Like other real estate sectors in Tbilisi, modern shopping centres also struggled with the outcomes caused by the pandemic. In total, approximately 5 months the shopping centres were shut down. Generally, during strict lockdown majority of landlords proposed rental holiday.
According to our estimations and consulting with the stakeholders the retail turnover diminished by a third for the entire year.
Around 9K sq m was released in H2 2020. Thus, according to the preliminary data net take-up remains positive with c.6K sqm.
As of 2020, some performance indicators remained stable, some reduced slightly. It is expected that significant changes in modern shopping centres will occur in 2021, in terms of relocation, rent reduction or other agreement conditions.