Office rental prices in Tirana are on par with Barcelona, how is informality affecting it?

2025-10-12 09:57:00, Ekonomi CNA

Office rental prices in Tirana are on par with Barcelona, ??how is

Tirana is on par with Barcelona and Prague for office rental prices in central areas. The Albanian capital surpasses several European Union cities and remains at the top of the region for high prices. Despite the increase in supply, experts warn of increasing pressure on prices due to the pace of project development and the way local investors manage them, who often prefer to keep premises empty rather than rent them out at lower prices.

Office rental prices in the center of Tirana continued to remain at 30 euros per square meter for the second half of 2025, equaling those of Barcelona and Prague, two consolidated markets in Europe.

According to data published by "Colliers Albania", Tirana ranks not only among the most expensive cities in the region, but also higher than several cities in the European Union.

In Tirana, rental prices exceeded European capitals, such as: Portugal, which records values ??of 29 euros, or Budapest with prices of 25.5 euros, and Bucharest with average prices of 20 euros per square meter per month.

Office rents are even higher than in regional capitals. In central Belgrade, prices reached 18 euros per square meter in the first half of 2025.

In Zagreb, Croatia, prices are 17.5 and in Sofia, Bulgaria, 16 euros per square meter per month.

Tirana is also among the most expensive cities for rental prices in secondary areas. With an average of 19 euros per square meter per month, the Albanian capital surpasses several cities in the region such as Belgrade (15 euros), Zagreb (13 euros) and Sofia (11 euros).

Tirana leaves behind not only cities in the region, but also several European Union cities such as Porto in Portugal, Bratislava, Riga in Latvia or Ljubljana in Slovenia, where prices range from 15 to 16.5 euros per square meter per month.

Stela Dhami, managing partner of Colliers International for Albania and Kosovo, claims that equating rental prices in the center of Tirana with Barcelona does not necessarily reflect a real balance between demand and supply.

She emphasizes that although a significant increase in office supply is expected in Tirana through new projects and high-rise towers, prices may not decrease, due to specific market behavior.

"Here they would rather keep them empty for months or years than rent them out at a normal, lower price. There is no official financing from banks to pressure owners to rent the premises for what the market can bear," explains Dhami.

According to Stela Dhami from Colliers Albania, despite the fact that rental prices in Tirana have been brought into line with major European cities, the local market does not always meet the expectations of international corporations.

"Demand is increasing, but for maximum prices of 22 to 23 euros per square meter per month, not for price levels of 30 euros per month per square meter. Serious corporations operate with operating budgets approved by their parent centers."

"Not infrequently, our prices seem artificially high to them and they decide that, in the medium term, as long as the market is what it is, the offices will not be moved," says Dhami.

She adds that with the increase in stock and the entry of new buildings into the market, pressure on prices is expected to increase, but this effect will depend on the pace of project development and the way they are managed by local investors, who often prefer to keep premises empty rather than rent them out at lower prices.

Price trend

Tirana is entering the fourth consecutive year with the most expensive office rents in the Balkans. Even for 2024, average rents in the main business areas reached up to 30 euros per square meter per month, according to a report compiled by Stela Dhami, managing partner of Colliers International for Albania and Kosovo.

This trend was also observed in 2022-2023 and continued last year.

According to the report "Albania Real Estate Market - Overview 2024", by "Colliers Albania", the overall market average reached 19 euros per square meter, up from 18 euros last year.

For the two towers certified according to international sustainability standards, rental prices for 2024 resulted in 15 to 20% higher. These facilities are playing a reference role for the market.

However, the supply of these buildings remains limited, as currently only two buildings are certified according to these standards: “Park Avenue” along the New Boulevard, with “BREEAM Excellent” certification, and “Downtown One”, which has received “LEED Gold” pre-certification.

"Rental prices continue to be higher than the average for the Balkan region, in line with the high pressure from investors to achieve rapid returns from quality investments," emphasizes, among others, Stela Dhami, managing partner of Colliers International for Albania and Kosovo.

Rental prices continued to remain high during 2025. According to data from real estate agencies, office rental prices vary significantly depending on the location and quality of the building.

In well-known tower buildings or business centers, such as: "Arena Center", "Alban Tower", "Downtown One", "Rainbow Center" (formerly Blloku), "MET Building" and "Lion Park", office space is offered for rent at prices ranging from 22 to 30 euros per month per square meter, reflecting high construction standards, but also favorable locations for businesses.

On the other hand, office prices in different areas of Tirana are lower and more affordable, but with noticeable variations within the area itself. In Unaza e Re, rents range from 6 to 8 euros per month per square meter, making it one of the most economical areas for offices.

In the former bus park, "21 Dhjetori", prices are higher, ranging from 10 to 13 euros per month per square meter.

The Kavaja Street area in the Center presents a range of 15 to 23 euros per month per square meter, while the former Blloku and “Willson” Square are among the most expensive in the non-tower areas, with prices ranging from 18 to 25 euros per month per square meter.

In areas like the train station, New Boulevard and Medreseja Market in the 5 Maji area, office prices start from 8 to 10-12 euros per square meter per month.

Jonian Antoni, CEO of the real estate agency "Century 21 Albania", claims that for 4-5 years now, office rental prices have remained stable. According to him, average rental prices for office spaces in non-tower buildings range from 8 to 15 euros per square meter per month.

While average prices for office rents in tower buildings or business centers range from 22 to 30 euros per square meter per month./ Monitor