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.
- 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.