In the period from 2022 to 2023, the commercial real estate market did not undergo significant changes. During this time, rental and sale rates for commercial spaces decreased slightly (by 5-7%). The difference between rental and sale rates for commercial real estate is leveling out depending on the transaction conditions and the location of the properties. It is worth noting that the main shopping centers and commercial spaces in the capital are located in the central sector of the city and along its main arteries.
The market continues to experience a constant shortage of such spaces, leading to a price increase in this segment. Commercial properties in other areas, as well as those located in basements and semi-basements, are less liquid and are not in high demand. In the structure of demand for commercial spaces, the leading positions are held by: pharmacy chains, diagnostic laboratories, mobile and IT equipment retailers, grocery stores, and fast-food chains with a focus on the "to go" format.
Below are comparative data on office space rental on the local market. This year, there was a very limited number of rental offers in the municipal market in the area where the object is located. Therefore, when forming our opinion on the market rental rate, we took into account the following offers and availability of vacant spaces:
| Sale/Rent, €/m² | |||||
| 2022 | 2023 | 2022 | 2023 | ||
| Center (ultra-center) | 3 450 | 4 000 | 35 | 30 | |
| Center | 2 000 | 2 500 | 25 | 20 | |
| Center (periphery) | 1 500 | 2 000 | 15 | 15 | |
| Botanica (center) | 1 500 | 2 000 | 12 | 15 | |
| Botanica (periphery) | 1 300 | 1 500 | 10 | 12 | |
| Rîșcani (center) | 2 000 | 2 500 | 30 | 30 | |
| Rîșcani (periphery) | 700 | 1 300 | 10 | 6 | |
| Buiucani (center) | 1 450 | 1 750 | 15 | 12 | |
| Buiucani (periphery) | 1 250 | 1700 | 10 | 5 | |
| Ciocana (center) | 1 350 | 1 750 | 18 | 15 | |
| Ciocana (periphery) | 700 | 950 | 10 | 9 | |
| Telecenter (center) | 1 500 | 2 400 | 15 | 20 | |
| Telecenter (periphery) | 1 000 | 1 500 | 10 | 7 | |
The rental rates for comparable properties range between €10.00 and €21.00 per m². The analyzed properties are located within the perimeter of streets near the object specified in the current investment request and have similar characteristics. It is worth noting separately that, according to discussions with real estate experts, these properties have remained vacant for at least three years, and during this time, rental prices have decreased by more than 30% compared to the same period in 2020 (€20.00 - €30.00 per m²). The main factor was the owners' refusal to repurpose their properties according to market trends and demands, attempting to solve this issue at the expense of tenants under various conditions. This, in many cases, leads to longer vacancy periods and price reductions.
It is also important to emphasize that the project initiator has over 20 years of experience in the real estate market and is well acquainted with client psychology and behavior. These factors have allowed him to timely rehabilitate his own property based on market requirements and to sign long-term lease agreements on mutually beneficial terms for all parties.
Based on the analysis of rental rates in this area of the city, we have concluded that the rental rates for the project initiator's property are in the upper range of the market and will remain at the same level in the medium term, with a slight adjustment of the rental rate in the range of ±3-5% compared to the current rate.
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