Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Georgia Real Estate Market View

Nina Kipiani • 10/27/2022
Over the last few years Georgian nationals living both in the country and abroad have largely invested in newly constructed secondary housing options. Gated or non-gated residential communities are becoming quite popular as either primary or secondary residence, depending on a variety of factors such as distance from the centre, amenities and preferences of the homeowners. Moreover, villas and gated communities are becoming even more popular in the post-pandemic period when people are valuing a healthy and comfortable living environment more than ever before. 
 
Recently we are observing appearance of such projects mostly in the suburbs of Tbilisi. One of the new projects offering land plots for sale is Mukhebi Saguramo, located only a 15-minute-drive from the capital in Saguramo village. The project unites 25 land plots relevant for both a summer house and a primary settlement. The land plots are between 712 - 1700 sq m, and the prices vary from $90 to $140 per sq m. The prices of land plots differ based on their location - the smaller land units in the centre are relatively lower priced, while larger land plots on margins which are somewhat isolated, are more expensive. Notably, the project area is surrounded by Tbilisi national forest-park, providing fresh air and a peaceful environment, as well as picnic and hiking places, sport facilities and bicycle paths.
 
Meanwhile, Shinwood is another new project near Saguramo, in Akhatani village. It is a 30-hectare area hidden in the forest, located 23km from Tbilisi, and it is planned to create a residential settlement of summer houses with all the necessary infrastructure. Specifically, Shinwood encompasses 250 ready-to-build plots, ranging in size from 600 - 2500 sq m, while per sq m price is from $39 to $45. The project site is arranged in an enclosed territory within the forest, allowing the site to encompass 31,000 sq m inner green space for recreation, sport facilities, inner road, pedestrian paths and bicycle paths. 
 
Another newly introduced project is Birtvisi Villa, located in Kvemo Kartli region, 35km away  from Tbilisi. Sizes of offered land plots within the project start from 450 sq m and go up to 1900 sq m, while the price range is between $8 - $14. Birtvisi is known for its quiet and clean environment and nature, as well as easy accessibility making the project attractive for potential buyers.  
 
The demand for summer housing options is evident in Georgia, and the supply is starting to catch up with the demand, thus we expect more such projects to appear in the market.
 

 


23 Sep

The summer of 2022 saw accelerated post-pandemic travel in Tbilisi, making urban hotels busy. A large proportion of tourists prefer affordable, but high-quality accommodation. Hence, most midscale and upper midscale lodging facilities in Tbilisi, both branded and nonbranded, that can fit both the expectations and budget of middle-income travellers, are well-positioned to thrive.

Generally branded midscale hotels in Tbilisi have witnessed varied average annual occupancy over years; the highest occupancy amounted to 62% in 2019, which dropped to 19% in 2020, and later reached 44% in 2021. In the first six months of 2022, average occupancy has been measured at 48% which bodes well for the remaining year ahead. In terms of ADR, branded midscale hotels reported $68.27 ADR in 2019, which then dropped to $58.87 in 2020, and further declined to $47.12 in 2021.

However, the data from 2022 shows that the hotels will try to recapture the price niche that they occupied before the pandemic derailed the sector.

Meanwhile the studied non-branded local midscale hotels showed 35% average occupancy during low season of 2022, while during August 2022, reflecting the absolute peak touristic season in Tbilisi, the average occupancy was 82%. Average ADR in low season stood at $62, while peak season ADR reached on average $80.

Regarding demand profile, midscale, and upper midscale hotels in Tbilisi, both branded and local, reportedly host both leisure and commercial clientele, though seasonality is inverse for leisure and commercial clients - the majority of leisure tourists arrive in summer, while in the wintertime, rooms are typically reserved by business and MICE clients. The latter may not be as achievable or sustainable as it once was, primarily due to COVID, but the market is still recovering, and it may yet be too early to draw drastic conclusions.

Moreover, all the studied midscale hotels receive both native and foreign guests, but their percentage distribution varies greatly from property to property. International visitors come from Israel, Arab States, Kazakhstan, Turkey, post-Soviet and European countries, such as Germany, Switzerland, and Sweden. Furthermore, the hotels receive both group bookings and individual reservations, and host mixed visitor sub-segments - international families with children, couples, middle-aged guests, and youth.

Noteworthy, as a high number of consumers are attracted to midscale hotels in Tbilisi, we are observing such locations to appear in the market, e.g., recently opened ibis Styles Old Tbilisi hotel in old Tbilisi neighbourhood.

 


17 Aug

With countries easing COVID-19 restrictions and tourists regaining confidence in travelling again, the sector is forecasted to catch-up with pre-pandemic levels. Speaking of the dynamics of tourism recovery, the number of international tourists in Georgia amounted to 1,209,272 in 6 months of 2022, 186.3% higher compared to the same period last year. Also, 445,894 international travellers visited the country in June 2022, which is 185.5% higher than in June 2021. 
 
Amongst the popular resort destinations in Georgia, the Kakheti resort scene is the most expansive of the resort locations in the country, with a number of both large-scale, branded, and smaller, family-owned hotels popping up in different villages, scattered around the region. Kakheti resorts enjoy a stable flow of demand all year round. However, June, July and August are the peak months in terms of tourist numbers, which is also reflected in high occupancy levels. As reported, currently average occupancy in the peak period stands at 75%, while average high-season ADR is at $186, and corresponding RevPAR reaches $140. 
 
High demand for Kakheti hotels is related to the various facilities offered - restaurant, spa, pool, conference spaces and recreational areas. In off-peak periods people are actively booking meeting venues for conferences and are attending corporate events held in hotel restaurants. During peak seasons the demand is for pool and spa services. At some of the studied hotels, wine tours and wine tasting classes are popular all year round. 
 
In terms of visitor characteristics Kakheti receives different sub-segments of guests. Kakheti resorts are usually chosen by individuals and families, as well as groups. Additionally, at most of the hotels the share of leisure and business guests is 50:50%. However, hotels that focus on MICE (Meetings, Incentives, Conferences and Exhibitions) tourism, host around 70% business guests. Whereas more leisure tourists can be observed at resorts providing extensive wellness procedures. 

During peak periods it is mostly younger people who visit Kakheti hotels for leisure activities, while off-peak seasons see a high number of adults and businessmen attending conferences. Also, in terms of visitor nationality, at some resorts foreign tourists from Europe, namely Germany, Netherlands, France and Asia, Americas and Australia frequently visit in the summer, while in winter the hotels receive mainly natives; at some hotels guests from post-Soviet countries are more remarkable. 
 
With a notable recovery in tourist activity in Kakheti and Georgia as a whole, at the beginning of summer, the month of August looks even more promising in terms of number of visitors from all over the world. 

 

14 July

Tbilisi is the business and financial centre of the country. During the last few years, the city has started transforming into a regional hub for the companies setting up headquarters in Georgia and those operating in the neighbouring countries, leading to high demand for modern offices.

From the total office supply in Tbilisi, 59% can be considered modern office stock, while the remaining 41% are classified as non-modern, comprised mostly of old and non-refurbished Soviet Era office buildings. Additionally, Tbilisi’s total office space is equally distributed between leasable and owner-occupied offices. Moreover, following an increased business activity and higher demand in the city, both office types has been growing. Nowadays, most of the leasable modern office stock can be found in business centres (the supply of which has increased significantly). Though, there are some large companies that still prefer to be located in private buildings.  

Interestingly, total available GLA decreased around 2019 perpetuated by reduction in the non-classified stock - one of the factors that underlines the shifting demand towards higher quality office options. With showing up the new A class buildings in town at the end of 2020 and beginning of 2021, as well as emerging three B class office areas in the beginning of current year, the available GLA increased in the city. Regarding supply it should be mentioned too that the office stock is unevenly distributed between Tbilisi’s districts; since 2021 the largest concentration of BCs are in Vake district with 32%, followed by Saburtalo with 23% and Mtatsminda with 18%. 

As of June 2022, total GLA of modern office buildings in Tbilisi adds up to 162,794m2. Approximately 44% of total supply is Class A, 37% is Class B and 15% is Class C. The remaining 3% is unclassified, yet modern office stock. Notably, B Class supply has grown from 54,359m2 to 72,359m2 showing 25% growth compared to 2021. More importantly, B Class office spaces have become better in terms of quality of offerings and at a lower price point, provide substantial competition to the A Class counterparts. Also, while A and B Class office stock has been increasing, C Class office stock has remained relatively unchanged. 

In terms of vacancy and rent rates, the COVID-19 pandemic drastically impacted both indicators in business centres. The 2020-2021 years have been an incredibly uncertain period for the office market. Shifts somewhat continue throughout 2022 as well but at the end of the year we expect both rates and occupancy to stabilise.

 

31 May

Street retail is one of the most popular retail experiences found in developed countries. Even though COVID-19 has accelerated change in the retail sector, street retail still remains popular in Tbilisi. Central and crowded streets play a very important role in commercial real estate market supply of the city, and those areas are concentrated along the Chavchavadze, Rustaveli, Pekini, Aghmashenebeli and Khizanishvili avenues that are settled in different districts: Vake, Mtatsminda, Saburtalo, Chughureti and Gldani respectively. 

All the above-mentioned areas are remarkable for high footfall and traffic, though the type of tenants varies by the street. For instance, Rustaveli Avenue is mainly occupied by fashion retail and souvenir shops, and Aghmashenebeli is mostly settled by F&B and office tenants. As Chavchavadze is the central residential and BC street in Tbilisi, the major tenants are the day-to-day shops, offices and F&B. Meanwhile Pekini street is a mix of above-mentioned tenants, and Khizanishvili presents one of the largest districts - Gldani, located in the suburb of the city; therefore, the street is mostly occupied by economy class fashion retail, banks and pharmacies.

It is also interesting to note that the stock in commercial spaces on the above-mentioned streets are mainly located on the ground (and semi-underground) levels of residential buildings. The first floors of residential houses, usually utilised for commercial purposes, as a rule, are under the ownership of physical people who rent out their spaces to a considerably wide spectrum of tenants, from the grocery mini markets to international/local chains.

Regarding the rental rates in Tbilisi’s retail premises, a diverse picture is observed across the city, affected by a number of factors but primarily by location. Moreover, if we look at the distribution of rental rates in the most advantageous and high footfall locations in the city and compare the indicators of the last three years, the data clearly demonstrates the sharp fluctuations over time. Even though rent rates increased from 2020 to 2021, and reached the highest average totalling $43, while the lowest was $14, the picture changed in the first half of 2022. Currently, the highest average rent is observed on Rustaveli Avenue, the most prestigious and expensive retail rental location, though reflecting a 33% drop since 2021 and amounting to only $29. Furthermore, the minimum average hits its historical bottom with $7 on Pekini Avenue. 

With changing attitudes and values of consumers, as well as new opportunities for retailers in Georgia, it is interesting to observe how street retail in Tbilisi develops in the near future. 



05 May

Georgia has remarkable historical heritage and different tourist attractions, and evidently the tourism industry and particularly the hotel subsector subsequently grows in the country. The tourist infrastructure developments are not only clustered in one area, but rather scattered around various regions. 
 
Recently the construction of a new hotel has been planned on the site of the Viticulture Research Institute in the city of Telavi, heart of the Kakheti region. It will have 150 rooms and will be managed by an international operator. The project also envisages the construction of a museum, while the construction of the winery ‘Wine Kakheti’ on 5 hectares has already been completed. The company plans to restore 40ha of vineyards and laboratories owned by the institute.

New hospitality destinations appear in other regions of Georgia too. For instance, Ambassadori Batumi hotel in the biggest seaside resort of the country is presently under construction. The group employed the Italian architect who worked on the architecture and design of the building. Moreover, the Ambassadori Batumi building will accommodate a two-storey restaurant offering the most unique gastronomic experience to its guests. The complex will also house a high standard balneological centre, spas, swimming pools, gym, conference halls, open-air cafes and shops. 

Furthermore, the company started a geological exploration of the seabed to start the construction of an artificial island in Batumi. Specifically, the project envisages the creation of two artificial ultra-modern peninsulas and an island in the coastal waters which will feature an entertainment-recreational type of infrastructure, such as hotel, public beaches, recreation zones, aqua parks, promenades, seaside boulevard, yacht club, educational institutions and shopping malls. This will be the first precedent of this type of development in Georgia.    
 
Meanwhile, another notable development takes place in the Oni municipality in the west of Georgia, particularly village Utsera which is famous for its mineral waters. The Radisson brand hotel has announced it will be opening in the Utsera resort. The 5-star hotel will have a 25-metre pool, a spa and wellness centre. Importantly, this will be the first time for an international hotel chain to operate in the Racha region. The construction process as well as the planned operations of the hotel will employ locals. Thus, the new hotel will complement the tourism potential of the locality as well as its employment level.
 
Above mentioned developments strengthen Georgia’s position as a regional tourism hub, and over time we expect to see more well-established resorts across the country. 

 


07 April

2022 started with positive predictions for the Tbilisi hospitality market. In February 2022, 137,148 international visitors came to Georgia, showing a 282% increase compared to February 2021. Also, according to the GNTA, the revenue from international travel in February 2022 amounted to $105.2 million, which is a 670.8% recovery on last February’s figure. Apparently, the tourism industry in Tbilisi had only just started emerging from the COVID-19 stupor, but the war in the Ukraine has somewhat altered this trajectory.
 
The disruption arising from the Russian invasion in the Ukraine varies from sector to sector, even within the tourism & hospitality market. According to Eurocontrol, flights have been rerouted to avoid the airspaces of Russia, the Ukraine and Belarus. European carriers presently operate on the southern routes via Georgia, and as a result, international commercial flights using Georgian airspace has increased by 76%. 
 
In terms of hotel demand in the capital, some hotels in Tbilisi which highly depended on Ukrainian tourists, report that the earlier months of 2022 were more stable in terms of their occupancy rates. Naturally, presently Ukrainian visitors have completely disappeared from the market. 

Regarding Russian visitors, they have historically been making up a larger proportion of tourists in many of Tbilisi’s hotels. According to the Ministry of Internal Affairs, from 24 February to 20 March, 35,028 people from Russia entered Georgia. Even though, most of these people do not have a visitor status, they still make reservations in hotels upon arrival and stay for a prolonged period until they find temporary asylum or another residential option in Tbilisi. Hence, hotels are reporting increased occupancy rates. 

In contrast, there is another group of hotels that usually serves guests form the Middle East. Despite the ongoing war, in such hotels, the tourist profile has not changed. As the high season approaches and more visitors flock to the city, demand on their accommodation will only increase. Hotels focused on serving Middle Eastern guests saw significant rises in rack rates in March while occupancy rates have been hovering between 70-90% across Tbilisi. 
 
Despite the geo-political challenges in Eastern Europe, we believe that the receding Omicron hangover and the two years of pent-up travel demand coupled with consumers saving more disposable income should still bring tourists to Georgia. Thus 2022 is still assumed to be the year of the travel comeback, while operational forecasts are healthy for Tbilisi hotels. 

 

10 March

Last Thursday, the world woke up to the news of Russia’s invasion of the Ukraine. Despite the quick and heavy sanctions imposed by the Western leaders upon the former, the invasion has not stopped, and the tragic consequences are unfolding in front of the global audience. 
 
Georgia has geopolitical and economic links with both countries. Sanctions against Russia, as well as devaluation of Russian and Ukrainian currencies will inadvertently affect various sectors of the Georgian economy. From trade to hospitality, we expect hindrances of the post-COVID progress. Meanwhile, the devaluation of the national currency continues.
 
20% of Georgia is occupied by Russia. Nonetheless, both Russia and the Ukraine are trade partners to Georgia. The share of goods exported to these countries amounted to 21% of total exports in 2021. In 2022, demand on Georgian products in the Ukraine and Russia is expected to drop by 30% and 10%, respectively. Meanwhile, the share of imports from these two countries adds up to 14.6%. Importantly, strategic consumer products are imported from Russia, while construction materials - armature, metal, steel - are imported from Ukraine. Consequently, the war will directly and negatively affect construction processes in the Georgian real estate sector, at least in the short term. 
 
The hospitality market is hampered too. As of February 2022, the flight frequency and number of operating airlines showed 70% and 103% recovery respectively, compared to 2019. The pre-pandemic rate of the aviation market in Georgia should have been restored by 2023, however, the current events delay the dynamics of the aviation market recovery until 2024-2025. Moreover, hotels that depend on Ukrainian, Russian, and European tourists both in Tbilisi and outside face uncertainties. Many hotels reported high forward occupancies until the end of March but experienced quick cancellations considering the invasion. It is expected that reliance of Georgian tourism on visitors from Asia and the Persian Gulf will increase.  
 
Two years after the pandemic began, the world is once again facing uncertainty over the future. The situation changes daily and prognoses at times like this are bound to change with them. The war in the Ukraine will be consequential for Georgia in many regards, not least in terms of economic recovery perspectives. In show of full solidarity to the people of the Ukraine, the people and business of Georgia are offering not only humanitarian support but also free accommodation in Airbnb units, family-owned hotels, and other accommodation options to the Ukrainians still in Tbilisi. Our team stands in full solidarity with Ukraine and hopes for a quick end to this baseless war as well.

 

22 February

In the wake of the COVID-19 pandemic, the hospitality sector in Tbilisi was highly volatile in 2021. Visitor numbers peaked in July and August however the volume of visitors is still only about a fifth of what it was in 2019.

The primary visitor markets in 2021 were Turkey, Russia, Ukraine, Israel, Saudi Arabia, Belarus, USA, and some European countries. Since hotels in Tbilisi are heavily dependent on foreign visitors who make around 90% of their customer base, the occupancy rate was the highest in the summer. Most of the hotels in the city, both branded and non-branded witnessed 80-100% occupancy levels. Regarding ADR, it fluctuated between $60-100 for family-owned hotels, and ranged between $100-130 in branded hotels in Tbilisi.
 
In contrast, at the beginning of 2022 reflecting relatively low touristic demand in the city, both branded and non-branded hotels in Tbilisi show relatively reduced occupancy levels. Occupancy at family-owned hotels in low season stood at 40-50% and at branded hotels varied more significantly between 30 and 70%. ADRs are also scaled down to $40-60 at non-branded hotels, and to $70-130 at the branded ones.   
 
In terms of supply, most of the hotels in the Capital, resumed serving guests and are no longer COVID hotels. What’s more, Tbilisi recently saw the development of a few new hotels. One such new launch is the Hilton Garden Inn, which offers 170 rooms, 8 conference halls and a Georgian-European restaurant. This is the first Hilton brand hotel; the upscale facility will mainly focus on business-oriented guests.  

Another interesting addition to the Tbilisi hospitality market is hotel Episode, where creators of the brand focused on innovative approaches to service, making it quite different from competitors: typical hotel services are completely transferred to digital spaces, which guests can use to their satisfaction. Check in and check out are fully digitalised processes. Visitors can also manage other services with a smartphone, such as registration, communication with staff, electronic key, etc. This is the first precedent of a highly digitalised hotel in the whole of Eastern Europe. Apart from the unique and innovative experience, Episode offers 150 rooms, a bar, meeting and common areas, a gym, and an atrium - a cosy, open space in the middle of the hotel.
 
Generally, presently both branded and non-branded hotel operators in Tbilisi believe that the industry is finally beginning to rebound. However, the most recent Omicron variant of the virus has been making headlines worldwide which could be dangerous for recovery.

 


09 February

In the wake of the COVID-19 pandemic, the hospitality sector in Tbilisi was highly volatile in 2021. Visitor numbers peaked in July and August however the volume of visitors is still only about a fifth of what it was in 2019.

The primary visitor markets in 2021 were Turkey, Russia, Ukraine, Israel, Saudi Arabia, Belarus, USA, and some European countries. Since hotels in Tbilisi are heavily dependent on foreign visitors who make around 90% of their customer base, the occupancy rate was the highest in the summer. Most of the hotels in the city, both branded and non-branded witnessed 80-100% occupancy levels. Regarding ADR, it fluctuated between $60-100 for family-owned hotels, and ranged between $100-130 in branded hotels in Tbilisi.
 
In contrast, at the beginning of 2022 reflecting relatively low touristic demand in the city, both branded and non-branded hotels in Tbilisi show relatively reduced occupancy levels. Occupancy at family-owned hotels in low season stood at 40-50% and at branded hotels varied more significantly between 30 and 70%. ADRs are also scaled down to $40-60 at non-branded hotels, and to $70-130 at the branded ones.   
 
In terms of supply, most of the hotels in the Capital, resumed serving guests and are no longer COVID hotels. What’s more, Tbilisi recently saw the development of a few new hotels. One such new launch is the Hilton Garden Inn, which offers 170 rooms, 8 conference halls and a Georgian-European restaurant. This is the first Hilton brand hotel; the upscale facility will mainly focus on business-oriented guests.  

Another interesting addition to the Tbilisi hospitality market is hotel Episode, where creators of the brand focused on innovative approaches to service, making it quite different from competitors: typical hotel services are completely transferred to digital spaces, which guests can use to their satisfaction. Check in and check out are fully digitalised processes. Visitors can also manage other services with a smartphone, such as registration, communication with staff, electronic key, etc. This is the first precedent of a highly digitalised hotel in the whole of Eastern Europe. Apart from the unique and innovative experience, Episode offers 150 rooms, a bar, meeting and common areas, a gym, and an atrium - a cosy, open space in the middle of the hotel.
 
Generally, presently both branded and non-branded hotel operators in Tbilisi believe that the industry is finally beginning to rebound. However, the most recent Omicron variant of the virus has been making headlines worldwide which could be dangerous for recovery.

 

11 January

The coworking option has been gaining a lot of traction globally over the past few years as an alternative to office accommodation, and Georgia is no exception. Moreover, as the COVID-19 pandemic has reshaped the economy for last 2 years, coworking spaces have become more in demand during the pandemic in Tbilisi. Tbilisi is getting increasingly popular among digital nomads and freelancers after the issuance of Digital Nomad visas. Also, higher demand for common workspaces is driven by large companies that have also started using coworking options as they no longer need specious offices due to reduced personnel. 
 
Specifically, increased demand for coworking resulted in the total number of coworking spaces in Tbilisi to increase almost twofold since 2017, with the number up from 7 to 16 in 2020. Furthermore, in the last few months of 2021 we have witnessed the opening of 3 new centres in Tbilisi, totaling to 19 coworking areas with total leasable area exceeding 14,500m2. Two international brands are present on the market - Regus and Impact Hub, but the largest and most popular coworking space is a local brand, Terminal, which has now opened six branches across the city. The remaining service providers are smaller local operators. 

Yet, notably, coworking spaces are not evenly distributed throughout Tbilisi, with most of them located on the right bank of the city and concentrated in Vake and Saburtalo neighbourhoods. 
 
In terms of assets, more than half of the coworking operators in Tbilisi are leasing their spaces from business centres. Pricing for coworking spaces varies by seating arrangement and by duration of stay and is also affected by fluctuations in demand caused by impositions like curfew and restricted public transport during COVID-19. Regarding amenities, most of the coworking spaces offer 24-hour access, library, personal lockers, on-site computers, office equipment and closed-off spaces for business meetings and workshops. Some have a reception and a virtual office option, on-site F&B elements, terraces, gym, and game zone. 
 
In summary, the coworking industry is quite new in Georgia, but evidently this market is expanding significantly as demonstrated both by the growth of supply and the establishment of the local brands. We believe that as the demand base for coworking spaces in Tbilisi is growing, supply will keep responding to it, bringing new workspaces to various new locations.

 


14 December

Georgia is currently seeing new infrastructural projects in the agricultural sector mainly financed by local banks supporting the market. 

One new project belongs to ‘Wine Kakheti’ which owns various types of vineyards in different districts of the Kakheti region. The company recently completed the construction of a factory equipped with the latest technologies. The company's day-to-day operations - plot cultivation, vine care and harvesting - employs more than 300 locals, but their own facility will allow them to further develop and expand the business.
 
Another remarkable project is implemented by the baking company ‘Romiveria’ opening a new Italian bread enterprise of modern standards. Initially the enterprise will offer customers different types of Italian bread, and later semi-cooked products will be provided too, along with ready-made meals, an assortment of Georgian cheese, cherries, and nuts. Produced food will be sold on the local market, as well as exported.
 
Notably a wine tea production company ‘Guest’ is also building a factory in Kakheti. The plan includes development of a total area of 5 hectares, where both the factory and the vineyards will be located. Importantly, the company has been producing wine tea since 2017 in small quantities, but now with their own enterprise, ‘Guest’ is able to expand the production, enter the retail sector and occupy a certain share of the market.
 
A new unparalleled initiative in Georgia, a new food hall - ‘Bazaar on Orbeliani’ in Orbeliani Square of Tbilisi should be highlighted too. As part of the project, the building of the collective farm market operating since 1886 in the historic part of the capital was restored. The building consists of three floors, 10,000 sq m in total. The first floor encompasses an agrarian market, where various food products as well as non-food products will be sold, representing more than 100 entrepreneurs and retailers. There will be several factories and bakeries too. The second floor is a dining area combining traditional Georgian dishes, as well as 35 others - i.e. Italian, Spanish, Chinese, Japanese cuisines. The third floor offers a terrace and cocktail bars. The project also envisages a culinary school - ‘Bazaar Gastro School’, along with a laboratory equipped with modern technologies to check food safety on a daily basis. This unique concept space can help small entrepreneurs and offer locals a whole new experience of trade.
 
In the near future we expect more projects supporting Georgian farmers and promoting local cuisine and production.

 


16 November

Tourism is an important contributor to the Georgian economy and recently in order to support the sector, government officials and the private sector have announced various projects, including new roads, infrastructure and lodging facilities across the whole country.  
 
The recent opening of a 51-kilometre road connecting the Imereti and Racha regions has given a big boost to tourism in Racha, especially for local family-run hotels. For instance, the new 13-room hotel ‘Rule’ actively hosts tourists, especially during weekends, and plans to expand by arranging several cottages by the spring of next year.
 
New road construction projects are scheduled in the Svaneti region too, aiming to improve connection between Lentekhi-Mestia-Ushguli towns and to allow transportation especially during heavy snowfall. Moreover, 14 new hotels have recently been funded in Mestia, co-financed by the Ministry of Economy, while other projects regarding modern ski lifts have been implemented too.

Another project concerning the hydroelectric Enguri Dam nearby - the world's second highest concrete arch dam with a height of 271.5m. With the help of the Estonian architectural company the plan is to turn the Enguri Dam into a world-class tourist attraction. One of the most distinctive buildings in the world will offer tourists a 280-metre-high panoramic lift, a ropeway, the longest zipline and a 10-kilometre boat trip, as well as impressive views of the Svaneti and Samegrelo regions. 
 
The Government is announcing new infrastructure projects of international importance in mountainous Adjara too. Small villages in the region will host one of the longest 2-lane zip lines in Europe, visitor centres, bridges and a demonstration village of authentic mills. Furthermore, a rope construction project and tourist shelters are being prepared in towns of Gomarduli and Shuakhevi, giving a new life to the development of the ski resorts. 

Meanwhile, new developments are also occuring in the seaside town of Kvariati, where soon Litz Resort, a high-class 101-room hotel will appear. One of the first modern hotels in the resort can accommodate up to 250 guests while offering a cinema, swimming pools, jazz club, restaurants, conference halls, a library, an observatory, and also an 8-kilometre hiking trail on the forest road from the hotel. Importantly, the hotel with a $30 million investment will employ more than 150 people, 90% of whom are locals.
 
Soon we expect more projects in other parts of Georgia too enabling visitors to better explore the natural and architectural sights of the country, and as a result boosting the economy.

 


20 October

Retail sector recovery is apparent in Georgia. Over time in line with vaccinations and retreating of the pandemic, consumers are drawn to shopping malls again. 

More specifically, most of the shopping malls in the country soon after the lockdown reduced the rental rates for the tenants. However, the increase in foot traffic combined with rising sales has allowed the shopping malls to return to the standard tariffs. Moreover, the occupancy rate in one of the shopping malls - Galleria Tbilisi, stands at 95%, which is, in fact, the same as it was before the pandemic, while the sales of the mall are only slightly lagging behind the 2019 figure.
 
Furthermore, the largest shopping centre in the Caucasus - Tbilisi Sea Plaza of Hualing is rebranding. Recently the mall welcomed Carrefour Hypermarket and Mihaus - the largest hypermarket of construction and repair materials in the Caucasus. The complex plans to create different concept spaces for customers, featuring a variety of furniture stores, equipment companies, and textiles and home accessories. In addition, the complex will offer day-to-day amenities such as pharmacies and banks along with a ‘Made in Georgia’ space where people can acquire local perfumes, gift items, and a variety of other products. 
 
It is also notable that as consumer activity is reversing out of pre-pandemic lows, the economic recovery takes hold. As a result, new shopping centres are appearing in other cities across the country. One such development is ‘West Point’ - the first modern shopping centre in Kutaisi. West Point covers an area of 20,000 sq m, of which half will be devoted to parking. The mall aims to house various brand stores, entertainment centers, food outlets, and pharmacies. Additionally, the project developers plan to introduce West Point shopping centers in other regions of Georgia further in the coming years. 

A full-service shopping centre is opening in Zugdidi as well. It will combine fashion retail, hypermarket, F&B units, and other stores under one roof. The total projected investment is USD 6 million, with a developable area exceeding 15,000 sq m.

Finally, new shopping malls will appear in Batumi too. Batumi Grand mall is currently under construction, while the other two are parts of announced mixed-use developments in the city.       
 
In short, it can be suggested that as the COVID-19 situation eases in the country, the retail sector is expanding in Georgia.

 


23 September

In summer 2021 Georgia received 403% more international tourists compared to 2020. Visitors mainly entered the country by air due to the activated air traffic in Georgian airports, while most tourists came from Turkey, Russia, Ukraine, Armenia, Israel and Saudi Arabia. Also, during the summer, the dynamics of passenger flow restoration has been remarkable at Batumi International Airport, which returned 75% of passengers compared to 2019. Increased international as well as domestic tourists to the seaside resorts generate demand for lodging facilities. 

In response we witness development of a small Black Sea resort Gonio near Batumi, where several new hotels are emerging. For instance, a new family-type hotel has been built on the beach with 50 rooms, offering two swimming pools and a restaurant. Another planned development in the town is a 16-storey hotel with 205 high-class rooms, which will also offer recreation area, swimming pools, aquapark, fitness and spa centre, restaurants and conference hall. However, despite the growth of the resort, it is notable that these are non-branded hotels and a development of a branded hotel in Gonio has yet to be considered. 

Meanwhile, Batumi will also host a new casino-hotel in the historic pharmacy building with a status of a cultural heritage monument. The building will retain its full appearance and offer a symbolic pharmacy shop too. The project with $5 million investment will employ 50-70 people in total. 
 
In line with the growing tourism market, we expect to see expanded accommodation options in Georgian resorts.  

 


08 September

The climate and soil have made agriculture one of the driving forces for the Georgian economy. The role of villages is vital in maximising the agriculture potential and agri-business development, as well as ensuring the country’s sustainable economic growth. 
 
Recently, a development of a modern Farm Village Ikalto in Kakheti region has been announced. The project has an innovative concept where residents will live in a harmonious and ecologically clean environment only 100 metres away from the forest zone - a particular advantage for those who want to stay away from the fast and stressful environment of the city. Specifically, the project encloses 5 ha land, which will include one-storey individual houses with their own vegetable farms and yards. The residents will enjoy impressive landscapes and the views of the Caucasus and Alazani Valley. 

Another town of Kakheti has seen a new cattle farm construction with GEL 2.5 million investment. The farm is equipped with modern standards, able to produce 4 tons of raw milk daily. The farm employs 10 locals and sells its products in the local market.
Agricultural developments gain more importance in other regions too. i.e. Dmanisi, hosting a new Swiss Agrarian School "Kavkasia" alongside a livestock farm and a modern Swiss cheese factory. The prospective students will receive practical training on site and sell the products in a school-owned shop. 
 
As agriculture is identified to be a priority for development in Georgia, we anticipate more modern rural settlements and farms, and innovative projects contributing to the sector’s growth. 

 


25 August

Recently Georgia has seen accelerated economic activities. According to government officials, the country shows a high indicator of economic growth between 20-45% in April-June. Specifically, regarding the retail sector, as curfew has been removed, retailers were able to extend working hours until the late evening, when the shops receive the highest volume of traffic. This resulted in higher profitability for the sector and occupied commercial spaces with the ability to follow long-term lease commitments.
 
Consequently, shopping malls attracted new tenants. For instance, Saburtalo City mall welcomed a new branch of Body Shop, while KIKO cosmetics brand appeared in both Saburtalo City mall and East Point shopping centre. Several malls further report occupancy levels at around 98%, while the average rents have been slightly reduced in some cases to retain retailers. It is also noteworthy that footfall in these malls has increased to almost the pre-pandemic point. 

The vacancy level is also shrinking in certain locations of Tbilisi. The Georgian sports shoe brand Crosty chose a customer-oriented strategy and opened its first physical shop in Tbilisi with a €70,000 investment, creating an additional nine jobs. Furthermore, Georgian menswear brand Palekart created during the pandemic is entering the retail market with a shop and small sewing space on the spot to be presented to the customer as an atelier-showroom.

Besides Tbilisi, repair and construction hypermarket chain Gorgia opened a new branch in the city of Zugdidi with GEL 5 million investment employing 100 locals. 

We expect an amplified retail landscape in Georgia in the coming months. 

 

11 August

Demand for cost and time efficient surroundings, as well as the lack of resources and space forces developers to adapt to the environment, leading to more cases of mixed-use complexes in Georgia. 

Several significant examples of mixed-use buildings blending residential, commercial and entertainment uses into one space are mostly found in Tbilisi. These are Axis Towers, Alliance Highline, Park Home, CH64, Tbilisi Hills, Panorama Tbilisi and Vake Hills. For instance, Vake Hills is a multifunctional building of about 9,000 m2 with offices, restaurants and spacious car parking. As high-class offices are highly demanded in Tbilisi, the company offers a comfortable and energy-efficient environment for work. 

Noteworthily, we meet multifunctional building trends in other cities of Georgia too, i.e. in Batumi featuring Riviera by Silk Road Group, and Alliance Centropolis. Alliance Centropolis, standing out for its exclusive architecture, will be a hub for MICE tourism. It will offer the first WTC Exhibition Centre in the region, also Upscale apartments, 5-star international hotel brand and casino, ‘A’ class business centre and ‘A’ class shopping centre. 

Furthermore, a relatively small town Rustavi is also expecting a $15 million-worth mixed-use development. The complex with 21,820 m2 space will feature Rustavi Shopping Mall, apartments, cinema, and children’s playground. Its construction will be completed in 2-3 years, and it is supposed to become a landmark of the town.

Over time we expect more mixed-use developments in Georgia offering a unified flexible space where people can be without boundaries between work, shopping, leisure and home.

 

27 July

Nowadays wellness and health tourism have become highly demanded all over the world. Hotels and service providers in Georgia have also observed the trend and started to offer a wider range of well-being options to their guests.
 
With this regard, Mziuri Gardens is a new seaside balneological destination in the resort Makhinjauri, where special thermal waters and a unique microclimate are ideal for quality living and relaxing. The multifunctional project includes two 15-storey and one 17-storey buildings, featuring premium level apartments, and one of them housing the 5-star hotel Crowne Plaza. 15,000 m2 of land will be cultivated around the complex dedicated directly to recreation. 

Such trends can be observed in the town of Tskaltubo, a spa resort in the Imereti region. A recent initiative, the Tskaltubo Revival Project aims to make the town a hotspot of tourism. Renovation endeavours in the town and the reconstruction of its glorious Sanatoria are believed to result in a development of a high-end spa resort attracting international visitors.

Similar tendencies are noticeable in Abastumani, a resort town in the Samtskhe-Javakheti region of Georgia, the history of which is also related to thermal spring waters. Following a conceptual master plan for the resort Autograph hotel, Radisson, Crown Plaza, a 400-unit apartment building and other midsize lodging facilities will emerge in the town, while parks and roads will be fully rehabilitated.  
 
Development works of these balneological resorts are supposed to be completed in the following years, augmenting the medical tourism market in Georgia and attracting both domestic and international tourists.

 

13 July

The past few months have seen a relative recovery of economic markets and increased travel in Georgia.  

As more tourists enter the country we are seeing new development pop up in different locations around Georgia. 

Recently, the Dreamland Oasis Hotel in the Black Sea resort of Chakvi announced expansion plans.  

A new building of 100 more rooms and two new open swimming pools have been built within the hotel grounds for this summer season.  

They have also added a new ball room to Dream Palace with a 600-person capacity.  

In addition, the hotel offers a new cinema, games room, tennis and basketball courts, children's attractions, private beach and protected area for relaxation.  

After the 2021 summer season they plan to build a new SPA centre which will be unique to the whole region.  

Importantly, the hotel employs more than 500 people in the summer and maintains staff of around 200 in the winter season. 

Another new spot emerged in Batumi occupying two floors of Alliance Palace.  

This is a new restaurant opened by Alliance Group with an investment of 1 million EUR. Notably, a famous Georgian chef will greet the customers. 

Fortunately, the new developments are not concentrated in one region, but rather distributed through the country.  

A family-run wine hotel Babaneuri Cellar in Akhmeta, Kakheti expects fruitful 2021 summer season, and is already hosting tourists from Dubai, Russia, Israel and European countries.  

They plan to make their hotel pet-friendly due to a shortage of such accommodation in Georgia. 

 


01 July

Nowadays, along with prevalent environmental issues and the year of the pandemic that has further sharpened attention on healthier living, the citizens of Georgia demand green buildings promoting health, energy efficiency and resource conservation.  

The demand is relatively high for isolated, suburban housing with green spaces and yards nearby.  

As a result, companies have begun to respond to the rising demand by offering more green projects. 

We are seeing an increasing number of green settlements and primary homes emerging in areas outside Tbilisi and other nearby towns offering greener options to the residents. 

The new Lisi Topograph project, located at the shores of Lisi Lake on 41.8 hectares, is announced to be an eco-friendly and protected settlement of private houses meeting all requirements of the modern urbanisation low-density development.  

The project also envisages parks, sports grounds, children's entertainment areas, and various consumer facilities tailored to the needs of the residents.  

This unique location and landscape provide ecologically clean, healthy and a quiet environment for families. 

Another example of a recent green building in Georgia is the Head Office of ProCredit Bank in Tbilisi, which is the first building in the country to receive an EDGE certificate as a resource efficient structure for using solar power plants for electricity generation as well as for charging its electric vehicles, while contributing to the reduction of CO2 emissions.  

Evidently, sustainability practices steadily gain more importance in Georgia and over time the real estate space continues to incorporate more green and eco-friendly elements. 

 


14 June

Retail businesses which have heavily relied on direct sales to customers saw significant shrink in revenues due to the closure of business activities during the lockdown period.  

Additionally, due to safety concerns customer flow to retailers was remarkably low even after lockdown.  

Lower revenues meant inability to follow long-term lease commitments leading to tenants vacating occupied commercial spaces.  

It is also noteworthy that local consumer spending has increasingly shifted towards basic needs, such as food and medicine, while luxury products received the least demand from consumers.  

The shift in demand and their relative operational success in 2020 has resulted in pharmacies filling in many a vacated spot on the main streets.  

Over the last year two years new pharmacy chains were introduced on the Georgian market and in the past nine months, proliferation of their units across the Capital has been apparent.  

Hypermarkets like Carrefour have been publicising their expansion policies as well: the latter announced the intention to invest an additional $120 million in the Georgian market in the next 2-3 years, employing 1,200 more workers.  

Presently we are seeing a stalling of closures in other retail sub-sectors.  

Mid-segment and economy brands which suffered most during the lockdowns are reporting increases in turnover.  

Financial stimuli have been sparse but helpful where available: one of the largest local outlet retailers, Navne, which offers clothes, shoes, accessories and cosmetics through its 23 units, was hit hard by the pandemic and incurred a huge loss. After receiving EU Finance for Innovators however the company has been able to reopen all its closed shops and add three new ones. 

As economic activity continues to recover, we expect to see a boost in demand on retail goods, rehabilitation of disrupted supply chains and consequent revival of retail activity across all sub-sectors. 

 


02 June

The Hospitality industry, one of the hardest hit sectors throughout the pandemic, is slowly awakening in Georgia as summer is approaching.  

Tbilisi, as well as the Black Sea resorts, such as Batumi, are seeing an increase in tourist numbers. Notably, during Q1 of 2021 the native visitors significantly outweighed foreign tourists, since the start of May Batumi has seen distribution between tourists shift remarkably in favour of international guests, as visitors from Israel and other neighbouring countries are arriving in greater numbers.  

It is noteworthy that Batumi airport added a second terminal, doubling its capacity; thus the new facility will be able to accommodate 1.2 million passengers annually. Moreover, several airlines resumed flights from Batumi, such as Flydubai and Air Astana, while new Kazakh and Ukrainian low-cost airlines are entering the market with regular flights. German low-budget air carrier Eurowings is expected to start operating in Georgia too. An increasing number of tourists is attributable to higher rates of vaccination. This is also why the Georgian Government officials believe that the tourism sector has better prospects for a speedy recovery than projected earlier.  

However, there are still some coronavirus restrictions subject to revision; numerous tourists, inconvenienced by the nationwide 9pm COVID curfew cancelled their hotel reservations, leading to reduced occupancies in Georgian hotels. As a result, the curfew has been moved to 11pm. Gradual ease of domestic restrictions is expected over the coming weeks.  

 


09 December

December has ushered yet another lockdown in Georgia. In the last week of November, the Government announced the closure of public gathering spaces as well as the temporary grounding of public transport. Shopping centres will remain closed until mid-December, when they will get a short reprieve. The lockdown goes on through January and may be amended providing the epidemiological situation improves by then. 

The announcement has hit retailers the hardest. December is the month when the bulk of annual revenue gets generated due to Christmas shopping. Closure at a peak sales period when the bottom line has been hovering near the negative for an entire year is causing many to doubt whether they will recover in 2021 at all. Three international brands have already left the market and many operators are considering reducing their number of retail units around the country.  

The attitude of retailers reflects the general pessimistic aura that has permeated varying business sectors in Georgia. As the daily number of cases continue to spike, everyone’s attention is on the speedy distribution of the COVID-19 vaccine.  

 


25 November

The worsening COVID situation in the country has dampened hopes for a speedy recovery in the commercial real estate sectors. Retail and hospitality markets struggle to remain afloat as people confine to homes and international visitor numbers are dwindling with no recovery in sight.

Some of the most well-trodden shopping centres in Tbilisi have reported nearly a 60% reduction in footfall. Hotels in the city are operating at below 10% occupancy with majority of the non-brand boutique facilities temporarily closed. Office buildings are experiencing a flashback to springtime, as most tenants have opted to shift back to working from home. 

In contrast to these, the residential sector, which was at a standstill during the Spring lockdown, is growing. Despite the marginal month-on-month reduction (-1%) in residential transactions in Tbilisi, it is apparent that there is both the willingness and the ability in the populace to make residential investments. The sector owes much to the subsidy program, implemented by the Government in June, to facilitate recovery of the market. The highest volume of sales is reported in the economy and mid-segments which are covered by the program. We expect a stable albeit slower upturn here in the coming months. 

 


27 October

Markets are recovering somewhat unevenly given the COVID-19 situation.

Residential real estate has all but recovered in Tbilisi. September brought a 9% growth in the number of transactions compared to the same month last year. October transactions are also expected to exceed October ’19 numbers.

Conversely, Batumi - the second largest city in the country - has been experiencing a major drop in transactions ever since the Q1 lockdown. This is because the primary source market for Tbilisi residential real estate is Georgian nationals; the Batumi residential market on the other hand derives the largest share of its revenue from international visitors, whose entry to the country has been restricted since March.  

Commercial markets are slowly adjusting. A few brands have left the retail market and the rest are putting expansion plans on hold, and only considering cases where the implementation timeline of a shopping centre exceeds two years. The office market is in stalemate - landlords are not lowering prices just yet but the reduction in demand is becoming apparent because more of the smaller companies have chosen to shift to coworking spaces. 

With a second wave of COVID-19 rising, the entire sector may once again have to face an uncertain future.   

 


5 August

August is off to a slow start as lockdown has been extended until 1 September. This does not bode well for the service sectors at large. Urban hotels report occupancies in single digits as well as increased operating expenses due to novel cleanliness guidelines and requirements imposed by both the Georgian Government and - in case of international franchises - by the brand HQs. Non-brand hotels in Tbilisi are remaining closed so as not to incur unnecessary expenses, until the flights resume. All the infrastructure supporting the travel and tourism sector is similarly in a stall. 

Lack of international visitors is detrimental to the residential market as well. Tbilisi residential clientele is predominantly a domestic group. The same is not true for Batumi - the second largest residential market in the country. Batumi residential clientele is dominated by foreign nationals from Post-Soviet countries, the Americas and Asia. Various developers based in Batumi project anywhere between 30%-80% year-on-year drop in sales due to a lack of international demand. Nonetheless, residential prices in Batumi remain at pre-COVID levels. 

In the short run we expect these prices to remain frozen. Reopening of the state borders will likely break the stall across all real estate sectors.

 


22 July

Post-COVID recovery is proving to be quite a slow process for most of the real estate sectors. Urban hotels are waiting for 1 August and the reopening of borders to receive international visitors; in the meantime, the majority of them have stayed closed. The retail sector is similarly reporting a slowdown in sales. Pent up demand has now subsided, and sales volume has dropped below the pre-COVID levels. Residential real estate transactions have started to recover slowly but have yet to reach the 2019 levels. In the meantime, in the office sector, increasing vacancy rates are boosting the tenants’ bargaining power. 

The Government’s recovery plans include stimulus packages that are supposed to target loss of income due to unemployment. In the long run, ensuring stability of the population’s purchasing power is the most salient solution to the problem facing both residential and retail markets. Reopening of the borders is the remedy to the urban hospitality sector, however, the typical volume of peak season inflow is hardly expected. Finally, that which troubles the office sector, is benefiting the co-working spaces, as the latter are reporting increasing corporate demand. In the long term, the Tbilisi office market will be reshaped most significantly due to COVID-19.  

 


8 July

Service sectors are gradually restarting operation in the wake of the Government’s COVID recovery efforts. A major beneficiary of the pent-up demand is the hospitality subsector consisting of rural and seaside resorts of Georgia. 

Seasonal as well as pent-up demand has resulted in rural resorts in Kakheti (the wine district) the mountains and the coastal towns booking up incredibly fast. For their part, resorts are advertising discounted rates (20-35%) to entice guests. As the majority of the population is still working from home, hospitality demand that used to be concentrated on the weekends is now distributed to the whole week. A number of resorts have already reported full bookings for the entirety of July and August. 

However, while rural/coastal hotels are thriving, urban hotels continue to struggle. Some hotels in Tbilisi have now permanently shut down; others have implemented marketing campaigns that invite domestic guests to substitute working from a hotel to working from home. But the panacea for urban hotels is international tourism. EU has opened borders to Georgia, but the Georgian Government has pushed the deadline for border opening from 1 July to August. This may instigate more rural hotels to shut down temporarily or even permanently. 

 


25 June

The first wave of COVID-19 has now ended in Georgia and while few new cases still get discovered daily, the country is nonetheless going through a period of respite. Regulations that were imposed in Spring have now been lifted and society is adjusting to the life post-COVID-19. Face masks, social distancing and fever screening are being normalised at all places of social gatherings- restaurants, offices, retail stores, etc.  

Because the Georgian economy relies heavily on service sectors, and since many of these sectors have not yet gone back to the pre-pandemic levels of operation, economic recovery still seems to be a long-term endeavor. Oxford Economics has forecast a negative 1.29% real growth in GDP in 2020. IMF has a bleaker projection of -4.0% - a position shared by the National Bank of Georgia (NBG). Recovery forecasts range between 3-6% in 2021.  

One of the primary concerns of the Georgian developers, devaluation of GEL, has been curbed somewhat by the efforts of the NBG. Residential real estate is starting to look up, but expectations are low for the entirety of 2020. In spite of the uptick in transactions between May and April year-on-year comparison suggests greater than 60% drop in demand. 

 


30 April

COVID-19 has severely affected the Georgian economy and its ramifications will likely worsen the longer the country stays in lockdown and under a State of Emergency. The country’s economy is heavily reliant on service sectors which have been hardest hit. Tourism, hospitality and retail are paralysed, while the office sector is plunged into a state of turmoil as tenants attempt to renegotiate lease terms.   

Capital markets has experienced an expected slowdown. The number of transactions for both commercial and private properties took a dive in March and April is shaping up to be similar. The pricing impact has been immediate, with Developers projecting a 40-50% drop in annual revenue.  

Some recovery measures have been implemented by the Government of Georgia as well as the private sector. The largest commercial banks have instituted a grace period on hospitality related loans and the Government is subsidising income and postponing VAT payments. Grants have been issued to help those made unemployed. Additionally, a plan for the reopening of public and semi-public spaces has been announced and will take effect on 27 April. If the epidemiological situation remains stable, the initial steps may be made on the path to socio-economic recovery.   

 

RELATED COVID-19 INSIGHT

Looking out over Buda castle, Budapest
Insights • Economy

Hungary Real Estate Market View

A regular update on the commercial real estate market in Hungary.
Orsolya Hegedűs • 10/27/2022
couple with face masks on Milan street
Insights • Economy

Italy Real Estate Market View

A regular update on the commercial real estate market in Italy.
Raffaella Pinto • 9/23/2022
Rue Sainte-Catherine, Bordeaux, France
Insights • Economy

French Real Estate Market View

A brief bi-weekly update on the French commercial real estate market.
Christelle Bastard • 9/23/2022
Bratislava, Slovakia
Insights • Economy

Slovakia Real Estate Market View

A regular update on the commercial real estate market in Slovakia.
Lukas Brath • 9/14/2022
Prague, Czech Republic
Research • Economy

Czech Real Estate Market View

A regular update on the commercial real estate market in Czech Republic.
Marie Baláčová • 8/23/2022
Poland
Insights • Economy

Poland Real Estate Market View

A regular update on the commercial real estate market in Poland.
Katarzyna Lipka • 7/14/2022
Rome
Insights • Economy

Spain Real Estate Market View

A regular update on the commercial real estate market in Spain, reflecting all our service lines: Offices, Industrial, Capital Markets Group, Retail and Hospitality.
Ramiro Rodríguez • 3/10/2022
blue duotone graphic of people in office
Insights • Economy

EMEA Markets View

Our EMEA local market research colleagues share the latest real estate market views from their countries.
Andrew Phipps • 1/13/2022
Bulgaria
Insights • Economy

Bulgaria Real Estate Market View

A regular update on the commercial real estate market in Bulgaria.
Simona Luiza Mircheva • 11/23/2021
Brussels Office Marketbeat
Insights • Economy

Belgium Real Estate Market View

A regular update on the commercial real estate market in Belgium.
Cédric Van Meerbeeck • 3/25/2021
New Perspectives (image)
Research • Topical Report

New Perspective: From Pandemic to Performance

As a global leader in the commercial real estate (CRE) industry, Cushman & Wakefield offers clients a new perspective on COVID-19’s impact on CRE and beyond, preparing them for what’s next.
Michael Boonshoft
Insights

$name

Interested in learning more?

Get in touch and we can assist with any additional information you need.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS