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Q2 2019 Property Snapshot

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Q2 2019 Property Snapshot 1 Research & ForecastReport Colliers| International QUARTER 2 2019 | Baltic States BALTIC STATES PROPERTY SNAPSHOT QUARTER 2 2019 2 Baltic States | INVESTMENT MARKET In 1HY 2019, total known investment Communications building in Old volume in Estonia amounted to ca Town by Harju KEK. In 1HY 2019, EUR 100 million, driven mostly by the domestic spend was responsible for QUARTER 2 2019 industrial segment (with more than ca 45% of acquisitions, while foreign half of total Estonian investment capital in total was behind 55% of volume) and smaller-scale deals invested volume mostly due to one (average transaction size was EUR large deal closed by Corum at the Research & ForecastReport Colliers| International 2.8 million). Notable deals in Q2 2019 beginning of the year. Prime yield included the sale of Audru remained rather stable in Q2 2019, Maksimarket in Pärnu and the although harder financing conditions acquisition of the former Ministry of are putting pressure on yields. Economic Affairs and Key Investment Figures in the Baltic States, Q2 2019 Prime Yields Estonia Latvia Lithuania Office 6.25% 6.45% 5.8% Retail 6.4% 6.5% 6.5% Industrial 7.75% 7.75% 7.75% Source: Colliers International In Q2 2019, investment volume in upward movement in the retail Latvia exceeded EUR 100 million, segment might be expected. driven by the sale of Galerija Centrs Following a particularly buoyant last SC (GLA 20,000 sqm) for EUR 75 year which transferred into an active million to Baltic Horizon Fund by start to 2019, Q2 2019 saw a Linstow. Linstow acquired a historic slowdown in investment activity in building next to the Radisson Blu Lithuania. Total accumulated Elizabete Hotel for EUR 6.15 million investment volume stood at almost and Lumi Capital continued EUR 50 million, mostly formed by acquisitions in Latvia by purchasing smaller scale deals (in comparison, the DHL LC (5,900 sqm). total investment volume in Q1 2019 Additionally, there were two hotel exceeded EUR 170 million). The deals - Hotel Radi un Draugi was largest deals in Q2 2019 included the sold to Estonian investors and will be NT Valdos auction and the sale of further managed by Hestia (an Deco Furniture and Interior Centre in Estonian operator), while RIJA VEF Klaipeda by East Capital for EUR 2.5 Hotel, now operated by Mogotel, was million. Looking ahead, ongoing acquired through the insolvency negotiations and an attractive supply process. The development market of new commercial properties give also continues to be active with total grounds to expect that lower transaction volume amounting to investment activity is only temporary, EUR 40 million with the office and the rest of the year is likely to be development segment responsible for more vibrant. As a result of a tranquil half of acquisitions. Prime yields investment market, prime yields remained stable, though slight remained stable in Q2 2019. 3 Research & ForecastReport Colliers| International QUARTER 2 2019 OFFICE MARKET | Development in the Tallinn office IT and high-tech companies, lawyers Baltic States market remains active with a total and retailers are continually among area of approx. 122,350 sqm (15 the strongest contributors to take up projects) under construction in June volume, followed by health care 2019. Q2 2019 saw completion of the providers. The momentum gained by Töökoja 3 office building (BtS) in the co-working spaces is likely to Veerenni area in the city centre and continue, with IWC announcing the the Sadama 9 office building (BtS) in opening of Spaces co-working Tallinn harbour area and the start of premises (more than 3,100 sqm) in construction work on the R6 project Fahle Park. in Rotermann Quarter and Elektrilevi Rent rates remained largely stable, HQ in the Veerenni area. Demand is while vacancy continued to slightly largely driven by relocation and tighten in Class A and Class B1 expansion of existing tenants. buildings (below 6%). Key Office Figures in the Baltic States, Q2 2019 CLASS TALLINN RIGA VILNIUS A Class Rents 13.5-16.8 14.0-16.0 14.7-16.5 B1 Class Rents 9.5-14.0 10.0-13.5 9.0-13.5 A Vacancy*, % 5-6% 2-3% 6-7% B1 Vacancy*, % 5-6% 6-7% 3-4% Source: Colliers International EUR/sqm/month; *-speculative office market vacancy rate The Riga office market continues to Kapitel announced plans to start deliver new projects to the market, construction work on Elemental although slower than expected due to Skanste office complex (GLA 20,500 a longer construction process. Q2 sqm; BREEAM Excellent certified) 2019 saw the opening of Class B1 this summer, while Eastnine office premises (9,000 sqm) in announced plans to expand its Alojas Akropole SC and Class B1 premises office complex with a new WELL- in the reconstructed Telegraph office certified ‘The Pine’ office building building (3,000 sqm half of which is (GLA 15,800 sqm) made from wood. occupied by WorkLand with 160 Due to relatively low demand rent working places) in Old Town. rates remained stable, while no Additionally, a second Teikums significant changes in vacancy have Teodors co-working space with 230 been observed. working places opened in Jaunā Teika. 4 Office Trends In Q2 2019, the Vilnius office market New SSCs were opened by Baltic States | recorded completion of the Live McKesson (2,300 sqm) at Business Square BC (GLA of 6,370 sqm) in Stadium West BC and Dana Construction Vilnius CBD with Sorainen and Incorporated (1,270 sqm) at Alfa BC. Spaces (flexible workspace concept) The co-working market continues to Yield Supply as anchor tenants. A pipeline of 13 expand in Vilnius, with WorkLand QUARTER 2 2019 office properties with total GLA of signing for Quadrum BC (stage III) 161,700 sqm remained under and Talent Garden for Vilnius Street. construction at the end of the Vacancy Demand Tenant relocation from older to quarter. The largest lease agreement Research & ForecastReport Colliers| International newer office properties increased the was concluded by Danske Bank for Rent vacancy level in the Class A 13,000 sqm ‒ a pre-lease of the segment, while rent rates remained Increasing whole S7 BC (stage IV). Stable unchanged. Decreasing Source Colliers International RETAIL Q2 2019 saw the opening of an mid-August 2019, covering 380 sqm extended Ülemiste Centre by ca of GLA in Nautica Centre. In May 13,200 sqm of leasable space to 2019, Porto Franco announced that include more catering and Peek & Cloppenburg will open its entertainment amenities (Apollo first department store (3,600 sqm) in Cinema with O’Learys sports bar, Estonia at Porto Franco in autumn large trampoline centre, bowling, 2020. Downward pressure on rent Vapiano restaurant) in the centre. rates is further expected in all types PEPCO, a Polish low-cost clothing of shopping centre as the opening of and household chain, continues to the T1 Mall of Tallinn and extension expand aggressively, opening a new of Ülemiste Centre sharply store in Lasnamäe Centrum in May intensified industry rivalry, resulting and planning further new openings in redistribution of footfall and across Estonia. Deichmann’s first affecting retailers’ profitability, store in Estonia is due to open in especially smaller ones. Key Retail Figures in the Baltic States, Q2 2019 TALLINN RIGA VILNIUS Prime SC Rents* 24-48 35-55 25-50 Prime High Street 30-48 35-50 25-60 Rents* Vacancy in SC 1.8% 1.8% 1.4% *EUR/sqm/month; SC – shopping centre Source: Colliers International 5 Research & ForecastReport Colliers| International QUARTER 2 2019 Retail Trends The opening of Akropole in Riga in e-sales through Barbora, Rimi April 2019 attracted considerable announced that they are planning to interest, already reaching 1 million expand e-commerce services. | Construction visitors in the first 40 days since Baltic States The Vilnius retail market remained opening. While few of the existing calm in Q2 2019, seeing construction Yield Supply SCs experienced decrease in of Vilnius Outlet. Nevertheless, the footfall, no significant effect on the market remains interesting to new market overall has been observed so entrants. Estonian home and garden far. Even though vacancy has Vacancy Demand goods retailer Hortes announced the increased, it is still below the 2% opening of a 13,600 sqm store at level. The opening of the first Apollo Rent VNO Business & Retail Park (stage cinema, the first O'Learys and the II). Existing shopping centres Increasing 6th Lemon Gym in Akropole follows Stable continued to improve their tenant mix global trends in increasing the Decreasing ‒ the first Jo Malone London entertainment area in shopping boutique in the Baltic States opened Source: Colliers International centres (ca 44% of shopping centres at Panorama shopping centre, while in Riga already have gyms). A the first Apotheca pharmacy in farmer's market (3,500 sqm) has Lithuania opened at Ozas shopping opened in Imanta Retail Park, centre. In Q2 2019, selection of occupying former Prisma premises vacant premises in Vilnius prime as Rimi and Maxima, two of the shopping centres remained tight, strongest market players, are already while rent rates continued to located next to the shopping centre. fluctuate within the existing range. Following the success of Maxima INDUSTRIAL The industrial segment remains parish, and completion of several reasonably active in Tallinn and its Stock Offices (Priisle BP, Kesk tee suburbs in terms of new 10a, Artelli 19, Liimi 4, Härgmäe 21). developments with a total area of Although demand for Stock Office approx. 86,000 sqm under space continues to soften, several construction in June 2019, driven by developers continue to initiate and/or construction of the new Eugesta LC plan new projects mostly within the and ACE Logistics LC in Rae parish, city limits.
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