Updated: February 14, 2021
In 2020, the weighted average (WA) rental rates reduced on main high streets. The WA rent on Pekini Street decreased by 9% and stands at USD 32.6 per sq m, while on Aghmashenebeli and Chavchavadze avenues declined by 5% and 3%, amounting to USD 24.4 and USD 29 per sq m, respectively.
The weighted average rent on Rustaveli Avenue increased by 6%.
Updated: February 14, 2021
The vacancy rate significantly increased on high streets.
The vacancy rate on Aghmashenebeli Avenue increased from 10% to 16%. At the end of 2019, the figure stood at 5% on Rustaveli avenue, increasing up to 13% as of 2020. Pekini street also saw a growth, from 7% to 9%.
Insignificant change has been recorded on Chavchavadze Avenue.
Updated: February 14, 2021
The weighted average rent of new contracts signed during the pandemic is 36% lower than the weighted average rent in 2019. The figure experienced a dramatic 50% fall on Aghmashenebeli avenue, from USD 25.8 per sq m to USD 12.8 per sq m. A prominent 40% decline was observed on Rustaveli Avenue, standing at USD 19.6 per sq m. Pekini street saw a massive 38% decline, while the WAR has decreased only by 3% on Chavchavadze Avenue.
Updated: February 14, 2021
In 2020, 169 tenants exited from Tbilisi high streets, with the total area of 11,385 sq m. 57% of this space (6,532 sq m) was located on Chavchavadze and Aghmashenebeli avenues. Dunkin’ Donuts, Finca Bank, Ovs Kids, Parfois, Flo are among tenants who closed a branch on high streets in Tbilisi. It is noteworthy, that not all of them were closed due to the pandemic.