KEY POINTS

  • In 2019, before the COVID-19 pandemic, economic growth in all three Baltic countries was beginning to slow and was in the range of 2.2%-4.4%. The 2020 forecast is that economic growth will decrease in all three Baltic countries by ca. 7%.
  • At the beginning of 2020, the unemployment rate was one of the lowest in the Eurozone ranging from 4.4% to 6.4%, compared to 7.6% in the Eurozone.
  • In 2019, industrial stock was expanded by 213,000 sq m, bringing the total stock of industrial premises to over 4 million sq m in the Baltics.
  • Ca. 325,000 sq m of industrial stock is expected to be delivered in 2020.
  • In 2019, for the second consecutive year, the annual commercial real estate investment volume surpassed EUR 1.2 billion, of which industrial investment accounted for approximately EUR 176 million or 14%.
  • In 2019, the largest industrial investment deal was the acquisition of the Harmet production factory in Tallinn by Corum for ca. EUR 29 million.