This post was automatically translated into English
As the residential construction boom subsides, real estate development companies are increasingly focusing on commercial construction.
As the residential construction boom subsides, real estate developers are increasingly focusing on commercial construction. One of the growing trends in the sector is commercial buildings designed and built according to the needs of a known client.
The commercial building approved by the State Commission on Klaipėda’s Baltijos Avenue will become the fourth such commercial building of UAB “Eika”. The most modern specialized furniture showroom in the port city will open its doors in the new shopping center in February.
“Clients are specialists in their business and know best what kind of premises they need, so we discuss such projects with them from the birth of the idea to the turnkey. Both the interior layout, equipment, and the architecture of the designed building are customized according to the client’s wishes, like a tailor tailoring a suit.” – explains Martynas Žibūda, Head of the Commercial Premises Department at UAB “Eika”.
The emergence of projects tailored to the needs of the client can be seen as a sign of the maturity of the Lithuanian market. It shows that the strategy of retail companies is already becoming very specific and tangible: one or two years ago, companies already know where and how they will develop their business.
“When developing such projects, the preparatory phase is somewhat extended, during which it is important to agree on many details with the client. On the other hand, the efficiency of the project is significantly improved, and there are no unnecessary corners and nooks in the buildings.”
According to M. Žibūda, by tailoring buildings to the client like a suit, real estate development companies take a risk, because if they lose such a unique tenant, the buildings would have to be rebuilt and adapted. Therefore, partnership agreements provide for a long-term lease of the building, lasting about a decade.
The company “Eika”‘s immediate plans include two more shopping centers and a private kindergarten in Vilnius, which will be adapted to suit customers.