A place to work and live in the main business area of ​​Podgorica

In the past two years, economies around the world, including in Montenegro, have experienced various transformations in sales and demand, which was particularly visible in the real estate sector. After the whole world was “locked down” due to the coronavirus, economies came to a standstill, and demand in most industries fell to the lowest level in decades. With the exit from the crisis caused by this pandemic, but the growth of inflation at the global level, the markets are recovering.

All this, as well as the war events in Ukraine, made real estate for rent in Montenegro extremely attractive, and their prices – for now – increased by about 30 percent, and even more on the coast.

We spoke with their asset manager Tatjana Vuksanović about the situation in Podgorica, specifically in one of the most prestigious complexes that offers spaces for business and living – in The Capital Plaza. She agrees that, after a big drop during 2020, the Montenegrin real estate market had a real renaissance last year through an increase in both interest and leases.

“Due to the crisis and inflationary trends in the world, many foreigners made a decision to transfer and continue their business in Montenegro. Thus, the interest in renting business premises in The Capital Plaza center is on the rise. As one thing leads to another, there are currently a large number of owners of foreign companies in our complex who – in addition to their business address – decide to live with us in a rented apartment,” she told the Bankar.me portal, adding that the proximity to work influenced this. , as well as the exceptional benefits of this complex.

Demand

When we take a step back and look at the numerous restrictions that practically affected the work of companies on a daily basis during the coronavirus pandemic in 2020 and 2021, the question arises whether centers like The Capital Plaza had a harder time. Vuksanović says that in such a challenging business environment, they tried to provide numerous reliefs to associates and partners with their support and business policy.

“Among those benefits were discounts, price reductions, exemption from monthly rents during the period when the shops were closed… Up to the possibility of deferred payment. In this way, we tried to help them to more easily overcome the numerous business challenges they were facing. And most tenants managed to overcome the covid period. But, unfortunately, there were also those smaller businesses that did not manage to survive – despite the help, the common will and the desire to be different”, states our interlocutor.

Today, when the number of people looking for real estate for rent throughout Montenegro is on the rise, the situation has changed quite a bit.

“As I mentioned earlier, there is great interest in leasing both business premises and apartments. This is supported by the fact that the occupancy percentage of business premises is currently 100 percent, and there is also a waiting list if one becomes vacant in the meantime. “When it comes to the residential part, occupancy is 85 percent,” specified Vuksanović.

And The Capital Plaza can boast of an increasing number of inquiries from citizens of Russia and Ukraine who have decided to temporarily work or settle here.

“It is true that now they are most interested in business premises. The majority of companies and entrepreneurs from these two countries deal with computer programming, followed by consulting services and marketing agencies. Some companies have more than 50 employees, which for our local market represents an additional chance to achieve business cooperation,” she added.

Offer

The Capital Plaza is in many respects a specific entity not only in Podgorica, but in all of Montenegro. The company itself is committed to real estate management, and its offer is divided into three main units: office spaces in towers, apartments, and retail facilities, and Vuksanović revealed more details about each of them.

“Office spaces for rent of all shapes and sizes are located within two towers, and between them is the already well-known and recognizable business hotel CUE Podgorica. Renting office space offers clients the opportunity to adapt their size to their needs, requirements and nature of work. The sizes of the spaces for rent range from 50 to 1,000 square meters, and they are rented for a period of one year or longer,” she explained.

No less popular for rent are luxury apartments, 70 of them, which can be rented both for living and for business purposes. “The square footage of the apartments ranges from 78 to 263 square meters, and according to the structure, they are one-, two- and three-room. They are equipped in accordance with the highest standards. They are characterized by refined design, functional layout and comfort. The currently available apartments are intended for both long-term and short-term leases, and the minimum is one month”, Vuksanović stated the main characteristics that certainly contribute to the demand for this type of real estate.

What certainly attracts the most attention of the citizens of Podgorica, as well as its guests, is the commercial zone The Capital Plaza, which is located in the open part of the atrium, on two levels.

“The ground floor includes a pedestrian zone that contains a wide range of offers – from an art gallery to home decor and technical stores, restaurants, bank branches, an insurance company, specialized stores, and a number of other shops with a diverse range of services. On level -1 there is a spa center, a fitness center and a children’s fitness center, an organic food store, a restaurant, a beauty salon, a post office, then a fitness equipment salon, a dry cleaner and a children’s playroom. The square footage of these spaces ranges from 60 to 900 square meters, and the spaces are rented for a period of no less than a year. Because of all this, in our center you can position your brand in the best way by renting these retail spaces. The same applies to any business, whether it is a restaurant, a specialized store or a fashion brand,” added our interlocutor.

The Capital Plaza has recently included in its offer something that is becoming a global trend. It is an officetel – an apartment that includes both residential and business units, all in one. Vukasnović describes these properties as “a multipurpose space designed and equipped to serve as an office and a place to live.”

“Considering that we are recognized as the initiators of many useful business and residential ideas, it is normal that we function in step with the world market and that we are on trend. Thus, this new trend somehow spontaneously imposed itself on our business context, and thanks to the modern capacities we possess, it was included in the rich offer. This type of apartment arouses great interest precisely because of all the advantages it brings, the biggest of which is saving money. Due to its advantages in compactness, multifunctionality and savings, this type of office is favored by many companies and clients, especially smaller and start-up companies, and freelancers. As we are an extremely sought-after center with an excellent location, we fulfill all the needs for smooth business operations, and facilitate movement and simplify access to our partners and customers. All these characteristics together make our facility a special and unique place, but also a true center of serious business”, our meeting room proudly points out.

Special clients

And the true illustration of the exceptionality of this center is provided by a long series of the most representative clients who work from their facilities every day. “We are very proud of the fact that The Capital Plaza has become the representative office of many important companies in Montenegro, embassies and regional business communities. Today, our complex houses the embassies of the United Arab Emirates, France, Kosovo and Albania, representatives of the Council of Europe and the World Bank, as well as the Film Center of Montenegro and the Montenegrin Olympic Committee, several banks, namely Addiko, CKB, Adriatic and NLB, as well as Microsoft, Lidl , UNIQA and many other companies and diplomatic missions. We believe that cooperation with such names makes us the center of business, more precisely – the main business zone in Podgorica”, concludes Vuksanović.