Abdo Romeo Abdo: Minsk Commercial Real Estate
The last two decades have brought great changes for businesses and sales in Minsk. As buyers’ tastes tend to change as well, sellers in the commercial real estate market have to be remarkably flexible and adjust to the expectations of potential customers. Everyone remains happy – both locals, for whom shopping and entertainment have become even more accessible and comfortable, and tenants themselves, whose range of services has increased and modernized.
This article details the recent changes to the economy that may have also affected the expansion of the city market in particular. And it also proves the fact that the commercial property market in Belarus still plays a leading role for potential investors, as illustrated by the example of the successful BNK Estate, which is owned by the innovative Abdo Romeo Abdo.
Economic changes in Belarus
- The expansion of Belarus’ trade borders, namely the establishment of relations with the countries of Europe, Scandinavia and the British Isles, as well as Western Asia, contributed to a particular transformation.
- 75% of FDI now comes from such EAEU and European countries, as well as the United Kingdom and China.
- To illustrate the actual reorientation of Belarus’ economy towards more high-tech and financial enterprises, it is worth paying attention to the High Tech Park, which is located in Minsk.
- The transformation of the economy in recent years has led to an increase in demand for the construction of new business centers and office space to accommodate international corporations and local businesses. In parallel with this, the entertainment industry continues to develop, so there is a proportional increase in demand for shopping and entertainment complexes.
Taking all the above into account, it is safe to say that the Belarusian commercial real estate market is fully prepared for further development.
BNK Estate activities
Abdo Romeo Abdo was born in Lebanon. Minsk State Linguistic University, and with it the whole of Belarus, welcomed the young man with open arms back in the early nineties of the 20th century. At that time the non-residential real estate market was just gaining momentum and Romeo Abdo quickly took matters into his own hands. Since then, many successful business centers and shopping complexes have been built under his leadership.
Abdo’s creative and professional skills, which he applies through his company BNK Estate, are paying off with recognition from local and foreign entrepreneurs. For many years, BNK Estate has been creating socially significant projects, including a new bus station in Minsk, and continues to be in demand due to its quality service, as evidenced by the examples below.
Minsk is currently home to more than 20% of the population of Belarus. It is also the most important economic center of the country, as the gross domestic product of the region accounts for a quarter of the country’s GDP. Minsk’s contribution to the country’s economic development and its federal budget is equal to that of the rest of the country combined.
According to statistics, Minsk has a well-developed infrastructure, so the domestic market is consistently growing, and the unemployment rate is only 6% at its maximum. In short, virtually everyone in the city has an income in one form or another.
Only 25% of the GRP figures are in manufacturing, while the rest is distributed among construction, technology, transport and other industries. This may well explain the increasing demand for office buildings and business centers. It is a remarkable fact that about a third of GRP is wholesale and retail sales.
Industries in Belarus
The most developed industries in Belarus are woodworking and production of building materials. The demand in foreign markets is due to the high quality of goods and at the same time their low price.
The economy of Belarus has undergone some changes recently, and this could not but affect the state of Belarusian production. Although the industrial sector has suffered some losses, the country continues to export huge quantities of harvested timber worth over half a billion U.S. dollars. In addition, building materials, 40% of which are exported, reach five billion tons per year in their production.
Belarusian Silver Tower
Silver Tower was built in 2009 and became one of the first large business centers in Belarus. Currently, it is still the leader in terms of demand in the commercial real estate sector. In this business center you can find the most comfortable conditions for the placement of offices, you will also be pleased with the excellent service.
The 17 floors, which are fully staffed with offices and outlets of local and foreign companies, are all made possible by the unceasing efforts of BNK Estate, which maintains in Silver Tower a high level of service and is responsive to all customer needs.
Galileo. Every visitor’s favorite
To actively spend your day, you just need to come to the Galileo shopping center, located in the heart of Minsk. Here you can have tasty meals, have fun for all tastes, and find a new stylish closet! There’s a reason it’s a favorite place for locals, tourists, and even local employees since it opened!
And in 2015 Galileo was even awarded the title of the best shopping center in Minsk. It’s all for a reason, as it offers the best quality services. And also an important role in the success of the shopping complex is played by its location in the busy center of the city. There is also a large covered parking lot, which attracts visitors of all social groups. BNK Estate management is committed to meeting the emerging and changing needs of people, and this deserves rave reviews from visitors!
BNK Estate has no plans to stop, so they are making plans for both the near and distant future, such as:
- A platform that will accommodate most of the most popular fashion designers, fashion designers and other personalities associated with fashion, style and clothing. This shop-in-shop space will cover an area of 2,500 square meters.
- An ultramodern cinema in avant-garde nouveau style, which has absorbed the best expressions of interior Chapman Taylor, and is equipped with Italian furniture, LED screens and Dolby Atmos technology. Destined to give visitors an unforgettable experience and to chain them to their seats.
- “Edible” fusion space, which will accommodate masterpieces of the world’s cuisines from East to West. Everyone can regale himself with delicacies and remember his childhood here, the food courts will be placed for every taste and color. And there is a unique opportunity to sign up for cooking courses “without leaving the box office”, in the mall itself, and learn how to cook the most exquisite dishes using local recipes!
As a result of the country’s constantly evolving infrastructure and expanding domestic market, there is a qualitative increase in demand for more sophisticated, “exotic” goods, services and entertainment. In line with this, the potential benefits of foreign investment in the construction of more and more shopping, entertainment and business centers, as well as hotels and other establishments, are also increasing.
Be that as it may, the commercial real estate market will continue to develop further. And with that, the BNK Estate is also developing, thanks to which Abdo Romeo Abdo is taking the sales and entertainment business to the next level.