VILNIAUS OFFICE MARKET HOT AS 2022 ARRIVES, WITH AVAILABLE SPACE SET TO GROW SLOWLY AND PRICES TO RISE
The Vilnius office market is starting 2022 under pressure. The already limited supply of class A office space is set to increase only slowly, and that, together with inflation and the rising costs of building materials and labour, should push rents higher.
KEY INSIGHTS
- Take-up in the last three months of 2021 was almost 32,400 square meters, for a full-year figure of 133,200 square meters.
- The overall rate of vacancy on the Vilnius office market rose in the last quarter of 2021 from 5.3% to 7.8%. In fact, new office supply in recent times has only involved class B+ and B properties.
- Rents for class A offices in the fourth quarter of 2021 were EUR 16-18 per square meter, compared to EUR 10-14 per sqm for class B offices.
- Rents for new offices will be pushed up by the rising costs of building materials, energy and labour.