In Q2 2019 GDP growth was 4.2% compared to the same period a year ago.
In July, the unemployment level fell to 5.7%, the lowest level in ten years.
In the second quarter, the average annual inflation reached 2.5% and was broadly in line with expectations.
Two office projects were completed in Vilnius, which together delivered 21,400 sq m of office space.
In 2019, the total newly built office space should reach 87,080 sq m.
Overall, by the end of 2021, there are plans to build ca. 312,000 sq m of offices, of which 226,900 sq m is already at various stages of construction.
In Q2 2019, the take-up totaled ca. 28,300 sq m or 16% compared to the previous period.
The vacancy rate has decreased from 3.6% to 3.3% over the quarter.
The rental levels in the Vilnius market remained unchanged. A class rent rates are currently between 15.0 – 17.0 EUR/sq m/month, while the rent price range for B class office premises is between 10.0 – 14.0 EUR/sq m/month.
Investments in the Vilnius office market have stalled, however, the market should pick-up in the following quarters.