The Commercial Real Estate market in Georgia is experiencing significant growth and development in recent years.
Customer preferences: Customers in the Commercial Real Estate market in Georgia are increasingly seeking modern and well-designed office spaces that can accommodate their evolving business needs. They are also looking for properties that offer a range of amenities and services, such as parking facilities, security, and access to public transportation. Additionally, customers are placing a greater emphasis on sustainability and are seeking properties that are energy-efficient and environmentally friendly.
Trends in the market: One of the key trends in the Commercial Real Estate market in Georgia is the increasing demand for coworking spaces. This trend is driven by the rise of freelancers, startups, and small businesses, who are looking for flexible and cost-effective office solutions. Coworking spaces provide these businesses with the opportunity to work in a collaborative and dynamic environment, while also benefiting from shared resources and networking opportunities. Another trend in the market is the growing interest in mixed-use developments. These developments combine residential, commercial, and retail spaces in a single project, creating vibrant and integrated communities. Mixed-use developments are particularly popular among millennials, who value the convenience and accessibility of having different amenities and services within walking distance.
Local special circumstances: Georgia's strategic location between Europe and Asia, as well as its favorable business environment, has attracted a significant amount of foreign investment in recent years. This has contributed to the growth of the Commercial Real Estate market, as international companies are establishing their presence in the country and are in need of office spaces. Additionally, the government of Georgia has implemented various initiatives to attract foreign investors, such as tax incentives and streamlined regulations, further stimulating the growth of the market.
Underlying macroeconomic factors: The growth of the Commercial Real Estate market in Georgia can be attributed to several underlying macroeconomic factors. The country has experienced a stable economic growth in recent years, with a strong focus on diversifying its economy and attracting foreign investment. This has resulted in a growing number of businesses and an increased demand for office spaces. Furthermore, the government has implemented reforms to improve the business climate and simplify the process of starting and operating a business in Georgia. These factors have created a favorable environment for the development of the Commercial Real Estate market.
Data coverage:
Figures are based on value of commercial real estate.Modeling approach / Market size:
Market sizes are determined by a bottom-up approach. As a basis for evaluating this market, we use national statistical offices. Next, we use relevant key market indicators and data from country-specific associations such as share of industry, manufacturing, and services of the GPD, price level index, GDP. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the market, for example, exponential trend smoothing.Additional Notes:
The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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