First large global real estate consultant sets up shop in Albania

Colliers International were the first of the ‘big boys’ in the commercial and retail property field to establish a permanent bridgehead in the Albanian capital when they officially launched their office on the 22nd May this year.

But this was not a sudden assault on the commercial and retail markets in Albania ‘Iwo Jima’ style as Colliers have actually been operating in Albania on selected assignments since 2006.

Stela Dhami, General Manager of Colliers International Albania told the Albania Zone:

“We opened our Office in Tirana in August 2007. The official opening celebration was not until May this year as we tend to have our opening parties a bit after we have been in the market and established ourselves.”

Colliers is largest real estate consultancy in South East Europe.

Colliers International is by far the biggest real estate consultancy operating in South Eastern Europe and has been instrumental in the development of some of the largest and market-defining projects in the countries in which it operates.

“Colliers International Albania is already the leading player in the retail and office sectors in Albania and we look forward to announcing more major projects that will benefit the wider community here.” - Stela Dhami, General Manager of Colliers International Albania

City Park Tirana – Transforming the retail market in Albania

Colliers are currently involved in 3 large commercial and retail projects in and around Tirana one of which is the new 40,000 m² shopping mall ‘City Park Tirana’.

City Park Tirana is located on the Tirana to Durres highway, 15km from Tirana, 25 km from Durres and 5 km from Tirana National Airport. The catchment area it covers will serve some 1.3 million within a 25 km radius.

Colliers is the exclusive leasing agent for the project that is expected to be completed early in 2009 and which will house some 150 retail units, a supermarket, food court and leisure facilities within the development. Colliers have already confirmed the development will have two 5,000 m² anchor tenants one being a supermarket and the other an electronics store. Colliers will also provide ongoing management services for City Park Tirana.

The opening of City Park is also likely to increase the presence of big name international retailers in the Albanian capital. The entrance of these big names onto the market will transform the retail sector in Albania, resulting in a move away from small family owned retailers to bigger international-style outlets.

“We are very excited about the future of retail here and look forward to bringing big name retailers here for Albanian consumers.” - Philip Bay Managing Director of Colliers International Albania

Other recent Colliers Quotes:

“Colliers is the only international property consultancy to have its own office in Albania and we have actually been operating here for many years. We are very confident that Albania has a bright future and can look forward to sustainable growth.” - Philip Bay, Managing Director of Colliers International

“The Albanian market has acquired the institutional and financial standards of a modern economy and we are of the opinion that the first international companies to establish their presence in the Tirana retail market will have immense benefits.” - Dimitris Voutsas, Director of Retail Services for Colliers International Hellas

“Strong economic growth and increasing purchasing power are powerful drivers of retail expansion in Albania. The next few years here are going to be exciting times since everything points to a major period of retail growth.” - Stela Dhami, General Manager of Colliers International Albania

And just a final comment or two to round up

At present Colliers are not involved in any residential or vacation projects in Albania but rather are concentrating on commercial and retail projects where they see real potential for growth and expansion of the market. Other Colliers offices around the world certainly do offer residential property for sale so maybe in the future we can look forward to seeing some being offered through the Albanian Office.

One thing we should all keep our eyes peeled for are the useful reports the Colliers offices produce giving an insight into the property markets in the countries they are involved in.

As yet the Colliers website does not have an Albanian section so perhaps we can expect to see a specific Albanian property market report at some point in the near future from them once the site is updated?