LITHUANIA / OFFICE MARKET / 13
NEW PROJECTS DESCRIPTION
SIZE (NLA, sqm)
COMPLETION
Duetto – At the end of 2015 the construction and development company YIT Kausta started construction of two identical 10-storey office buildings in the Virsuliskes district next to the new western bypass. The total area of the project is 16,700 sqm and total investments will reach €23 million. Completion of the first building with 7,800 sqm of usable office space is scheduled for the start of 2017. The main tenant in the first building will be Lindorff with around 5,000 sqm of office space. Office space is available at rents from €12.00 per sqm.
7,800 (I building)
Q1 2017 (I building)
Park Town – MG Valda, real estate development company, is developing an A class office project in Konstitucijos business district, on Lvovo Street. The total area of the project is over 22,000 sqm and total investments will reach €40 million. The project is being developed in compliance with BREEAM. Completion of the first building (West Hill) with 6,700 sqm of usable office space is scheduled for Q2 2017. The second building (East Hill) should be completed by the end of 2018. Average asking rents for office premises are €14.00-€15.00 per sqm.
6,700 (West Hill)
Q2 2017 (West Hill)
Saltoniskiu 7 – Local company M.M.M. projektai, is developing a modern A class office project in Zverynas distric, on Saltoniskiu Street. The first 6-storey building with a total area of almost 12,000 sqm is fully leased to one tenant – Danske Bank Global Service Lithuania (GSL). The first building should be completed by the end of 2017. The second building with a total area of 15,000 sqm has been fully leased to the technological solutions company Telia Lietuva and construction should be completed by the end of 2018. The full development of this 2 ha site should be completed after the construction of the third office building and the multi-storey car park.
12,000 (I building)
Q4 2017 (I building)
3 BURES – East Capital Explorer, a Swedish investment company, has started the construction of a third building next to the existing A class office project on Lvovo Street, right next to Konstitucijos Avenue. The site with the existing project was acquired by this investment company in 2014. The new 23-storey and A class office building with around 11,000 sqm of usable office space is scheduled to be completed the end of 2018. Around 70% of the office space has already been leased to Swedbank.
11,000
Q4 2018
GREE GR EEN N HA HALL L VAL LL ALLE L Y