Over the next two years, the supply of office real estate in Tbilisi is expected to increase by 30%, significantly reshaping vacancy levels and competition, according to Natia Bochorishvili, CEO of Georgian Property Management. She told BMG that companies are increasingly shifting from residential apartment-based offices to modern business centers.
Bochorishvili noted that workplace expectations have risen sharply over the past decade, with firms prioritizing better-quality environments and infrastructure. She added that demand is currently strongest in Vake and Saburtalo, where vacancy remains low at around 5–10%, while transport accessibility remains the key selection factor.
She linked the surge in demand largely to the growth of the IT sector and related regulatory incentives, which outpaced supply and created a shortage of office space. However, she expects this imbalance to ease as new developments enter the market.
Despite forecasts that vacancy could rise to 17–18% by 2028, she does not see a major risk to profitability, estimating only a minor impact on yields of 0.5–1%. She also highlighted the shift toward coworking spaces for small teams and said price remains a decisive factor even as demand for A and B class offices increases.
