Baltic Office Outlook, 2025 Q3 -
The Baltic office market in Q3 2025 reveals a period of market adjustment and tenant-driven dynamics, shaped by new supply, stable rental levels, and selective demand. Across the Baltics, market polarization between prime and secondary assets continues to deepen, and tenants are increasingly prioritizing quality, sustainability, and efficiency.
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Baltic Office Outlook, 2025 Q3
The Q3 2025 data across the Baltic capitals reveals a period of market adjustment and tenant-driven dynamics, shaped by new supply, stable rental levels, and selective demand.
Vilnius The market recorded its largest quarterly supply growth in two years, adding 41,900 sqm of new A-class space and bringing total stock to 1.21 million sqm. The vacancy rate rose to 9.3%, primarily due to recent completions and slower tenant absorption. While rental levels remained stable, landlords are increasingly offering incentives, reinforcing the current tenant-favorable phase. Limited new project starts suggest a gradual rebalancing by mid-2026.
Riga Activity was concentrated in smaller, flexible offices (50–150 sqm), reflecting evolving tenant preferences. Overall vacancy remained around 10.5%, while new supply was modest at 2,800 sqm. Noteworthy transactions, such as Zabbix’s 2,400 sqm lease in Jauna Teika, indicate ongoing interest from established occupiers. Despite cautious sentiment, Q4 is expected to close actively as several deals near completion.
Tallinn Prime office demand remains resilient amid slightly rising vacancy (8.7%). Rental levels held steady, with A-class offices at €17.3–24.0/sqm/month, and prime CBD spaces reaching €27.0/sqm. Construction activity continues, with 155,000 sqm in the pipeline, although the investment market remains quiet.
Across the Baltics, market polarization between prime and secondary assets continues to deepen, and tenants are increasingly prioritizing quality, sustainability, and efficiency.