KAUNAS IS WAITING FOR THE NEW WAVE OF OFFICE SUPPLY
The Kaunas office market has not delivered significant office projects in about 2 years. However, the market is considered to be very cyclical and a new development phase is on the way. New properties now being planned or under construction are expected to reach the market at the end of 2023 or in 2024.
KEY INSIGHTS
- The first half of this year brought several deals and tenant relocations to new premises. The number of companies opening new offices in Kaunas in H1 2022 was noteworthy.
- Vacancy in class A has fallen to 5.3%, which is the lowest since the largest class A buildings were opened and substantial new supply was added to the market in 2018-2020.
- H1 2022 saw a slight upward correction of rental rates in class A, especially in the asking rent rates for the last available class A spaces.