City Park, Albania

There will be massive growth in shopping centers in Albania in the next few years, according to Colliers International. There was growth of nearly 141% in total shopping center space in 2007 and the opening of City Park Tirana will result in a further 75% increase, according to the global property consultants.

Colliers International is officially launching its office in Albania on May 22nd, and is the only large global real estate consultants to have an office in Tirana.

Colliers points to the latest expansion of QTU in Tirana and the upcoming opening of the first international standard shopping center in Albania, City Park, as key developments. But smaller shopping centers have also been opening along the coast in Durres, Vlore and Fier, and further growth in secondary cities is expected.

The opening of City Park, for which Colliers is exclusive leasing agent, is also likely to increase the presence of big name international retailers in the Albanian capital. The entrance of these big names onto the market will transform the retail sector in Albania, resulting in a move away from small family owned retailers to bigger international-style outlets.

Philip Bay, Regional Director of Colliers International Southeast Europe, Managing Director of Colliers International Albania and President of the American Chamber of Commerce in Albania, commented, "Colliers is the only international property consultancy to have its own office in Albania, and we believe Albania has an extremely bright future. We are very excited about the future of retail here and look forward to bringing big name retailers here for Albanian consumers."

Stela Dhami, General Manager of Colliers International Albania, added, "Strong economic growth and increasing purchasing power are powerful drivers of retail expansion in Albania. The next few years here are going to be exciting times since everything points to a major period of retail growth."

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