NLCC Bronze Member – CPB Real Estate Services – has recently published Vilnius Offices Marketview Q2 2018.
Some key points:
- The economy continues with a solid growth despite some international disturbances. In Q1 2018, Lithuania’s GDP rose by 3.7%.
- No new projects were delivered in the Vilnius market during the observed quarter. Some projects are just about to be completed, but the developers are not rushing until pre-leases for more space have been signed.
- There were no large modern office rent transactions during the period, while smaller transactions totaled to 6,400 sq m.
- Vacancy rate of total modern office stock squeezed from 2.8% in the previous quarter to 2.6%.
- Rental levels remained unchanged compared to the last period. A class rent rates are currently between 14.5 – 17.0 EUR/sq m/month, while the rental range for B class office premises is between 9.5 – 14.0 EUR/sq m/month.
- The Lithuanian investment market observed a notable increase due to several sizable projects. Office investments constituted 35% of total investment transactions. Market yields remained unchanged for both prime and secondary properties.
Full report: CBRE VILNIUS OFFICES Marketview Q2 2018