Estonia, Markets and Companies, Real Estate

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:54

Rent of Tallinn commercial spaces up by 70% in February y-o-y

BC, Tallinn, 18.04.2018.Print version
The average rent of commercial properties offered for rent in Tallinn has grown 70% year over year to 11.7 euros per square meter in February 2018, it appears from statistics compiled by the real estate classifieds website City24, cites LETA/BNS.

Kirill Vigul, head of commercial real estate at 1Partner Kommertskinnisvara, said that the growing price of the offers demonstrates that a large number of spaces of the highest category have appeared on the market.


"Where last February there were 2,330 listings of commercial properties for rent on the City24 real estate portal, the number in the same month this year was already 3,350," he said.


Vigul said that demand for new commercial spaces has been growing fast and more leases are concluded for more expensive spaces. "Businesses are doing well and are ready to pay a higher price," he said.


According to the expert, the rents of commercial spaces in new office buildings in Tallinn start from 11 euros per square meter. The rents in office buildings up to ten years old are less than 10 euros per square meter and in older buildings from five to eight euros per square meter.






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