In 2019, before the COVID-19 pandemic, economic growth in all three Baltic countries was beginning to slow and was in the range of 2.2%-4.4%. The 2020 forecast is that economic growth will decrease in all three Baltic countries by ca. 7%.
At the beginning of 2020, the unemployment rate was one of the lowest in the Eurozone ranging from 4.4% to 6.4%, compared to 7.6% in the Eurozone.
In 2019, industrial stock was expanded by 213,000 sq m, bringing the total stock of industrial premises to over 4 million sq m in the Baltics.
Ca. 325,000 sq m of industrial stock is expected to be delivered in 2020.
In 2019, for the second consecutive year, the annual commercial real estate investment volume surpassed EUR 1.2 billion, of which industrial investment accounted for approximately EUR 176 million or 14%.
In 2019, the largest industrial investment deal was the acquisition of the Harmet production factory in Tallinn by Corum for ca. EUR 29 million.