Mariam Asatiani, founder of REMAX Capital highlights that office rent hit a record high in April of 2021, which exceeds the rates of 2020 and 2019.
Asatini noted with Business Morning, that the prices on the high streets are 40% lower, but the business chooses to continue its activities at the shopping malls.
“A year has passed since the full lockdown. We are facing the third wave. Slow pace of vaccination, political crisis and the record high rate of inflation obviously have a negative effect on both economic growth and the real estate market. On the example of our company, record high transactions were fixed in April compared to 2020 and 2019”, Asatiani noted.
According to Asatiani, new trend that has emerged in the office sector is related to the increased demand for large spaces, which are used for call centers. Office space of 3200 sq.m. was rented in March-April. This space was mostly hired by the IT sector and call centers.
"New shopping malls have been added to the market with good offers and hence the business decided to move to more budget-friendly conditions where more buyers are concentrated. The process was started without pandemic. Prices were down to 40% on high streets, but vacancies still remain on such streets as Chavchavadze Ave, Rustaveli Ave, Pekini str, Aghmashenebeli str. This vacancy is filled by grocery stores and pharmacies, that is, what is in demand. Rental prices were not down in shopping malls," Asatiani said.
