Colliers International published a report. According to the report, the vacancy rate significantly increased on high streets.
The vacancy rate on Aghmashenebeli Avenue increased from 10% to 16%. At the end of 2019, the figure stood at 5% on Rustaveli avenue, increasing up to 13% as of 2020. Pekini street also saw a growth, from 7% to 9%.
Insignificant change has been recorded on Chavchavadze Avenue.
In 2020, 169 tenants exited from Tbilisi high streets, with the total area of 11,385 sq m. 57% of this space (6,532 sq m) was located on Chavchavadze and Aghmashenebeli avenues. Dunkin’ Donuts, Finca Bank, Ovs Kids, Parfois, Flo are among tenants who left Tbilisi high streets in 2020.
The weighted average rent of new contracts signed during the pandemic is 36% lower than the weighted average rent in 2019.
“The figure experienced a dramatic 50% fall on Aghmashenebeli avenue, from USD 25.8 per sq m to USD 12.8 per sq m. A prominent 40% decline was observed on Rustaveli Avenue, standing at USD 19.6 per sq m. Pekini street saw a massive 38% decline, while the WAR has decreased only by 3% on Chavchavadze Avenue”, the report reads.
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