Estonia, Real Estate

Many businesses in Estonia took a break in renting office spaces during the coronavirus pandemic or gave up their offices entirely by having their employees work from home of from office hotels; however, office spaces still remain important, Umanets said.3

This is particularly the case for businesses that saw growth during the pandemic, such as IT companies, Umanets said in a press release.

"The average rental price per square meter in a Tallinn office is 10-11 euros. Outside the city center, prices can drop to five euros," he said, adding that there is a sufficient number of vacant office spaces currently in Tallinn.

"It is true that certain rotation has taken place -- some businesses have opted for a higher level office while others have traded down, and a third group have their employees working remotely. A few more business centers will be built within the next few years with an area of up to 20,000 square meters. There is sufficient demand," Umanets noted.

Estonia's good business environment and e-residency program also affect demand, according to Umanents.

"The number of IT experts has increased by one-third over the past couple of years. IT is the fastest developing business segment and it generates great revenue to the state budget through taxes. Thus, there is not going to be surplus of office spaces in Tallinn," he said.

RIA.com Marketplaces OU runs Ukraine's leading real estate portal DOM.RIA.com and Ukraine's biggest car selling portal  AUTO.RIA.com. The group has been a member of the Estonian E-Commerce Association since 2018 and a member of the Estonian Association of Information Technology and Telecommunications since 2020.