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Vilnius Office Outlook, 2020 Q2

Vilnius Office Outlook, 2020 Q2

Newsec Vilnius Office Market Outlook provides a unique opportunity to follow the Vilnius office market development. The report presents the latest market trends and forecasts, office rental rates and changes, outlook of current new office projects and their developers. The report includes a map of the Vilnius office market with the main office development zones.

KEY INSIGHT

  • The modern office market totalled roughly 740,000 sqm at the of June and increased 2.7% during the 2nd quarter.
  • The leasing market was more active than expected in Q2 2020, with take-up of more than 27,000 sqm.
  • During Q2 2020 the Vilnius office market saw the completion of two new office projects which added about 19,500 sqm of space to the rental supply.
  • The vacancy rate in Q2 2020 reached 3.3%, rising 0.6 %-points during the quarter, from 2.7%.
  • There was no correction of rental prices in Q2 2020. On the contrary, newly offered premises and their rents slightly increased the price average (by up to 1%).