We are pleased to introduce the 17th Colliers International annual overview covering commercial real estate market trends and the latest statistics and insights for all three Baltic States.
The office market has continued to demonstrate consistent activity in all three Baltic capitals, resulting in one of the highest levels of development activity in Tallinn during the last decade. Riga office market experienced the largest stock increase in the last 10 years, while Vilnius office market entered a phase of monumental development activity.
The retail market was driven by robust development activity in Latvia where the market experienced the largest retail stock increase in the last decade, with over 100,000 sqm of leasable space added to retail stock. Development of the Lithuanian and Estonian retail markets was largely driven by refurbishment and expansion of existing shopping centres. Sentiments in the retail sector continue to be optimistic, with local and international brands remaining interested in further expansion. Shopping centres aim to increase the share of tenants providing leisure and sporting activities in addition to catering. An omni-channel approach has also become more common in the Baltics, with several grocery, fashion and other brands expanding their online presence and providing click & collect, home delivery, and diverse digital solutions for better interaction with products and enhanced customer satisfaction.
The warehouse and industrial property market remained active in terms of new developments and buoyant demand for modern quality space - a trend that will continue in 2020 as well.
Colliers’ COVID-19 Insights
Read about market observations and insights for the major CRE sectors, along with some overall key trends, accompanied by graphical analysis. Designed to help you navigate the impacts of COVID-19 novel coronavirus upon real estate and make the most of opportunities in this challenging time. The resource will be updated on a weekly basis for the foreseeable future, adjusting the analysis and insights as necessary.