Modern office prices in Vilnius are among the lowest in Europe capitals and centres of commerce.
The average price of modern high-end office space Vilnius was the second lowest of the 39 cities assessed in the study. The average price of a one square metre in a Class A office in Vilnius in the last quarter of 2015 was €180. Latvia‘s capital Riga was the only city with lower rates at €175.
The highest price to rent a modern office space in the last quarter of 2015 was in the central part of London – €1,906 per 1 sq.m. per year.
Rates in Estonia‘s capital Tallinn averaged €210 per square metre in the final quarter of last year.
At the end of 2015 the amount of vacant office space in Vilnius was almost three times lower than the average (9.3%) of cities across Europe.
Vilnius shared first place with Zurich for high occupancy levels, with only 2.9% of office space vacant in Vilnius, according to BNP Paribas Real Estate‘s analysis.
“Modern office stock in Vilnius has been slightly behind the growth in demand over the past few years, which was particularly promoted by the establishment of international companies‘service centres,” said Martynas Babilas, the head of Newsec office services in the Baltic region.
He said that situation will change significantly in 2016-2017 with 140,000 sq. m. of new, modern offices planned in Vilnius, which is 3-4 times more than in recent years.
Eleven new business centers will open their doors in Vilnius in the next two years.