Demand for retail commercial space in Tbilisi remains exceptionally strong, with vacant units in shopping malls and on central streets being leased almost immediately, according to Nato Bochorishvili, CEO of Georgian Property Management.
Speaking to BMGTV, Bochorishvili said prime retail locations continue to face a shortage of available space despite the expansion of the city's mall sector. She noted that businesses often have to wait for suitable premises to become available in major shopping centers.
The office market, however, presents a different picture. According to Bochorishvili, high rents have led to higher vacancy rates in Class A office buildings, while Class B and C business centers operate with minimal or near-zero vacancy.
She added that demand for quality office space is expected to grow as more businesses move from residential buildings into professional business centers, while several new mall projects are being developed in response to sustained demand for retail space.
