BALTIC PROPERTY OUTLOOK - SPRING 2019 - Redgate Capital
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BALTIC PROPERTY OUTLOOK SPRING 2019
CONTENTS (Co-)Working 9 to 5 – Is That the New Way to Make a Living? . . . . . . . . 7 The Estonian Property Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 The Latvian Property Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 The Lithuanian Property Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Macroeconomic Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Property Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 The Full Service Property House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Contact and Addresses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
(CO-)WORKING 9 TO 5 – IS THAT THE NEW WAY TO MAKE A LIVING? BALTIC PROPERTY OUTLOOK • SPRING 2019
(CO-)WORKING 9 TO 5 – IS THAT
THE NEW WAY TO MAKE A LIVING?
The sharing economy continues to take the world by storm, and co-working in particular has undergone striking growth
over the past few years. The Nordics are no exception, having seen a sharp increase in the amount of available co-working
locations in the region. Both local and international co-working operators have chosen to establish and expand locations in
a wide range of Nordic and Baltic cities.
Lost in space The current state of
the co-working market is shown in
the graph (1), in terms of the num-
ber of co-working locations. Stock-
holm is the clear leader in terms of
the number of locations available,
with close to 70 unique co-working
locations for customers to choose
from. The other capital cities also
perform relatively well, while inter-
estingly, co-working hubs are also
being established in cities such as
Kaunas and Malmö, which are over-
represented in terms of the number
of co-working locations relative to
their population. While the average
size of co-working areas is smaller
in Kaunas and Malmö than in Vilnius
and Gothenburg, the fact that there
are so many smaller locations availa-
ble in relatively smaller cities is
indicative of a workforce that values
flexibility, and is likely to be an asset
for these cities in the future.
Indeed, beyond the pure number of
co-working locations, the growth
over time in the amount of availa-
ble space has been marked in most
Nordic cities, and the region as a
whole. The graph (2) shows that
co-working has seen strong growth
in the Nordic major cities, going
from around 400,000 square meters
in 2017, to 550,000 in 2018, a
growth rate of 36 per cent.
Though the definition of co-working differs, Newsec defines a co-working location as an area that provides an open working space to be shared
together with other members in some form. Newsec includes co-working locations that offer hot-desking and/or dedicated desks as well as
office hotels that meet this definition in our analysis.
An operator is defined as a company that runs a co-working location. A member is defined as a company or individual that uses a co-working
location.
3
(CO-)WORKING 9 TO 5 – IS THAT THE NEW WAY TO MAKE A LIVING? BALTIC PROPERTY OUTLOOK • SPRING 2019
»Co-working remains one of the fastest
growing office segments and is driving
the office market in many ways«
Selection of major lettings in 2018 and 2019
In 2019, co-working office stock is the global co-working giant WeWork’s largest property lettings of 2019 thus
expected to grow further to approxi- decision to rent 13,500 sqm of space far has been Convendum’s letting of
mately 680,000 square meters, which in the newly developed Urban Escape 5,000 sqm for a co-working loca-
constitutes a growth rate of 24 per building in central Stockholm. WeWork tion in Sundbyberg. Beyond this, in
cent. This means that although the have announced their intention to 2018 and 2019, many established
growth rate is expected to slow a little rent at least 30,000 sqm in Stock- Nordic co-working companies have
this year, co-working remains one of holm alone – and have also set their grown considerably – with e.g. United
the fastest growing office segments sights on establishing locations in Spaces opening three new locations
and is driving the office market in other Swedish major cities and Nordic in Sweden, totaling over 18,000
many ways. Indeed, the share of total capitals. sqm. Naturally, inter-Nordic interest
office stock is expected to continue has also flourished, with examples
to increase, too, approaching 2.5 per International interest in the Nordic including Swedish company Epicenter
cent in 2019. Although co-working markets has been more widespread establishing major locations in Oslo
stock in the Nordics remains a far cry than that, though. International (15,000 sqm) and Helsinki (9,000
from the stock seen in more developed co-working companies that have sqm) in 2018, while the Finnish
co-working markets such as London, shown interest in the Nordic cow- company Technopolis (UMA) has also
where the stock is twice the size of orking market include the American established a number of new locations
the Nordic cities combined at over 1 Cambridge Innovation Center, Israeli across the Nordic and Baltic region.
million square meters and over 4 per Mindspace, British Office Group and Although the primary focus in many
cent of total office stock, it is clear that Austrian Impact Hub. More established cities continues to be on establishing
the co-working market is continuing to players have also expanded, with e.g. co-working locations in the centre of
grow steadily in the Nordics. Regus opening new locations in all the city, as the market has become
of the Nordic and Baltic countries in more saturated, a number of locations
Growing numbers of major lettings A 2018. have begun to pop up in suburban
number of major lettings have been office hubs. Further, though coworking
made in the past year, helping to fuel Home-grown interest has also been is primarily centered in major cities,
growth. One of the most high-profile is considerable. In Sweden, one of the many smaller cities/towns have also
4
(CO-)WORKING 9 TO 5 – IS THAT THE NEW WAY TO MAKE A LIVING? BALTIC PROPERTY OUTLOOK • SPRING 2019
»Though traditionally a hub for tech start-ups
and freelancers, co-working is now beginning
to attract a wider range of members«
attracted co-working actors, meaning In terms of member industries, we
most cities/towns with a population see that while IT remains the largest
over 50,000 across the Nordics and industry at 35 per cent, there is a wide
Baltics are now home to at least one spread of companies working within
co-working location. a number of different fields, with the
“other” field being the second largest
An evolving market at 25 per cent, attracting members
The significant letting activity makes from a wide range of fields includ-
it clear that in a short amount of time, ing media, food, fashion, charities,
co-working has had a substantial nonprofits, artists and many more.
impact on the nature of the office Indeed, we generally note a broad
market in the Nordics. A considera- spread in the results, meaning there
ble number of property owners and is considerable variance both within
developers have made adjustments to and between co-working locations
their strategies in order to account for in terms of member industries. This
the growth of co-working. In Sweden, means that co-working can in many
property companies such as Klövern, cases truly allow firms from a wide
Vasakronan, and Profi have developed range of industries to collaborate and
their own co-working concepts, while inspire one another. Further, in terms
Wallenstam have chosen to purchase a of the age of members, we note that
stake in co-working giant Convendum, many co-workers are perhaps not as
and Castellum have purchased United young as one might expect. Although
Spaces. the percentage under 30 is sizeable, at
32 per cent, 55 per cent of members
Further, as co-working continues are aged between 30 and 50, and 13
to evolve, so too does its clientele. per cent are aged over 50. In addition,
Indeed, the inherent spurring of most of our respondents report that
creativity and flexibility is increasing- their co-working locations boast a fair-
ly becoming something that a wider ly even gender balance. Hence, though
range of members appreciate. Though co-working does continue to attract
traditionally a hub for tech start-ups the stereotypical young male IT pro-
and freelancers, co-working is now fessionals, it is clear that the appeal is
beginning to attract a wider range continuing to widen. This is contribut-
of members. The diagrams (3–5), ing to the spurring of competition on
based on a comprehensive survey the office rental market.
conducted by Newsec in the Nordics
and Baltics, evidence this. The number Let the right one in
of freelancers and one-man companies Beyond this, despite co-working
in co-working locations is only 19 per locations in many cases commanding
cent, while small companies dominate slightly lower rents and slightly more
with 65 per cent. Further, an increas- rental discounts than comparable
ing number of larger, more established office spaces, many major property
companies such as Microsoft, KPMG, actors are actively choosing to woo
Volvo, Electrolux and SEB are choos- co-working actors and attract them to
ing to become members of different their properties. This is partly owing
co-working locations in the Nordics. to the long leases usually signed by
co-working actors, coupled with the
5(CO-)WORKING 9 TO 5 – IS THAT THE NEW WAY TO MAKE A LIVING? BALTIC PROPERTY OUTLOOK • SPRING 2019
Photo: Getty Images
tenant risk often being concentrated In order for co-working to remain an business as a whole. Notwithstanding
to one actor for what is often a large attractive investment for property these risks, co-working’s global expan-
letting. Further, the generally higher owners, it is crucial to understand and sion is unlikely to cease any time soon,
utilization rates of common space in develop the right type of long term not least in the Nordics and Baltics.
particular is also seen as highly attrac- sustainable business model. In this The world continues to evolve and
tive to property owners. This combined regard, Newsec notes that there are people’s behavior is changing – and to
with the attraction which the availa- many major differences between the succeed in the property industry, it is
bility of co-working space can have to actors active in the Nordic countries of paramount importance to stay on
other tenants, means that if managed today – as well as structural differ- top of these changes.
correctly, the long-term impact on ences in the co-working model in the
property values can be positive. different countries. As the sharing
economy continues to expand, making Ulrika Lindmark
Nevertheless, it is important to and keeping business profitable will be ulrika.lindmark@newsec.se,
highlight that there are inherent risks key – and some co-working companies Alexandra Lövgren
in the co-working industry for the are unlikely to be able to weather the alexandra.lovgren@newsec.se,
property owner, too. While concentrat- storm that a recession may bring. Adam Tyrcha
ing tenant risk to one large letting is It is clear that the continued rise of adam. tyrcha@newsec.se
often seen as positive, this can quickly co-working can be both a benefit and a
transform to something negative, too. hindrance to property values and your
6THE ESTONIAN PROPERTY MARKET BALTIC PROPERTY OUTLOOK • SPRING 2019
THE ESTONIAN PROPERTY MARKET
GROWTH ACROSS ALL REAL ESTATE SEGMENTS
Estonia remains one of the fastest ber of competitors and fears of mar- 2018, the total transaction volume
growing economies in the European ket oversaturation, the biggest trend in Estonia reached EUR 150 million.
Union. In 2018, the country’s GDP in the Tallinn retail market is investing Surprisingly, the market consisted
grew at a rate of 3.4 per cent. The into more entertainment and leisure almost entirely of local investors, who
economic growth is reflected in the options to attract customers. Similar primarily purchased office premises
many thriving real estate segments. to the office market, retail rents located in Tallinn.
Many new office projects are in the and vacancy rates have remained
pipeline and are expected to be com- stable, although there is a small risk
pleted in 2019–2020. Rent prices and of vacancy increase and downward Contact:
vacancy rates have remained stable, pressure on rents due to the high sup- Gintaras Tolocka
as demand for modern office prem- ply. Yields for prime office properties g.tolocka@newsec.lt
ises is high and competition is fierce. remain at 6.25 per cent, while prime Adomas Biveinis
The retail sector also continues to retail and industrial remain at 6.75 a.biveinis@newsec.lt
grow as well. With an increasing num- and 7.75 per cent, respectively. In
Photo: Shutterstock
7THE ESTONIAN PROPERTY MARKET BALTIC PROPERTY OUTLOOK • SPRING 2019
»Estonia’s strong growth and technological
advancement continues to be attractive to
international investors«
Interesting occurrences on the Estonian property market in 2018:
FAVOURABLE ECONOMIC CONDITIONS the harbour passenger terminals.
Estonia‘s strong growth and tech- It is expected to be completed in
nological advancement continues to 2019. The Porto Franco premises
be attractive to international inves- include a shopping centre, office
tors. The country has the highest space and CityBox hotel. The total
FDI inflow as a percentage of GDP GBA of the project is going to be
out of the three Baltic countries; around 150,000 sqm. The value of
this remains at around 5 per cent. the project is more than EUR 150
The unemployment rate is also the million.
lowest in the region, at around 5
per cent. Problems that the country GROWING TALLINN HOTEL MARKET
may face in the future are similar to In Tallinn, increasing tourist flows
those of its neighboring countries, attract international hotel brands
as increasing wages and cost of and developers. Recently, the
debt could affect investment activi- French hotel chain AccorHotels
ty as well as yield compression. Group announced that it is going
to invest over EUR 12 million into
AN INNOVATIVE SHOPPING CENTRE OPENS building a new hotel in the Tallinn
The T1 shopping centre was opened city centre. The hotel, with 190
towards the end of 2018, adding guest rooms, will be located at Juh-
approximately 55,000 sqm of kentali st 22. Construction work is
GLA to Tallinn‘s retail stock. The currently in progress. The hotel is
four-floor building is located at the going to open in spring 2019, and
edge of Lasnamäe, the largest city will be operated under the Accor-
district in Tallinn. Existing retail Hotels Ibis brand. It is forecast that
players are choosing to innovate the “Skyon” 26 floor high-rise office the number of hotels in the coming
owing to increasing competition building construction will begin in years will continue to grow, as
on the Tallinn retail market. This the first quarter of 2019. This class Tallinn remains the main hub in the
includes adding cinemas, bowling A building will be constructed ac- country.
alleys, fitness centres, kids’ centres cording to the LEED Gold standard,
and a larger variety of restaurants, with a GLA of 8,200 sqm. In total,
among other things. it is expected that in the coming
years, the office stock will increase
CHANGING CITY SKYSCAPE Two office by more than 10 per cent.
buildings were completed in Tallinn
in the second half of 2018. The NEW DEVELOPMENT BY THE HARBOUR
larger of the two was a new addition The multifunctional complex Porto
to the Technopolis Ülemiste com- Franco is currently under con-
plex, with a GLA of 16,500 sqm, in struction. The building is situated
the outskirts of Tallinn. In the CBD, in the central area of Tallinn, near
8THE LATVIAN PROPERTY MARKET BALTIC PROPERTY OUTLOOK • SPRING 2019
THE LATVIAN PROPERTY MARKET
A INTENSE DEVELOPMENT IN RIGA
Following a strong 2017, where the retail sectors in Riga, as the capital as well, with the threat of a strong
Latvian economy grew by 4.6 per remains the only major econom- Lithuanian competitor, Akropole,
cent, 2018 saw Latvia continuing to ic hub. The city is set to grow by developing a shopping centre in Riga
grow at a rapid rate. The final GDP about 90,000 sqm of modern office inspiring local players to change. The
growth figure was as high as 5.1 per stock, forecast to be commenced in prime office yield remains at 6.75 per
cent in 2018 – one of the highest 2019–2020. Falling vacancy rates cent, while prime retail and industrial
rates in the European Union. The for both class A and B premises show yields remain at 7.00 and 8.00 per
situation in Latvia is similar to that demand for new premises. Histor- cent respectively.
in the other Baltic countries – the ically, class A made up just 15 per
economy is growing quickly but there cent of all stock, but this proportion
are certain warning signs, as banks is expected to increase in the coming Contact:
are increasingly becoming cautious years. The office segment is particu- Gintaras Tolocka
about project financing. Neverthe- larly appealing to investors, too – the g.tolocka@newsec.lt
less, the real estate sector remains Riga office segment accounted for 60 Adomas Biveinis
active. Both local and foreign market per cent of transaction volume. The a.biveinis@newsec.lt
players invest mostly in the office and retail segment in Riga is modernizing
Photo: Shutterstock
9THE LATVIAN PROPERTY MARKET BALTIC PROPERTY OUTLOOK • SPRING 2019
»With development activity occurring in different
parts of the city, Riga is seeing a number of office
clusters beginning to form«
Interesting occurrences on the Latvian property market in 2018:
FAVOURABLE ECONOMIC CONDITIONS TORNAKALNS DEVELOPMENT
In 2018, Latvia showed signs of The public and private sector join
healthy long-term growth. The forces in a large-scale universi-
inflation rate is above 2 per cent, ty campus development in the
where it is forecast to remain in the Tornakalns area in Riga. With two
coming years. The unemployment facilities already in operation, the
rate is decreasing and the labour area in Tornakalns will become the
market is becoming tighter – a main centralized campus of the Uni-
tendency seen in all of the Baltic versity of Latvia. At the moment,
countries. Increasing wages improve the total area of the buildings is
well-being of citizens, but could 38,500 sqm. By 2022, plans are for
affect international investors who the area to consist of 130,000 sqm.
consider the Baltic countries a good The university development project
fit to minimize operating costs. is part of a public modernization
effort in order to increase efficiency
ACTIVE INTERNATIONAL INVESTORS
In the near future, Lithuanian inves-
tors amongst others are planning to
invest more than EUR 600 million
in real estate in Riga. Owing to a campuses. However, the west bank
relatively small amount of local of the Daugava river is most likely
investors and an underdeveloped of- to become the prime office cluster,
fice market, Riga remains attractive as several developers have invested
to international players. Large-scale in land plots and plan on developing
investors such as Hanner, Lords LB modern business centres.
Asset Management, Capitalica Asset
Management and Vilniaus Prekyba AGITATION IN THE RETAIL SECTOR
intend to invest in the office, retail Development of the Akropole shop-
and residential real estate sectors. ping mall, set to open in 2019, has
prompted existing market players
OFFICE CLUSTER FORMATION in Riga to consider renovations and
With development activity occurring extensions. With a gross building
in different parts of the city, Riga is area of 97,500 sqm, Akropole is
seeing a number of office clus- intended to be the most modern
ters beginning to form. There are shopping mall in the city. Owing to
speculations as to which part of the the imminent increase in compe-
city will become central to business tition, existing retail players are
activities. The Skanste area remains investing in new entertainment
a prime candidate with plans to activities as well as expanding their
develop several different business selection of brands.
10THE LITHUANIAN PROPERTY MARKET BALTIC PROPERTY OUTLOOK • SPRING 2019
THE LITHUANIAN PROPERTY MARKET
A RECORD-BREAKING YEAR
In 2018, the Lithuanian economy office centres set to open in 2019. purchases continue to occur in the
grew by 3.6 per cent. The economy The market remains active in terms of office and retail segments. The prime
looks strong with medium inflation, investment activity as well – the total office yield remains at 6.25 per cent
low unemployment rate and consist- transaction volume in 2018 was EUR (though some transactions can
ent wage growth. Positive economic 400 million, which is the highest ever attract even lower yields, e.g. the pur-
development has translated well into recorded annual investment volume. chase made by Eastnine was made at
the real estate market. Office takeup a yield of 5.80%), while prime retail
remains high in both Vilnius and Kau- Further, in February 2019, Swedish and industrial yields remain at 6.75
nas, with large international IT and property company Eastnine pur- and 7.75 per cent respectively.
finance companies at the forefront of chased the S7 office complex in Vilni-
relocation and expansion activities. us for EUR 128 million, in the largest
Low class A vacancy rates are fuelling ever office investment transaction Contact:
competition in the prime office sector, in the Baltic states, highlighting the Gintaras Tolocka
which in turn is keeping rents stable. attractiveness of the Lithuanian g.tolocka@newsec.lt
The office market is in a transition market to Nordic and other interna- Adomas Biveinis
phase, with a record number of new tional investors. Indeed, the largest a.biveinis@newsec.lt
11THE LITHUANIAN PROPERTY MARKET BALTIC PROPERTY OUTLOOK • SPRING 2019
»In 2018, the total investment volume in Lithuania
was EUR 400 million, which is the highest ever
recorded annual investment volume«
Interesting occurrences on the Lithuanian property market in 2018:
FAVOURABLE ECONOMIC CONDITIONS cautious when financing investment
In 2018, retail turnover growth in activities. The growing cost of debt
Lithuania was 7 per cent – one of in the upcoming years could stop
the highest levels in the European yield compression which has lasted
Union. Consumption continues to almost ten years.
drive the economy: GDP growth
remains above 3 per cent, while the TOURISM FUELS GROWTH
inflation rate remains around 2 per The number of tourists has been
cent. These and other indicators rapidly growing for the past five
show stable and steady growth. years. 2018 marked a record 20
A tight labour market is driving per cent growth in the number of
wage growth both in the public aircraft passengers in Lithuanian
and private sector, which has had airports. This development has
a positive effect on net migration. fuelled economic growth as well
In the last five years, average wage as development in the real estate
growth was 7 per cent, which is one sector. The hotel market is growing,
of the highest rates in the European with large international players such
Union. as Hilton, Marriott, Radisson, Moxy
and Ibis seeing increased demand
OFFICE TAKE-UP REMAINS HIGH in Vilnius and Kaunas. The sector
Pre-lease agreements have become is becoming increasingly more
common in Lithuania, as large inter- competitive, as it used to be driven
national and domestic companies en both by domestic and interna- primarily by local players.
plan office demand in advance. Most tional investors, the latter being re-
of the contracts signed for 1,000 sponsible for the largest real estate ACTIVE YEAR AHEAD
sqm or more are relocations to transactions. For example, the retail 2019 is forecast to be another
buildings opening in 2019 or 2020. segment attracted South African record year in the office segment,
The market is mostly driven by re- NEPI Rockcastle, which purchased with as much as 15 and 35 per
location to and expansion in prime the Ozas shopping mall in Vilnius cent office stock growth in Vilni-
office spaces, with the CBD being for a record EUR 125 million. The us and Kaunas, respectively. The
the most attractive location both outlook for 2019 also looks strong, market remains in the transition
for development of new buildings as following Eastnine’s acquisition of phase. Older office buildings have
well as office take-up activity. the S7 office complex for EUR 128 to either increase flexibility of lease
million. Beyond this, investors have terms or renovate in order to stay
RECORD HIGH INVESTMENT ACTIVITY begun diversifying their portfolios competitive in the quickly changing
In 2018, the total investment with investment into other cities speculative office market. The retail
volume in Lithuania was EUR 400 besides the capital city Vilnius, such segment is also changing, as large
million, which is the highest ever re- as Kaunas, Klaipeda and Panevezys. players renovate existing shopping
corded annual investment volume. It is forecast that in the near future, malls and introduce new concepts
The market’s growth has been driv- banks may begin to become more and technology.
12MACROECONOMIC DATA BALTIC PROPERTY OUTLOOK • SPRING 2019
MACROECONOMIC DATA
g.tolocka@newsec.lt
13PROPERTY DATA BALTIC PROPERTY OUTLOOK • SPRING 2019
PROPERTY DATA
g.tolocka@newsec.lt
14PROPERTY DATA BALTIC PROPERTY OUTLOOK • SPRING 2019
PROPERTY DATA
g.tolocka@newsec.lt
15BALTIC PROPERTY OUTLOOK • SPRING 2019
THE FULL SERVICE PROPERTY HOUSE
IN NORTHERN EUROPE
Newsec — The Full Service Property Newsec grew with the acquisitions of of approx. 1 million square me-
House in Northern Europe — is by far Norwegian Basale and Danish Datea, ters, management transactions of
the largest specialised commercial further strengthening the position some EUR 3.3 billion and does real
property firm in Northern Europe. within Property Asset Management. estate valuations with an underlying
In 2018, Newsec opened a London property value worth almost EUR
Newsec manages more properties office to assist international investors 165 billion. Thanks to large volumes
and carries out more transactions, interested in the Nordic and Baltic and local presence combined with
more lettings and more valuations region. in-depth understanding of a range
than any other firm in Northern Eu- of businesses, Newsec has a unique
rope. Through this great volume, and Newsec was founded in 1994 and expertise of the real estate market in
the knowledge and depth of our vari- is today a partner-owned company northern Europe.
ous operations, we acquire extensive with some 1,800 co-workers. spread
and detailed knowledge of the real across the seven Nordic and Baltic
estate market. In turn, we can quickly countries. Newsec has approx. EUR
identify business opportunities that 45 billion under management and
create added value. annually signs lease agreements
Our prime market is Northern Europe,
but through our alliance member-
ship with BNP Paribas Real Estate,
we offer our services on the global
market. This makes Newsec Northern
Europe’s only full service property
house, and provides us with a unique
ability to forecast the future.
OULU
A history of growth
Newsec is the result of a unique
history of growth, characterised by TRONDHEIM
constant originality of thinking. The
first issue of the comprehensive
TAMPERE
market analysis, Newsec Property
Outlook, was published in 2001. The BERGEN
HELSINKI
OSLO
Group expanded internationally into
STOCKHOLM
Finland in 2001, Norway in 2005, the TALLINN
Baltic countries in 2009 and Denmark
in 2016. The Norwegian asset and GOTHENBURG RIGA
property management companies
AARHUS
First Newsec Asset Management and COPENHAGEN MALMÖ
KLAIPEDA
KAUNAS
TM Partner were acquired in 2012.
VILNIUS
In 2013, Newsec acquired Jones
Lang LaSalle’s Swedish property
management operation. In 2017,
16CONTACT AND ADDRESSES BALTIC PROPERTY OUTLOOK • SPRING 2019
CONTACT AND ADDRESSES
More analytical information at Newsec: Office solutions at Newsec: LITHUANIA
Head of Research and Analysis Head of Brokerage Konstitucijos ave. 21C
Mindaugas Kulbokas Jurgita Silaikyte LT-08130 Vilnius
Cell +370 652 10556 Cell +370 659 66808 Phone +370 5 252 6444
E-mail m.kulbokas@newsec.lt E-mail j.silaikyte@newsec.lt E-mail info@newsec.lt
www.newsec.lt
Consultant Tenant Consulting
Gintaras Tolocka Head of Corporate Solutions LATVIA
Cell +370 685 06940 Martynas Babilas Vilandes str. 1
E-mail g.tolocka@newsec.lt Cell +370 616 12216 LV -1010 Riga
E-mail m.babilas@newsec.lt Phone +371 6750 84 00
Assistant E-mail info@newsec.lv
Adomas Biveinis Landlord Consulting www.newsecbaltics.com
Cell +370 613 07955 Head of Office Solutions
E-mail a.biveinis@newsec.lt Indre Narauskaite ESTONIA
Cell +370 698 83827 Roseni str. 7
E-mail i.narauskaite@newsec.lt EE-10111 Tallinn
Phone +372 664 5090
Office FIT-OUT Service E-mail info@newsec.ee
Head of Project Management www.newsecbaltics.com
Tadas Grincevicius
Cell +370 679 79779
E-mail t.grincevicius@newsec.lt
Office Care and Property Management
Head of Office Management Group
Justas Bandza
Cell +370 6555 8989
E-mail j.bandza@newsec.lt
17THE FULL SERVICE PROPERTY HOUSE
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