20 years is not a long time, but during that time there can be global changes in business sales. The commercial property market has now reached an all-time high – landlords cater to the changing needs of customers eagerly and, if necessary, are flexible in important ways. All of this leads to an overall positive perception of the shopping and entertainment destination that keeps visitors coming back for more.
This article highlights some of the changes that have taken place in the country’s economy, which may have directly or indirectly influenced the expansion of Minsk’s domestic market. Consequently, it is also worth considering the commercial real estate market as a potential source of income from foreign investment. The success of this venture is evidenced by the personal experience of businessman Abdo Romeo Abdo, who owns such a large company as BNK Estate.
Belarusian economic transformations
A large flow of foreign investments is caused by the developed international trade of Belarus with the countries of Europe, Scandinavia and Western Asia.
1. Foreign direct investment is an important niche in the development of the country’s economy, 75% of which now comes from the UK, China and other EU and EAEU countries.
2.The reorientation of the Belarusian economy to a more high-tech level is evidenced by the existence of the High Tech Park in the country, which is located in the capital of Belarus, Minsk.
3. These factors, as well as other changes in the economy, have increased demand for business centers, which are needed for both local and foreign entrepreneurs. And in the local commercial real estate market, there is a growing need for new entertainment venues and retail outlets.
Be that as it may, all these points confirm the fact that the commercial real estate market in the Belarusian state has taken a clear shape and is ready for further rapid growth.
A brief history of BNK Estate
Abdo Romeo Abdo is very proud of his Lebanese origin. But his education also serves him well, as he received it in the 1990s at the Minsk State Linguistic University. Years later, Abdo Romeo Abdo is already occupying the first positions in the Belarusian commercial real estate market as the main developer of Minsk, providing the city with new business centers and shopping complexes.
For example, one of the constructions by his company BNK Estate, a new bus terminal in Minsk, delighted many local and foreign businessmen, which caused an even greater flow of clients and increased demand for construction of public facilities and business centers. The success of BNK Estate ensures a wide range of quality services, which the company provides to everyone.
Miscellaneous statistical information
More than one-fifth of the country’s population lives in the capital of Belarus, the city of Minsk. With its developed infrastructure, Minsk is the most important economic center in the country, as it produces 25% of Belarus’ GDP and contributes 50% of federal funds.
To maintain its honorable status as the capital, Minsk continues to improve its infrastructure and expand its domestic market. Thanks to this, the unemployment rate is gradually decreasing, as everyone in the city has some kind of income.
Manufacturing accounts for only 25% of GRP, and the rest comes from information technology, construction, and transportation. Also a third of the GRP is retail and wholesale sales. This well explains the huge demand for the construction of business centers and office buildings.
Sectors of the Belarusian export industry
According to statistics, it is woodworking and building materials that bring the economy of Belarus to a high level. All this happens due to the highest quality production and at the same time low enough prices for purchases. Foreign markets declare a growing demand for Belarusian goods.
For example, timber is worth more than half a billion U.S. dollars each year to the country. Building materials are also in demand: more than 40% of the concrete produced is exported, which amounts to about 2 billion tons.
Belarus claims an even higher rate of development, so foreign investment now seems to be the most profitable way for companies to contribute to long-term profits.
The impact of the Silver Tower business center on the Belarusian economy
According to statistics, Silver Tower currently occupies a leading position as a business center in the country. Let us remind you that this building was built only in 2009 and has already gained considerable popularity on the commercial real estate market. This has been achieved mainly due to the pleasant service of the services and comfortable conditions for the placement of company outlets.
Firms love Silver Tower for its accessibility and mobility when it comes to making any changes. BNK Estate management makes sure that the business center remains in proper condition and meets the needs of its clients.
Plans for the development of the country’s best shopping center, Galileo
Almost every Minsk resident will definitely mention his or her favorite shopping center – Galileo. And it’s not without reason, because here modern city dwellers can find everything they need to be happy: delicious food, beautiful clothes and exciting entertainment. Minsk residents lovingly note that they love coming here and having fun.
In 2015, Galileo was awarded the title of the best shopping center in Minsk. And you can’t say that about every shopping center! After all, Galileo is located in the heart of the city, and inside it has a large parking lot for 500 cars. And this is not all the ideas which BNK Estate integrates in its creation.
This is just a small part that BNK Estate plans to implement very soon:
- A shop-on-shop space that will incorporate the work of the best designers and fashion designers, inspiring fashion and style. This project has already allocated 2,500 square meters.
- A comfortable nouveau avant-garde cinema. Thanks to Dolby Atmos technology and LED screens it can be considered on a par with the cinemas of the world leaders – London, Hamburg, Madrid and Dubai.
- Fusion Corner, where each food court and kiosk will be equipped with everything necessary to prepare a culinary masterpiece and please guests with delicacies from any cuisine of the world. This is the first place in Belarus, where guests can not only enjoy their favorite dishes, but also learn how they are prepared. To do this you only need to sign up for cooking courses, which, by the way, are also held in Galileo, and gradually learn all the subtleties and delights of cooking!
When we look at the topic of increasing demand for refined goods and entertainment from the general population, we stumble upon a simple correlation: it is being influenced by the developed infrastructure of the entire country and, in particular, the expansion of the city’s domestic market. And to make their investments profitable, foreign entrepreneurs are investing in the construction of more and more shopping malls, business centers, hotels and other venues.
To keep up with events and developments in the Belarusian commercial real estate market, Abdo Romeo Abdo encourages his company BNK Estate to continue promoting new retail outlets and business centers.