The options available to office tenants are increasing and rents are remaining stable

According to the Ober-Haus review, no major changes were recorded in the modern office sector in the first half of 2025, and it can be said that offices in the country’s largest cities are experiencing a relatively quiet period.

“Vilnius, the largest of the country’s major cities, has seen very little growth, with only one major new building opening in the first half of the year,” said Raimondas Reginis, research manager for the Baltics at Ober-Haus. The third office building has opened on the aviation corporate campus developed by Avia Solutions Group near Vilnius Airport, which houses the airline Avion Express. Tenants are already moving into the newly reconstructed building on Vilniaus Street, as well as the recently completed building on St. The new building on Vilnius Street is nearing completion. According to Ober-Haus estimates, these three projects have added a total of around 10,000 sqm of usable office space to the capital’s market. The total area of modern office space in Vilnius grew by less than 1% in the first half of this year, reaching 1,194,000 sqm.

“Following the increase in vacancy rates in 2023 and 2024, we have seen a slight decrease in vacancy rates this year, due to a modest increase in new office space supply,” points out Reginis. According to Ober-Haus data, the vacancy rate in the capital decreased from 8.8% to 8.5% in the first half of 2025. The vacancy rate for Class A offices was 7.3%, and for Class B offices it was 9.3%. The total amount of modern office space leased in existing buildings in the capital in the first half of 2025 amounted to 38,700 sqm, which is 43% more than in the first half of 2024.

Several major lease deals announced this year have helped to significantly increase occupancy in several existing office buildings. For example, the national development bank ILTE will move into the 3,600 sqm Asgaard Keys office building, which was built in 2018, while the Finance and Accounting Department of the Lithuanian Armed Forces has leased approximately 2,400 sqm of space in the S28 business centre on Savanorių Avenue.

The relatively fast growth in office vacancy rates in recent years has stabilised rental prices. This is why they remained unchanged in the first half of 2025, with class B offices mostly offered at EUR 10.0–15.5/sqm and class A offices at EUR 16.0–20.0/sqm. “It is likely that, over the next 6–9 months, tenants will put pressure on rental prices, as a wave of new, large business centres is expected to open in the capital soon”, says an Ober-Haus representative.

Kaunas has also seen a modest expansion of offices in recent years. For instance, no new projects were constructed in 2024, and only two modest new projects were completed in the first half of this year (on Veiverių Street and Savanorių Avenue), offering space for commercial and administrative purposes. According to Ober-Haus estimates, the total area of modern office space in Kaunas amounted to 248,400 sq m by the middle of this year. The vacancy rate in Kaunas increased from 3.7% to 4.4% in the first half of 2025. “From the end of 2022, the vacancy rate in this city will remain stable at around 4%, as the development of new projects is not abundant and the market is able to absorb the newly available space,” says Reginis.

According to an Ober-Haus representative, the projects currently under development should bring changes to the Kaunas market. For example, the large Hermanas business centre is under construction in the Nemunaičiai district and will offer around 10,000 sqm of office space by the end of this year or the beginning of next year. Two more projects are under construction on Savanorių Prospekt, which will offer around 10,000 sqm of office space by 2026.

According to Ober-Haus, the asking rents in the newest, top-class Kaunas business centres are currently around €16.0–19.0 per sqm. In Class B buildings, rents are typically EUR 10.0–14.0 per sqm.”

“The Klaipėda office market did not receive any new space additions in the first half of this year, so the total area of modern office space remained unchanged at 82,800 sq m,” says R. Reginis. ‘Taking into account the fact that office development in this city remains sluggish — only three new projects offering the market about 6,600 sq m of new office space were implemented in the period from 2023 to 2024 — the vacancy rate in office buildings remains stable in general.’ According to Ober-Haus estimates, office vacancy in the port city increased from 5.9% to 6.1% in the first half of 2025.

Therefore, Klaipėda is looking forward to the completion of the Hanza business centre, which is being built in the Memelio miesto district. This business centre, which has almost 11,000 sq m of ground floor space, is expected to be completed at the end of this year or in early 2025, and will be leased by Swedbank for around 2,000 sq m. This exceptional project is expected to raise the bar for office rental prices, which have so far been up to EUR 15.0–16.0/sqm in typical office spaces in Klaipėda’s business centres.