baltic states and belarus real estate market review - Colliers

More documents

Recommendations

Info

Real Estate Market Review 2011 | Estonia Industrial Market Tendencies ◊ ◊ ◊ After 2009 saw diving rental rates and increasing vacancy, 2010 began with very little tenant demand and a high vacancy rate. The sector remained fragile with fears of bankruptcies or jumps in vacancy with hopes pinned on a growth in exports and transit and a stabilising. In 2010 the market remained in favour of occupiers as landlords offered competitive and more flexible lease conditions to tenants. Companies that were seeking and leasing warehouse premises in 2010 represented mostly retail sector companies (Prisma, Rahva Raamat, Selver, R-Kiosk). As 2010 has progressed, construction prices have increased steeply (approximately 20 per cent over the year) and widened the gap between the asking price of developers and tenant expectations. Due to increased construction prises and the high cost of borrowing, occupiers tend to prefer build-to-suit to self-financed and built projects because companies could use their capital for other purposes rather than tying it up in real estate. ◊ Occupiers are still cautious and generally show preference to leasing over purchase. In the case of needs for premises with specific parameters, due to a shortage of such new buildings often older industrial premises are considered. Short-term rental contracts have become more common. Investor interest for industrial sector is improving but remains relatively low. ◊ ◊ ◊ ◊ Even though the industrial market vacancy rate was quite high throughout 2010, the sector has become more active among Russian and Scandinavian clients, and there was some degree of demand shortfall in larger properties (above 5,000 sqm). In addition to international companies, some local companies have also become active in this segment. Although the sector has shown some positive signs of recovery, supported by strengthening exports and economic revival in neighbouring Nordic countries, stable recovery in this market will be slow-moderate over the medium-term. Despite reduced demand, a drop-off in supply should allow rents to remain more stable in 2011. The development of industrial properties is concentrated on the area of Tallinn and Harju County. The obvious reasons for this are the location (for example, proximity of main ports such as Muuga and Paldiski), built-up infrastructure and economic activity in the area. Since the end of 2009 foreign investors have turned their attention to the industrial market and continue to seek attractive investment possibilities. Growing interest from foreign investors attracted to the sector by low prices, remains to be a promising sign. CONTACT: AVO RÕÕMUSSAAR - a.roomussaar@colliers.ee Colliers International | p. 66
Real Estate Market Review 2011 | Estonia Industrial Market 19 20 13 12 3 4 14 4 2 3 23 18 5 1 15 24 22 21 1 16 7 8 5 9 11 17 6 10 25 1 2 Industrial and Logistics Parks in Tallinn and Harju County 6 Existing Developments 1. Liiva Logistics Park 2. Rebasepõllu Industrial Park 3. Ülemiste City 4. Tallinn Industrial Park 5. Mõigu Industrial Park 6. Kiili Industrial Park 7. Sinikivi Industrial Park 8. Rae Industrial Park 9. Sweet Valley Industrial Park 10. Jüri Industrial Park 11. Tänassilma Industrial Park 12. Tondiraba Industrial Park 13. Maardu Industrial Park 14. Tabasalu Industrial Park 15. Killustiku Industrial Park 16. Sõpruse Business Park 17. American Corner Retail and Logistics Park 18. Suur-Sõjamäe Industrial Park 19. Muuga Industrial Park 20. Iru Industrial Park 21. Via3L Logistics 22. Smarten Logistics 23. DHL Logistics Centre 24. Würth 25. VGP Park Tallinn I building Completed in 2010 1. Mõigu Industrial Park Declared for Completion in 2011 - 2012 1. VGP Park Tallinn II building 2. Ülemiste City 3. Tondiraba Industrial Park 4. Tabasalu Industrial Park 5. Rae Industrial Park 6. American Corner Retail and Logistics Park CONTACT: AVO RÕÕMUSSAAR - a.roomussaar@colliers.ee Colliers International | p. 67
Page 1 and 2:
BALTIC STATES AND BELARUS REAL ESTA
Page 3 and 4:
latvia REAL ESTATE market REVIEW 20
Page 5 and 6:
Real Estate Market Review 2011 | La
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16: Real Estate Market Review 2011 | La
Page 29 and 30: Commercial real estate market shows
Page 31 and 32: Real Estate Market Review 2011 | Li
Page 51 and 52: Stability, optimism and The Euro Af
Page 53 and 54: Real Estate Market Review 2011 | Es
Page 65: Real Estate Market Review 2011 | Es
Page 77 and 78: GOOD SIGNS FOR THE REAL ESTATE MARK
Page 79 and 80: Real Estate Market Review 2011 | Be
Page 103: Colliers International Baltic State
show all

baltic states and belarus real estate market review - Colliers

Create successful ePaper yourself

Delete template?

Save as template?