Research & Insights

Every day we strengthen our ideas with actionable research and insights that can position any client in any sector for what’s next.

Market Snapshots Q1 2019

C&W Research Team

Retail Market Snapshot

Over the last decade, Tbilisi has begun to actualize its potential as the economic center of the region. Retail trade turnover has averaged an annual growth rate of 19% while value added by the sector has increased on average by 24%. The latest data published by the National Statistics Office indicates that there are 112,456 persons employed in retail – a 224% increase over the number of persons employed in 2008. This growth over nearly a decade is encouraging, yet the latest quarter has been more or less static. This is reflected in the rigidity of prices and a slow change in the demand mix. 

Office Market Snapshot

Tbilisi is a commercial center of the country; as such, over the past decade it has attracted a diversity of international businesses seeking to establish a regional office in Georgia and in the wider Caucasus. Surge in demand prompted creation of supply of offices in the capital, which until recently, had mostly consisted of converted Soviet-era buildings. Modern office buildings have gradually appeared, with prime office spaces built in recent years however, demand that once propelled this expansion is now stalling. Pipeline of prime offices set to open within the next two years includes three office buildings, however there is no indication that either the number of international entrants or that of local businesses in need of space to lease will increase. Local businesses are growing, but these are more likely to operate from owner-occupied or co-working spaces. As of Q1 2019, the total supply of office space amounts to 450,240m2 – same as in Q4 2018. Demand mix has similarly remained unchanged.

Hospitality Market Snapshot

Quarter 1 of 2019 started off with Georgia hosting 1.334 million visitors, which was a 1.1% increase over the number recorded in the same period in 2018. The first three months of the year are off-seasonal, which explains relatively low number of tourists and a slow growth rate. However, we expect the tourist inflow to increase exponentially in the following two quarters – our forecasts indicate that in 2019, total number of visitors to Georgia will reach 7,390,457. 

Market Snapshots Q1 2019
OUTLOOK 2023

OUTLOOK 2023

C&W presents the 2023 overview of the real estate market in Georgia.   In Tbilisi and Batumi, the number of transactions ...
Research Team;

SUBSCRIBE TO UPDATES

2024 © Copyright Cushman & Wakefield Georgia