Baltic Industrial Figures Q2 2024

The second quarter of 2024 witnessed the completion of 15 projects across the main Baltic industrial hubs of Vilnius, Kaunas, Klaipeda, Riga, and Tallinn, altogether supplying around 151,000 sqm GLA of modern industrial & logistics (I&L) premises. At the same time, construction remained active, as 11 projects began development, expected to supply another ~110,000 sqm to the Baltic market and putting the total number of U/C stock at ~608,000 sqm.

Demand for I&L space was actively coming from the construction, production, and retail sectors, while some of the most substantial deals in speculative developments were secured in Sirin Development’s projects in Latvia and Lithuania. As quality, energy efficiency, and technological integration becomes more crucial to industrial occupiers, it is expected that absorption rates will accelerate in newly constructed I&L spaces in the near future.