Baltic Office Outlook, 2025 Q4 -
The Baltic office markets closed 2025 with diverging dynamics across capitals. While Vilnius experienced a supply-driven vacancy increase amid strong leasing activity, Riga remained constrained by limited new deliveries and tenant consolidation, and Tallinn showed stabilisation as development slowed. Across the region, occupiers continue to prioritise quality, efficiency, and sustainability, reinforcing the divide between prime and secondary assets.
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The Baltic States office markets entered the end of 2025 in a phase of adjustment, shaped by uneven supply pipelines, selective tenant demand, and increasingly competitive leasing conditions.
In Vilnius, a surge in new A-class completions lifted vacancy levels despite a strong leasing quarter, with incentives widening as landlords compete for occupiers.
Riga remained characterised by minimal new supply and ongoing tenant consolidation into smaller, more efficient premises, while investment activity stayed subdued.
In Tallinn, development activity slowed significantly following a peak in 2024, allowing vacancy and rental levels to stabilise, particularly in prime locations.
Across all three capitals, occupiers are increasingly focused on efficiency, building quality, and sustainability, accelerating market polarisation between modern, future-proof offices and older secondary stock. These trends are expected to continue shaping leasing strategies, rental dynamics, and development decisions heading into 2026.