How the vacancy rate of modern business centers increased in 2020?

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19.Feb .2021 10:30

How the vacancy rate of modern business centers increased in 2020?

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Author:Natia Taktakishvili

Colliers International published a report. According to the report, vacancy rate has increased in all types of business centers.

“The overall vacancy rate of modern business centres accounted for 24%, increasing by 10 percentage points when compared to 2019.

The weighted average rent of contracts signed during the pandemic is 15% lower than the weighted average rent in 2019. The figure is 7% and 19% higher in class A and class C business centres amounting to USD 24.1 and USD 13.4 per sq m. While the weighted average rent of new/renewal contracts has decreased in class B and unclassified business centres by 4% and 12%, respectively.

In 2020, the weighted average rent declined in unclassified business centres by 3%, amounting to USD 13.9 per sq m. The figure decreased by 3% in class B and by 1% in class A business centres.

A 1 % increase has been observed in class C business centres equalling to USD 11.4 per sq m”, the report reads.

Colliers International Georgia