Office and Retail Markets in Tirana Remain Sedate During 2010 Anticipating Further Growth in 2011
Tirana, Albania, October 06, 2010 --(PR.com)-- Colliers International Albania is happy to announce the results of its Real Estate Review for the first half of 2010. According to Colliers, the total office stock of Class A, B+ and B in Tirana amounts to 63,400 m2 and no new supply has been added to this inventory since the entrance of ABA Business Center in H1 2009.
The first half of 2010 marked an interesting increase in office demand from the city center to the outskirts of Tirana. Colliers believes this trend will continue due to lower rental rates and larger office space offered in these areas.
Vacancy rates have marked an increase since the second half of 2009 and rental rates have experienced a slight decrease respectively.
Parallel to the office market, the retail segment is continuously increasing its quality brands from international retailers such as COIN department store, LC Wakiki, Fergi and more. Similar to the office market, retail rental rates have dropped and vacancy rates have increased respectively.
Colliers forecasts office and retail supply to remain sedate until the end of the year, but the on going under construction projects such as TID tower and Tirana East Gate shopping mall are expected to enter the market within 2011-2012 by thus increasing both office and retail sector supply.
“2010 has already seen an overall revival in the real estate market in Tirana and with the entrance of Tirana Business Park we hope to see an increase of quality office space to proper International Class A standards,” said General Manager Stela Dhami.
As new supply enters the market, Colliers expects both the office and retail market to experience a decrease in rental rates and higher vacancy rates due to upcoming projects and developments in the market. For a full view of their bi-annual report please visit their website www.colliers.com.
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. In Southeast Europe, Colliers International is number one and larger than its three closest rivals combined. Colliers focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate firm in the world. www.colliers.com
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The first half of 2010 marked an interesting increase in office demand from the city center to the outskirts of Tirana. Colliers believes this trend will continue due to lower rental rates and larger office space offered in these areas.
Vacancy rates have marked an increase since the second half of 2009 and rental rates have experienced a slight decrease respectively.
Parallel to the office market, the retail segment is continuously increasing its quality brands from international retailers such as COIN department store, LC Wakiki, Fergi and more. Similar to the office market, retail rental rates have dropped and vacancy rates have increased respectively.
Colliers forecasts office and retail supply to remain sedate until the end of the year, but the on going under construction projects such as TID tower and Tirana East Gate shopping mall are expected to enter the market within 2011-2012 by thus increasing both office and retail sector supply.
“2010 has already seen an overall revival in the real estate market in Tirana and with the entrance of Tirana Business Park we hope to see an increase of quality office space to proper International Class A standards,” said General Manager Stela Dhami.
As new supply enters the market, Colliers expects both the office and retail market to experience a decrease in rental rates and higher vacancy rates due to upcoming projects and developments in the market. For a full view of their bi-annual report please visit their website www.colliers.com.
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. In Southeast Europe, Colliers International is number one and larger than its three closest rivals combined. Colliers focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate firm in the world. www.colliers.com
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Colliers International, Albania
Heliana Mano
+355 4 24 00 470
colliers.com
Heliana Mano
+355 4 24 00 470
colliers.com
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