Demand for commercial spaces in the capital declined by about 10% compared to the same period of the previous year. Commercial space owners are trying to rent space, but fail to find a client. Nino Gedevanishvili, a member of the Council of Georgian National Association of Real Estate, believes that the main reason for this is the pre-election period.
"Demand for commercial spaces is suspended. It is not as active as it was in summer. Currently, many commercial spaces are vacant as renting commercial space is associated with starting a new business or is a step in growing a small business. So far, the pre-election period holds them back- Nino Gedevanishvili notes.
The decline in demand has not yet affected the price, but if the uncertainty continues, Nino Gedevanishvili does not exclude price сuts for commercial premises. It is unknown how much the price will fall, the situation on the market will be clearer at the end of November.
The interest of citizens of foreign countries in commercial spaces declined. Despite foreigners express their desire to rent spaces, from the final decision they refrain. Nino Gedevanishvili says that everyone is waiting for the elections to end.
