Office rent: what country is the cheapest place to rent office space
When expanding a business, a typical situation is searching for an office. And it is not always possible to quickly find the right space in a convenient location. It is especially difficult to find an object in another country, in this case, it is important to understand the peculiarities of pricing and rates on the market. Experts conducted a large-scale study on the commercial real estate market and found that the office rent is the cheapest in Georgia, Poland, and Lithuania.
According to official data, at the end of last year in Warsaw, there were registered 6.238 million square meters of office space. Last quarter there were 759,700 square meters of vacant space, and 273,200 square meters of demanded space were recorded. According to surveys, tenants were most interested in offices, which are located in the center of Warsaw. The number of new lease agreements increased during the month, their share amounted to 52% of the total number of contracts, which includes preliminary agreements.
The cost per square meter in the Polish capital ranges from 13.5 to 22 euros. For that price, you can rent a room that meets all quality standards. In the center of Warsaw, rent will be within the upper limit, but in areas such as Mokotów Służewiec rates can exceed 22 euros per square meter. Less than 13 euros per square meter can be found in more remote locations. A profitable option would be to rent a large space of 500 square meters.
The cost depends on various factors, such as the location of the office, infrastructure nearby, the availability of parking, transportation, stores, and cafes.
The price per square meter in Georgia is 7-17 euros, and in the central part of Tbilisi, there are variants and 9 euros per square meter. In Batumi, office rent starts at 3.5 euros per square meter, and the city also has flexible tax requirements.
In Latvia, rental rates are 9-13 euros per square meter, and in Riga, the owners often make discounts and give bonuses. For example, an office of 456 square meters can cost 7296 euros per month, and premises of 74 square meters – 522 euros. It turns out that the price per square meter when renting a small space will be at the level of 7 euros, and for a large – 16 euros.
Owners of commercial real estate in Lithuania offer to rent premises for 11-13 euros per square meter. In the central districts of Tallinn, the price per square meter of office is 10-12 euros, in the rest of Estonia, you can rent a room for 5 euros per square meter. A month of renting a 25 sq.m. office in a prestigious business center will cost 300 euros, and 50 sq.m. will cost about 750 euros.