain commercial and service sectors in the future.
After an examination of the plans, general market analysis comprises office, residence, hotel and retail market of İstanbul and Seyrantepe as the study area have done. The data have been evaluated under the light of office, residence, hotel and retail market analyses, and the current rent and sales values have been studied. The demand and supply of each usage in the subject area is determined. 
Based on the market research, a mixed use real estate project investment analysis has been carried out with two different alternatives. First alternative has been regarding office, residence, hotel and retail functions and second alternative has been regarding residence, hotel and retail functions. The reasons why office usage wasn't included to second alternative are subject area is a new developing area and outside of the central business district. And also, office market analysis shows that there will be a huge office supply in İstanbul in near future. 
Income and expenses have been created and net profit of the mixed use real estate project have been found by calculating cash flows within the scope of highest and best use analysis. The most profitable functions for the study area have been found by comparing the net present values of the two alternatives.
In the conclusion part, the importance of determining the functions in the project in terms of highest and best use analysis before implementation with market research and accurate and realistic assumptions by real estate developers has been discussed. 
In order to identify the net profit of the mixed use project, income and expenses for different alternatives have been examined. The impact of the real estate net income caused by the project components on the project profit have been identified and it is found out that in terms of highest and best use analysis, the functions with higher net present values would be the most profitable.
Finally, it is emphasized that the real estate projects will provide a significant added value to society, economy and environment and meet the investors' financial expectation in terms of doing an accurate highest and best use analysis.