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Weighted average rental rates reduce on Georgian main high streets

Business Materials 21 October 2020 15:38 (UTC +04:00)
Weighted average rental rates reduce on Georgian main high streets

BAKU, Azerbaijan, October 21

By Tamilla Mammadova – Trend:

In the first half of 2020, the weighted average rental rates were reduced on Georgian main high streets, Trend reports referring to the report of Canada-based Colliers International real estate services organization.

The weighted average rent on Pekini Street decreased by 2 percent and stands at $34.6 per sq meter, while on Chavchavadze and Aghmashenebeli avenues declined by 1 percent, amounting to $29.5 and $25.5 per square meter, respectively.

The weighted average rent on Rustaveli increased by 4 percent, which can be defined by the exit of low-paying tenants from this avenue.

As of 1H2020, the vacancy rate significantly increased on high streets.

The vacancy rate on Aghmashenebeli Avenue increased from 10 percent to 19 percent. At the end of 2019, the figure stood at 4 percent on Rustaveli avenue, increasing up to 12 percent as of 1H2020. Pekini street also saw a prominent growth, from 3 percent to 9 percent.

Insignificant change has been recorded on Chavchavadze Avenue, as the rate stood high due to road rehabilitation works.

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