Vilnius again topped the charts in the Baltic for the amount of new office space built in 2017. Last year saw 65,000 sqm of new office space in Riga and 25,000 sqm in Tallinn. In fact, more new office space was built in Lithuania’s second city Kaunas, than in Riga, despite it being only half the size. Demand is being enhanced by unusually low levels of vacancy in the region, according to Colliers International. It reports that a mere 1 percent of the office stock in Vilnius is currently unoccupied and that the situation is much the same in Riga (1.6 percent) and Tallinn (5 percent). The company also expects around 150,000 sqm of new office space to be built in the coming years in the region’s capitals.
