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Scarcity dictates prices

Street retail has always been the most active segment on the commercial real estate market of Chisinau. Premises for this type of activity have always been in short supply, which explains the high rental and sale prices of such areas.
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Scarcity dictates prices

“Today the most in demand is the lease of premises for trade, offices of lawyers, notaries, psychologists, various services, sports and fitness halls,” says Eduard Pinkas, commercial real estate manager of Proimobil agency. – The growth of new areas for rent is mainly due to the partera in new residential complexes. And they have recently been built less and less. But everything depends on the condition of the premises and location”.

According to him, the rent of commercial premises in Chisinau on average costs plus or minus 15-18 euros per square meter. The bigger the premise, the cheaper it is. For an area of 160-200 square meters the rent may cost 12-15 euros per square meter. For a smaller area – up to 20 euros per square meter. For very small premises, the rental price can go up to 25-30 euros per square meter and even higher.

“The other day we had a client rent a room of 8 square meters in the building’s parterre for 450 euros per month, or more than 50 euros per square meter,” says Eduard Pinkas. – There are very few commercial premises in the parterre of new residential complexes. For such areas at the construction stage of the contract with the tenant for 7-10 years. And they very rarely appear for sale. For example, in the residential complex “Solaris” on Telecenter (it will be commissioned in about 30 months) today a room in the parterre is sold for 2700 euros”.

People are more inclined to the fact that if you buy commercial premises, then directly from the developer. Not everyone wants to get involved with a loan, and if the developer gives installments for the period until commissioning, it relieves from the additional costs of paying interest on the loan.

According to the specialist, the price depends not so much on the sector of the city as on the condition of the real estate – new or old building, with repair or in white. For example, Ryshkanovka is in very good demand, but practically nothing is built there anymore. In existing buildings, the price in the parterre from 20 euros and more. “In such a complex as “Oasis” on Bogdan Voevod Street, the rental price for commercial space can reach 40 euros per square meter. There was a client who was ready to buy a room there for 4 thousand euros per square meter, but he was refused, – says Eduard Pinkas – In the semi-basement area can be rented for 13-15 euros”.

In Botanica commercial premises are rented for 10-12 euros per sq. m, in the Center – from 10 to 30-40 euros per sq. m.

Premises in Cokan sector are priced at about the same level as in Ryskanivka and even in the Center. On Mircea cel Batryn Avenue, rent of commercial premises in the parterre can cost 20-30 euros per square meter, office premises – from 10 to 18 euros.

When choosing for a tenant, the main factor is a good location. If the place is good, with active traffic, they are willing to even overpay. In a good location, even renting a semi-basement can cost 20 euros per square meter per month, and parterre 40 euros per square meter. A significant disadvantage is the lack of parking lots. This is especially important for retail, as the impossibility of parking discourages customers.

According to the specialist, very much in demand for commerce are freestanding buildings in the historical center of Chisinau. They have a rental price of 18-20 euros per square meter. m. And the sale price is at least 3 thousand euros per square meter. m. But today clients are not very willing to buy such premises, as their payback period is close to the European level, which is about 15-16 years. While earlier in Chisinau it was 8-10 years.

Premises in old buildings are also sold quite well. The buildings – historical monuments with a beautiful facade, which have been restored, are in special demand. In such mansions you can combine commerce on the first floor and administrative offices on the remaining floors. The rental price is up to 20 euros per square meter.

Class “A” office buildings in Chisinau can be counted on fingers. In the new business centers on Stefan cel Mare Avenue, on Mihai Viteazul Street, rental prices are 20-25 euros per sq. m. per month. In older buildings, for example, on Sergei Lazo Street, the rent is 14-15 euros per square meter.


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