In 2017, provision of office spaces in modern office centers in Tbilisi has increased by 15% and made 176,000 m2. 53% of the increase is the share of King David Business Center, which added 12,000 m2 of A class office space. Total area occupied by office spaces in Tbilisi is over one million square meters.
According to the survey conducted by Collier International, in the recent years, prices for A class offices reduced by 4% and for A- and B+ classes prices haven’t changed much.
In Tbilisi, majority of business centers are located in Saburtalo district. According to the survey, during the current year, 12,464 m2 of space will be added to modern business centers.
20% of provision is in Mtatsminda District, where there are only A and A- class centers. With this regard, Mtatsminda is considered the most prestigious district and consequently prices are the highest here.
Modern office spaces in Tbilisi are distributed as follows:
Saburtalo – 54,332 m2
Mtatsminda – 25,124 m2
Didube – 11,025 m2
Vake – 18,316 m2
Chughureti – 16,911 m2
Krtsanisi – 12,760 m2
Isani – 5,000 m2
The largest international holders of office spaces in Tbilisi business centers are: EY, Deloitte, PwC, KPMG, Samsung, BBC, EBRD, ADB, Microsoft, JTI, Phillip Morris, Booking.com, Rompetrol.
Since 2012, rental prices in A and B class business centers has decreased by 26%. This decrease is due to growing competition. According to the survey, the prices will keep on decreasing.
Last year, rental price for square meter by districts was as follows:
- Matatsminda – $17.7
- Vake – $16.9
- Isani – $14.6
- Saburtalo – $14.4
- Krtsanisi – $14.1
- Chughureti – $13.5
- Didube – $ 6.4
In Georgia, there are 8 A class business centers:
- King David – (12, Aleksidze Street) area: 12,000 m2
- Aword – (3, Tatishvili Street) area: 3,500 m2
- ტაბიძის N1 – area: 8,000 m2
- Grato – (Kostava Street) area: 4,800 m2
- Pixel 34 – (Chavchavadze Avenue) area: 11,200 m2
- GMT Plaza – (Liberty Square) area: 3,000 m2
- Merani – (Griboedov Street) area: 4,500 m2
- Green Building – (Marjanishvili Street) area: 2,400 m2
Apart from this, there are 8 A- class business centers in Tbilisi. As to the projects, this year 2 more business centers will be built in Tbilisi: Axis Towers and MDM in Beliashvili Street.
