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Market Research - Estonia

Estonia : Tallinn office market - March 2019

Significant development activity in Tallinn will fuel the office letting and investment market

Strong demand is meeting a strong development pipeline

The Tallinn office market remains active with significant take-up and development activity. Two office buildings were completed in Tallinn in the second half of 2018, the larger of the two was a new addition to the Technopolis Ülemiste complex, with a GLA of 16,500 sq m, in the outskirts of Tallinn. In the CBD, the “Skyon” 26 floor high-rise office building construction will begin in the first quarter of 2019. The market is likely to stay tenant friendly going forward as in upcoming years the stock is forecast to further increase at least by 10-15%. Prime class premises located in CBD and harbour area as well as Ülemiste City will continue dominating the pipeline in 2019. Rent prices and vacancy rates have remained stable, as demand for modern office premises is high and competition is fierce. Significant changes in both metrics are not expected in the short term. Demand in 2019 is expected to come mainly from IT, financial and start-up sectors as companies such as Taxify and Pipedrive continue expanding in the city.

Tallinn is seeing new product come to the investment market


The Tallinn office market remains most attractive to buyers as investment in it makes up 80% of the country’s total transaction volume. The country has a pool of local investors that actively participate in the market, the main ones being Eften Capital, Colonna Capital, Capital Mill and others. In recent years foreign investors from Switzerland and Scandinavian countries have been active as well.

With supply of modern office stock growing over 2019, the market is going to remain attractive both to local investment funds as well as to international players looking for new buying opportunities.


Tallinn EOM - March 2019
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