A SLOWER SECOND QUARTER LAYS STRONG FOUNDATION FOR THE SECOND HALF-YEAR OF THE VILNIUS OFFICE MARKET
The Q2 2021 overview of the Vilnius office market by specialists at Newsec says that the second quarter of the year was dominated by lease deals for smaller floor space areas inbuilt modern business centers with the general area of lease transactions standing at 14 thousand square metres.
- The total floor space area of offices leased over the first quarter of the year was 45 thousand square metres, which is in line with the average of the transactions for the most recent five half-year periods.
- The second quarter was not market by any record-setting or significant deals on the office market, with new lease or development deals for properties of over 500 sq. m accounting for two-thirds of the transactions, in addition to some more minor agreements regarding 200-300 sq. m properties.
- The second half-year of 2021 kicked off with the largest office lease deal this year. Girteka Logistics and Galio Group signed a lease agreement for 14 thousand square metres of office space in the Girteka Park business centre at Laisvės pr. 36 in Vilnius.
- The overall market vacancy rate went down from 7.1% to 6.6% in Q2, while the vacancy rate in the class A office decreased even further: from 5.9% to 4.9%.