Commercial Market Commentary 2009 Q3 - Lithuania

Compared to the previous quarter, no major changes were observed in the sector of Lithuanian commercial premises in Q3 2009. The same trends—decreasing prices and an increasing area of free premises—that have dominated since the middle of 2008 remained in the market.

The decrease in rents of modern office premises observed in Q3 2009 is less significant than it was in the previous quarters of this year. In this period, rents of A and B class office premises in Vilnius, Kaunas and Klaipėda on the average again slumped 5-7% while since the beginning of 2009 the rents of office premises went down 40-45%. The current level of rents for modern office premises is the lowest within the entire market development period of modern office premises, i.e. since 1998. Now A and B class office rents are 6.4–12.2 EUR/m² in Vilnius, 3.5–10.7 EUR/m² in Kaunas, and 4.3–11 EUR/m² in Klaipėda.

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