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Real Estate Price has Decreased on Pekini Avenue

The price of real estate on Pekini Avenue has decreased, and the owners of shops located there complain about the reduction of realization.

The lease price of commercial real estate on Pekini Avenue in 2017  decreased by 9% compared to the previous year, while the vacancy of the premisesby 7%. COLLIERS INTERNATIONAL GEORGIA reports the statistics.

“The Pekin Avenue is still one of the main trading streets in Tbilisi, but Pekini has become less attractive for customers since shopping and entertainment culture has been established in the shopping centers and consumers flows there. Tbilisi Shopping Centers offers a wide range of entertainment and facilities apart from shopping. Opening of Galleria Tbilisi also affected flow in the clothes stores. As for, the one-sided traffic, it has significantly reduced the visibility of some trade objects, “said the director of COLLIERS INTERNATIONAL GEORGIA Irakli Kilauridze .