Cushman & Wakefield | Veritas’ MarketBeat 2025 series highlights continued evolution across Georgia’s key real estate sectors. Tourism growth supported hospitality and retail fundamentals, while Tbilisi’s modern office market expanded further on the back of resilient leasing demand and an active development pipeline. Residential activity remained strong across major cities, with performance increasingly shaped by affordability and investment-driven dynamics.

Across sectors, market performance is becoming more location-sensitive, with prime submarkets continuing to outperform secondary areas.

Tourism

Georgia’s tourism recovery strengthened in 2025, with international visitor trips reaching 6.86 million (+6% YoY). Demand diversified beyond traditional source markets, while the share of overnight stays exceeded 80%, supporting higher visitor spending and strengthening fundamentals across hospitality, retail, and food & beverage segments.

Tbilisi remained the primary gateway, benefiting from growing air arrivals and continued expansion of the accommodation pipeline.

Office & Business Centres

Tbilisi’s modern office market reached a turning point in 2025. Total modern stock increased to 260,000 m² (+7% YoY), supported by accelerating institutional-grade supply and resilient occupier demand.

Class A&B weighted average rents reached $26 m², while vacancy rose modestly to 9%, remaining near historic lows. The development pipeline remains active, with approximately 105,000 m² under construction, alongside early signs of geographic diversification beyond established submarkets.

Residential

Georgia’s residential market remained active in 2025, with performance differentiated by city and affordability dynamics.

Tbilisi recorded approximately 41,000 transactions, supported by continued price growth and strong demand for 36-60 m² units. Batumi continued as an investment-driven market, while Kutaisi and Rustavi demonstrated more affordability-led trends and improving liquidity.

Retail

Retail markets continued to shift toward more structured, institutional-grade formats. In Tbilisi, modern shopping centre stock exceeded 573,000 m² GLA, supported by recent completions and a strong pipeline.

Prime high-street corridors demonstrated rental resilience, underpinned by strong footfall and limited availability of quality space.

Conclusion

MarketBeat 2025 underscores a maturing real estate landscape in Georgia, characterized by disciplined development, location-driven performance, and strengthening institutional standards across sectors.

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