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Pipeline of 900,000 sqm to be delivered in the Baltics

Anna Pakulniewicz 15 April 2019

Anna Pakulniewicz


+48 22 356 25 07

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

Pipeline of 900,000 sqm to be delivered in the Baltics

BALTIC STATES All the economies of the Baltic states maintained their growth last year and the rises look set to continue into 2019. Around 900,000 sqm of new commercial space is now planned to be delivered across all three Baltic capital cities, according to the latest report by Colliers International.

A great deal of activity has been seen on the office markets in all three Baltic capitals, which has resulted in high levels of development and buoyant demand.

The development on the retail market was largely down to the development of DIY stores in Lithuania. Recently the T1 Mall opened in Estonia and an Ikea store opened in Latvia. Many shopping centres are now being renovated and tenant mixes are changing with the introduction of new concepts and brands. E-commerce continues to grow but its market share of total retail is still relatively small due to a lack of proper supply chains.

The total investment volume in CRE in the Baltics exceeded EUR 1 bln, up by 19 on the prvious year. This was mainly due to a number of large transactions in Lithuania and Latvia. The office sector remained the most attractive to investors, accounting for 44 pct of the total volume in 2018, which was followed by the retail sector with 33 pct.

Most of the investment was domestic capital accounting for 65 pct of the total, although new international investors also entered the market in 2018. However financing conditions are becoming more stringent and banks more selective.

Nordic investors, accounted for 13 pct of the total volume respectively. The top five investors were NEPI Rockcastle, Eften Capital, SG Capital, Lewbem Investment Management and East Capital, which collectively accounted for 37 pct of the total Baltic investment volume.

“The forecasts for all three Baltic States remain positive and we are expecting a busy time within the industry over the upcoming couple of years,” said Deniss Kairans, the managing director at Colliers International in Latvia.

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