It is impossible not to notice the changes that have taken place in business sales in Minsk over the past 20 years. Consumer tastes are changing literally from minute to minute, so a seller who wants to stay in the commercial real estate market has to make daily efforts to adjust to buyers’ expectations. However, sellers do not think to give up and successfully do their business, upgrading the services they provide. In the end, everyone is happy, including the locals, to whom shopping has become even more positive!
This article highlights some of the changes that have taken place in the country’s economy that may have directly or indirectly influenced the expansion of Minsk’s domestic market. We will also use an example to confirm the status of the commercial real estate market in Belarus as a potentially lucrative source of income for foreign investors. This fact is considered based on the experience of one of the most successful entrepreneurs, Abdo Romeo Abdo, who holds the position of manager at BNK Estate.
Trends in the transformation of the Belarusian economy
1. While the country’s international trade used to focus almost exclusively on the CIS, Belarus has now expanded its markets to include Europe, Scandinavia, the British Isles, and West Asia.
2. The regulation of the flow of FDI has brought Belarus to a new level: now more than 75% of all investments now come from the EU and EAEU countries, especially the UK and China.
3. To illustrate the actual reorientation of the Belarusian economy towards more high-tech and financial enterprises, it is worth paying attention to the High-Tech Park, which is located in Minsk.
4. These factors, as well as other changes in the economy, have influenced the increased demand for business centers, which are needed by both local and foreign entrepreneurs. And in the local commercial real estate market, there is an increasing need for new entertainment venues and retail outlets.
Summarizing all of the above, we are fully confident that the commercial real estate market in Belarus is ready to take on a new level of development.
Foreword about BNK Estate
Abdo Romeo Abdo is an honorary native of Lebanon. To “make his way in the world” and to be an intelligent young man, Abdo decides to get an education at Minsk State Linguistic University and successfully enters there in the 1990s. Since then, he has found himself in the field of non-residential construction, including business centers and entertainment venues. His constructions have been a success throughout the commercial real estate market in Belarus.
Currently, under Abdo’s leadership, many crucial socially important facilities have been built, including the new Minsk bus terminal, which is distinguished by its coordinated infrastructure and state-of-the-art technology. The company BNK Estate has gained recognition throughout the country and even abroad, as it has been providing quality services for many years, which we will look at the following examples.
According to statistics
Minsk is a city with a population of more than 20% of the total population of the country. Minsk is of great economic importance to the whole country, because its GDP is almost a quarter of the total GDP, and its contribution to the federal budget is half as much as the rest of the country.
According to statistics, Minsk has a well-developed infrastructure, so the domestic market is consistently growing, and the unemployment rate at its maximum is only 6%. In short, virtually everyone in the city has an income in one form or another.
Be that as it may, only 25% of the GRP comes from manufacturing, and the rest comes from information and computer technology, construction, and transportation systems. All of this leads to a rush to build new business centers and office space.
Situation in the industrial market in Belarus
The main branches of the Belarusian industry are construction materials and wood processing. All processes are carried out at maximum quality, while the export price retains its favorable values. Foreign markets buy up more and more Belarusian building materials every year, which ensures increasing demand for these products.
At the moment the proceeds from the harvested timber amount to more than half a billion dollars a year. Whereas 2 billion out of the 5 billion tons of concrete are also exported. And this in conditions of economic transformation!
Changes do not stand still, so Belarusian economic sectors are the most profitable for foreign investments and investments in the years to come.
What is Silver Tower
One of BNK Estate’s buildings, Silver Tower, was opened in 2009, but to this day it remains in high demand on the commercial real estate market. There are first-class conditions for office outlets here, because the service has remained at a high level for many years.
Under the reliable management of BNK Estate, the business center continues to develop and surprise its tenants with more and more loyal service and proper quality.
What are the peculiarities of the development of the Belarusian shopping center Galileo
Galileo is a shopping and entertainment complex, which can rightly be called one of the leading in Belarus. With a favorable EGP, it also absorbed first-class restaurants, popular stores and boutiques, and even organized places for active recreation and entertainment. There’s a reason it’s a favorite of locals, tourists, and even local workers since it opened!
Not so long ago, in 2015, Galileo was noted as the best shopping center in Minsk. That’s because of the level of service provided here. And also an important role in the success of the shopping complex is played by its location in the busy center of the city. There is also a large covered parking lot, which attracts visitors of all social groups. BNK Estate is planning to carry out some works to make the complex even more responsive to the needs of its visitors and to please them.
BNK Estate has already made plans for improvement of the shopping center. Here are some of the projects to be implemented:
1. A platform, which would include most of the most popular fashion designers, fashion designers and other personalities connected with fashion, style and clothes. This shop-in-shop space will cover an area of 2,500 square meters.
2. A comfortable nouveau avant-garde cinema. Thanks to Dolby Atmos technology and LED screens it can be considered on a par with cinemas of world leaders such as London, Hamburg, Madrid and Dubai.
3. Of course, we cannot do without “edible” space. To please every visitor there will be food-courts and kiosks of different cuisines arranged according to the concept of fusion-food. Visitors will also be able to take cooking courses right in the mall and learn the intricacies of the world’s cuisines.
Apparently, the demand for luxury goods and more “outlandish” entertainment increases when the development of public infrastructure and the expansion of the domestic market reaches its peak. And in order to realize their investments profitably, foreign entrepreneurs invest in the construction of more and more shopping malls, business centers, hotels and other venues.
Abdo Romeo Abdo continues to successfully run his company BNK Estate, whose goal remains the promotion of all kinds of entertainment and office space, keeping pace with the emerging commercial real estate market in Belarus.