The supply of modern shopping centres in Tbilisi has been growing over the years. In 2019, Tbilisi saw a massive 32 K sq m absorption of retail spaces, along with an increased supply.
As of 2019, the weighted average rent in shopping centres had modestly decreased by 1.5% compared to the previous year, amounting to USD 19.0 per sq m. Increased competition by the expansion of City Mall Saburtalo was the main reason for the decline.
Prolonged rehabilitation works on Chavchavadze Avenue have led to a significant increase in the vacancy rate. The overall vacancy rate on Tbilisi’s high streets increased from 6% in 2018 to 8% in 2019.