2021 will be another successful year for the office lease market in Kaunas
An active the Kaunas office market and positive projections for H2 suggest 2021 will be another successful year for the office lease market in Kaunas.
- At the end of 2021 H1, the modern office space market in Kaunas stood at roughly 255,400 sqm, or 0.9 sqm per capita.
- The total leaseable area has not increased since 2020 H1.
- Lack of new supply on the market is resulting in reduced availability.
- With a variety of deals in the first half of the year, leasing activity was 44% higher than in 2020 H1.
- Companies that sucsessfully survived the first pandemic year or were not impacted by it are seeking to move to larger offices.
- The vacancy rate on the Kaunas office market will fall to 7-8% in 2021 amid the lack of new projects.
- The Kaunas office market will see needs for some 50,000 sqm over the next 1.5 to 2 years, suggesting a shortage of new supply may be felt.