The boundaries of the central Vilnius business district, located on Konstitucijos Ave. and its approaches, are further expanded to the eastern side of the avenue, forming an urban hill towards Kalvarijų Street. The vacancy rate in modern business centers located in this prestigious business zone is only 5.1 percent, and older offices are less attractive to tenants and do not meet modern business needs..
The supply of plots suitable for the development of commercial objects in this area of the city is limited, especially those where new business centers could be built in the near future. Therefore, the office complex “Flow”, which will be built in 2023 and is currently being designed, is a promising opportunity for companies that want to settle in the central business district of the capital and be visible to their customers. The project, developed according to the highest sustainability standards, will offer the market 15,000 sq. m of office space focused on a healthy working environment.
According to the company “Newsec”, which leases the building with exclusive rights, the new facility in this part of the city will give a strong impetus to the development of the eastern part of the central business district. According to the general plan of the Vilnius city, an urban hill is planned for Konstitucijos pr. – from the tallest building of the “Europos” business center, other surrounding buildings should descend and form the impression of a hill. The “Europos” business center consists of 33 floors, while the “Flow” office complex will consist of two, 15 and 20-story, connected parts with a 3-story underground parking lot and a terrace for employees on the 15th floor.
“There is a growing trend that companies are choosing offices by prioritizing the needs of employees, and not just the managers’ desires to locate in a prestigious business district. Due to the changing work model, the office of the future will have to be more attractive to employees than ever, therefore, the Flow business center will pay special attention to the well-being of employees – encouraging them to move more, spend time in green spaces, and take advantage of wellness activities. The office complex will include a salt room, a massage room, and a juice bar,” says Domas Dargis, CEO of the facility’s developer, Eika.
“Companies that want to settle in the central business zone of Vilnius in the near future should hurry up, because the possibilities for commercial real estate development in this part of the city are not endless. The Flow business center is especially relevant for those organizations that care about the well-being of their employees – people exhausted by the challenges of the pandemic and remote work are already eager to return to offices. The latter will have to adapt to the new reality and offer flexible workplaces – we need to start preparing for the office of the future now,” emphasizes Jurgita Ragaišė, Head of the Newsec Mediation Group.
Ragaišė notes that the functionality of offices will change in the future – fixed workplaces will be replaced by shared spaces, more meeting rooms, and offices for project or team work will be installed. Employees will likely work in offices on a flexible schedule, and office spaces will become more multifunctional.
The current central business district of Vilnius is home to such business centers as Europa, Quadrum Business City, 3 Burės, Forum Palace, Radisson Blue, K29, Tower, S7, Narbuto 5, Business Stadium and Park Town complexes, the headquarters of Swedbank and SEB, and Vilnius City Municipality. The construction of the Lvovo and Core business centers will be completed soon, and in the future the office complexes Flow, K18B and HERO will be built here.
About Newsec:
Newsec is an international real estate consulting company founded in Sweden in 1994, operating in seven Nordic and Baltic countries, with a range of services covering all areas of commercial real estate services. Newsec mediates in real estate investment transactions and in the leasing and sale of commercial real estate, provides real estate management services, and represents clients’ interests in the development of new or expanding existing projects. The company provides licensed property and business valuation services, and has the largest market research and analytics department in the Nordic and Baltic countries. The comprehensive range of services provided ensures the highest quality and competence of the services provided. Newsec experts work based on RICS (Royal Institution of Chartered Surveyors) standards and adhere to such established working principles as transparency, accountability, continuity and stability. The company is also a member of the BNP (Paribas Real Estate) alliance.