Tirana

Space Measurement Standard

*

Space Unit of Measure

Square Meters

Financial Data Below Reported In

EUR

Notes:

*No international Space Measurement Standard applicable, local standard is applicable, but measurement can vary from developer to developer.
*
Typical Loss Factor from Rentable to Useable Square Meters

Loss Factor Notes:

*For residential buildings the report is 90-10%, for shopping centers it is 75-25% and for business centers it is 80-20%.

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Fit-Out Cost Notes:

This very much on a landlord basis. This is in general a landlord driven market which means the power is in their hands. They don't prefer to contribute but for long-term leases, they are open to discussing some items of fit out on a case-by-case basis.

Rent-Free Period

The Landlord typically does not provide a rent-free period in addition to the fit-out contribution.

Rent-Free Period Notes:

The rent-free period is given to the tenants during the time of fit-out. Other than that, they don't give out rent-free periods.

Lease Provisions

Lease Term

1yrs.-10yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€1/sm-€3/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

This depends on the lease agreement and relationship between the landlord and tenant, but mostly it is allowed.

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Blend & Extend Notes:

Early renewal is possible as specified in the lease agreement, but typically 3-6 months prior to contract expiration.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

It is a statutory termination right unless otherwise stated in the lease agreement

Typical cost: 3-6 months of the rental guarantee cased on the length of the contract

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

This can depend on the lease agreement. It can be as easy as clean up, but it can also be returning the space to its original condition, which means removal of furniture but also particular to the tenant installations.

Workplace

Workplace Notes:

We have not conducted such studies in Albania and no such data exists, so sqm/employee depends very much on the employer's side. The lowest sqm available would probably be for BPOs at 3 m/employee

Tirana market is behind.

Desk Sharing

Desk-sharing is a common practice in the market.

Desk Sharing Notes:

For BPOs

Urbanization of the workforce is: Equal to several other considerations driving location decisions

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically does not provide a rent-free period in addition to the fit-out contribution.

Lease Provisions

Lease Term

1yrs.-5yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€1/sm-€2.5/sm

Estimated range in total for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Negotiated Subletting/Assignment Notes:

This depends on the lease agreement and relationship between the landlord and tenant, but mostly it is allowed.

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Blend & Extend Notes:

Early renewal is possible as specified in the lease agreement, but typically 3-6 months prior to contract expiration.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

It is a statutory termination right unless otherwise stated in the lease agreement

Typical cost: 3-6 months of the rental guarantee cased on the length of the contract

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

This can depend on the lease agreement. It can be as easy as clean up, but it can also be returning the space to its original condition, which means removal of furniture but also particular to the tenant installations.

Section 1. Fit Cost Data

Section 2. Scope of Work Description

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