NLCC Bronze Member – CPB Real Estate Services – has recently published Vilnius Offices Marketview Q4 2018.
Some key points:
- In 2019 and 2020, the country’s GDP is expected to grow respectively 2.9% and 2.7%. The forecasts are lower due to higher global economic risks.
- In Q4 2018, two sizeable A class office projects were completed in Vilnius that supplied ca. 26,600 sqm of modern office space. In the next 12 months, the modern office stock should increase by ca.110,700 sqm or 2.5 times of the stock delivered in 2018.
- In Q4 2018, take-up amounted to ca. 29,400 sqm. The largest transaction was signed by SEB bank, which pre-leased ca. 12,500 sqm at the Nova building in Ozas business district.
- New office deliveries and vacated older premises have led to an increase in the vacancy rate from 4.0% to 4.9% q/q. The A class office vacancy rate reached 7.8%, while the B class figure was recorded at 2.9%.
- A class rent rates currently stand between 14.5-17.0 EUR/sqm/month, while the rent price range for B class office premises stands between 9.5-14.0 EUR/sqm/month.
- In Q4 2018, the Lithuanian investment market constituted ca. EUR 99 mln of which offices in Vilnius accounted for EUR 30 mln.