12.Oct .2020 18:45

What Happened to Rental and Vacancy Rates on Main High Streets in Georgia? – Colliers International

What Happened to Rental and Vacancy Rates on Main High Streets in Georgia? – Colliers International
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In the first half of 2020, the weighted average rental rates reduced on main high streets – Colliers International reports. The weighted average rent on Pekini Street decreased by 2% and stands at USD 34.6 per sq meter, while on Chavchavadze and Aghmashenebeli avenues declined by 1%, amounting to USD 29.5 and USD 25.5 per square meters, respectively. On the other hand, the weighted average rent on Rustaveli increased by 4%. Colliers says this can be defined by the exit of low-paying tenants from this avenue.
 
As for the vacancy rate, it has significantly increased on high streets – Colliers International reports. The vacancy rate on Aghmashenebeli Avenue increased from 10% to 19%. By the end of 2019, the figure stood at 4% on Rustaveli Avenue, increasing up to 12% as of H1 2020. Pekini Street also saw a prominent growth, from 3% to 9%. On the other hand, insignificant change has been recorded on Chavchavadze Avenue. As Colliers explains, the rate stood high due to road rehabilitation works.