Colliers: Office Spaces in Tbilisi were More Expensive than in Eastern Europe

Prices of offices will further decline, according to the forecast by Colliers International Georgia.

As noted by Irakli Kilauridze, head of the international agency, we should make an accent on two aspects: growing supply over the past few months and the epidemic situation, when part of companies and employees moved to a distance working regime.

"We expected a downturn in prices of offices because a bigger supply is recorded, particularly, in A-class business centers. Even before the pandemic, prices were declining. Office prices in Tbilisi were more expensive compared to Eastern Europe because the market was undeveloped. Another aspect is that the pandemic has changed the conduct of companies and naturally, this factor will additionally affect the business”, Kilauridze said.