Rent Trends for Office Spaces in Tirana
In Albania, it’s common to share the same floor of the building with a dental clinic, a legal office, a tour agency, a wedding planner business, a private kindergarten, a call center, etc. In a nutshell, any type of private business can rent or buy an office in a residential building.
Data from the Census 2011 confirmed that the total number of residential buildings was 598,267 for a population of 2.8 million people. Buildings are divided based on their year of construction, the number of floors, construction materials, and the climate zone. There are three climate zones: A that includes the coastal area, B that includes the areas with a temperate climate, and C that includes older mountainous areas. About half of buildings are situated in B area and one third is found in climate zone A.
The building quality depends on the region where it is found. Tirana region has a higher level of welfare hence building have better quality and this is reflected in the rent and sale prices.
The building constructed during the recent fall under the mixed-use development category. This means consists of an urban style that blends residential, commercial, and other types of institutions in one single building.
Residence apartments for rent can be used for different purposes, commercial included, depending on possible arrangements of the workspace. Therefore, the property owner defines a monthly rent or a price per square meter. If the space can be used as an office an extra element that improves the chances of attracting quality buyers or tenants faster.
Office spaces in Tirana
There are only a few commercial buildings in Tirana, others are still under construction and the most ambitious projects haven’t started yet. However, constructors may change their planes and use new towers for accommodation purposes, given that the government offers tax incentives for this type of investment.
The municipality council of Tirana in a recent meeting decided that no call centers a group of businesses will no longer be allowed to rent spaces in residential buildings. The local power plans to move all the important institutions, embassies, and the private sector to the new boulevard, the area from the Train Station to the River of Tirana. When it comes to immovable property, commercial buildings are divided into two key sectors, offices, and commercial centers.
Location, location, location
The rent or price of office spaces depends on its location and the type of building it is found.
The most expensive areas in Tirana include the Former Block, the Artistic Lyceum, the area near the Public Radio and Television, the area near the Parliament. It is rare to find a property for rent in these areas for less than Euro 500 per month. Realtors confirm a trend of second home buyers that invest in immovable properties and give them for rent. There are buildings like ABA Tower, Vaso Pasha Tower, or the Twin Towers that serve only for commercial purposes. Other elements that may have an impact on the price are administration, the quality of construction work, water and power supply, heating system, view, etc.
Tirana is known as one of the capitals with the higher office rents in the Balkans and beyond. This is due to the low level of Tirana’s office stock. New investments in tower projects are expected to increase the office stock by 25 percent and consequently reduce prices.
International companies prevail in the office rental market in Albania. On their part, Albanians companies tend to invest in immovable properties.
A 100 square meter office in the former block area can be rented for Euro 600 per month.
At the same time, the rent for a 200 square meter office space at Elbasani Street is Euro 2,000 per month.
Cheaper office spaces can be found in other areas of the capital near important facilities such as the airport.