Real Estate
Posted: 1 year ago

Demand for Commercial Space has Dropped Dramatically in Tbilisi

The coronvirus pandemic has caused a number of changes in the real estate market. One of the major challenges facing commercial spaces is that employers are slowly leaving.

"Vacancy on the main central streets has significantly increased. It increased from 3 to 12% on Rustaveli, from 3% to 9% on Pekini, and from 10% to 19% on Aghmashenebeli. This means that employers are slowly moving out of these major shopping streets. This is a pretty significant change in the market.

As for shopping malls, their total turnover, ie trade is significantly reduced from 20% to 40%. The turnover of those shopping malls that were heavily dependent on tourist flows has been significantly reduced, ”explained Irakli Kilauridze, Director of Colliers International with Business Partner.