Property adviser Colliers International said on Thursday that the Lithuanian warehouse market is growing rapidly on the back of demand from logistics firms and foreign companies. At the end of the first half of 2007, the total warehouse stock in the Vilnius region was estimated at 240,000 m[sup]2[/sup] and a further 150,000 m[sup]2[/sup] is due to be added in the next two to three years.
Property adviser Colliers International said on Thursday that the Lithuanian warehouse market is growing rapidly on the back of demand from logistics firms and foreign companies. At the end of the first half of 2007, the total warehouse stock in the Vilnius region was estimated at 240,000 m2 and a further 150,000 m2 is due to be added in the next two to three years.
Due to its favourable location, the Kaunas region is also expected to generate increased interest among developers and investors. While it is still lagging behind Vilnius and Klaipeda in terms of the supply of new industrial premises, the region is expected to have over 50,000 m2 of available space by year-end 2007, Colliers said.
The supply of leasable warehouse premises in the Klaipeda region was estimated at around 40,000 m2 by the end of the first half of 2007, and another 100,000 m2 is expected over the next two years.
The primary demand is still being created by retail chains, 3PL providers, manufacturers, distributors, and importers of home appliances, construction materials, and similar goods. The main criteria in project selection still appears to be location and an acceptable rent rate, Colliers said.