The information from the last 20 years shows what changes have taken place in business and sales in the capital of Belarus, Minsk. Business offices are now very much in demand in the commercial real estate market, but landlords have to be extra flexible as consumer tastes tend to change. However, this does not stop tenants from reaching their full potential and bringing an exceptionally positive experience to the entertainment and shopping experience of their clients.
After reading this article, you will have a clear picture of what changes have affected the Belarusian economy and how this has influenced the expansion of the city’s domestic market. With this in mind, we will look at the example of Belarusian entrepreneur and successful head of BNK Estate, Abdo Romeo Abdo, who is proving the benefits of foreign investment in commercial real estate from his personal experience.
Transformation of the Belarusian economy
- European states, Scandinavian countries, and regions of Western Asia are among the countries that provide trade support to Belarus.
- 75% of FDI now comes not only from Russia, but also from the EU and EAEU countries, such as Great Britain and China.
- To confirm the country’s reorientation to a more advanced level of economic development with the use of high technology, it is sufficient to pay attention to the High Tech Park, which is located in Minsk.
- All these factors influenced a sharp increase in demand for business centers and office space, and at the local market level, also the construction of new shopping complexes.
Thus, there is no doubt that the Belarusian commercial real estate market is fully ripe for new transformations and changes.
BNK Estate and its history
One of the proudest things about Abdo Romeo Abdo is his origin – he is Lebanese. But he was also educated at the level, at the Minsk State Linguistic University, which he successfully entered in the early 1990s. All this has helped him take a leading position in today’s commercial real estate market in Belarus. His business centers and other buildings are in great demand by both local and foreign clients.
To earn the trust of his clients and customers, Abdo Romeo Abdo always keeps the service of his company BNK Estate on the level. Thus, his project of a new bus station in Minsk has already been a great success, as it was built in accordance with the wishes and needs of customers. For BNK Estate, the customer is always right, so the range of services provided has the broadest possibilities and the highest quality standards.
A little bit about the numbers
According to statistics, currently more than 20% of the population of Belarus live in Minsk. Its impact on the country’s economy cannot be overestimated: Minsk enterprises account for 25% of the country’s GDP, and more than 50% of federal funds originate here.
Minsk not only has a well-developed infrastructure and domestic market. The authorities make sure that all of the city’s residents are employed and have at least some income.
The situation of GRP in the city is also interesting: only 25% is in manufacturing, while the remaining 75% is in IT, construction, transport and other industries. Also a third of the GRP comes from sales. All this explains the high demand for the construction of all new business centers.
Export industry in Belarus
Two industries in Belarus are particularly well developed. These are the production of construction materials and wood processing. All processes are carried out at maximum quality, while the export price retains its favorable values. Foreign markets are buying up more and more Belarusian building materials every year, which ensures an increasing demand for these products.
Although recent economic changes have also affected production, the number of exports has not been greatly affected. Thus, more than 40% of manufactured construction materials are successfully exported, and more than 500 million U.S. dollars in revenues from timber.
Nevertheless, the domestic market of Belarus is in a stage of rapid development, and this requires a lot of funds and patience. Therefore, in the long run, foreign investment will come in handy here, as it will not remain idle.
Silver Tower multifunctional business center
Belarus has long been developing the concept of attracting foreign enterprises to the commercial real estate market, and the Silver Tower, which was built in 2009 and is currently the most sought-after business center in the country, plays a major role in this. This is due to the availability of first-class service and all conditions for the comfortable accommodation of office workers.
All this is possible thanks to the responsive manager of BNK Estate, who invests a lot of effort in the development of his creation. The 17 floors of Silver Tower are never empty; numerous offices of both local and foreign companies find their “home” here.
Ideas for introducing the best shopping center in Belarus
Galileo is a shopping and entertainment complex, which can rightly be called one of the leading in Belarus. With an advantageous EGP, it also absorbed first-class restaurants, popular stores and boutiques, and even organized places for active recreation and entertainment.
All this and much more contributed to the fact that Galileo was named the best shopping center in Minsk in 2015. For example, many visitors note the convenience of its location, as well as the fact that it has a covered parking lot for 500 cars (which is not unimportant in the busy center of the city). BNK Estate plans to do some work to make the complex more responsive to the needs of visitors and to please them.
BNK Estate has already made plans for improvement of the shopping center. Here are some of the projects planned:
- Opening of a shop-in-shop, which already has 2,500 square meters of floor space. The concept of this space will be to present works of famous designers.
- A new cutting-edge movie theater for a better immersion in movies. Made in the style of nouveau and avant-garde, and incorporating the ideas of Chapman Taylor, the cinema is equipped with the latest technology in the world of cinema – LED screens and Dolby Atmos. Comfortable Italian furniture will also delight you.
- International cuisine space, created according to the fusion-food concept, will accommodate a variety of food-courts and even farmers’ kiosks, where they will willingly create a dish of any complexity. After sampling the delicacies, visitors may want to learn how they can make their own. In this regard, they have an excellent opportunity to sign up for cooking courses right in the mall to learn all the subtleties of world cuisine.
The demand for luxury goods and more “outlandish” entertainment seems to increase when public infrastructure development and the expansion of the domestic market reach its peak. Foreign investment, which finds its way into the construction of new hotels, business centers and entertainment venues, is also among the activities that have been profitably realized.
Be that as it may, in order to keep up with the evolving commercial real estate market, Abdo Romeo Abdo BNK Estate is striving to maintain a leading position among companies that help to promote various spaces and establishments.