SIGNIFICANT INCREASE IN GEORGIAN OFFICE SPACE CONSTRUCTION

According to the study published by Colliers International,  demand for modern office stock has increased and new modern office centers with total space of about 62,000 sq. m are under construction in Tbilisi, capital of Georgia. Given space will become available in 1-2 year time frame, triggering relative increase in the construction, furnishing and sanitary market growth. 

It should be mentioned that total space under construction amounts 7 % of the total office space available in Tbilisi.

According to the experts, 65 000 sq. m. amounts up to 430 new offices. 

In 2014, some larger international occupiers announced market entry or expansion, including EIB, Philips and BP. The latter is currently investigating the market to develop their new 5,000 sq. m HQ. In addition, flexible office providers Regus and Compass are preparing entry and expected to start operations during the second half of next year. Demand from local companies remains relatively small and is derived mainly from owner-occupiers. TBC Bank has announced to start construction of its new 22,000 sq. m HQ in Saburtalo, besides this, the pipeline is limited to about 44,000 sq. m.