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's activity report 2022

Kaamos Real Estate AS is a company established in 2002 with domestic capital, which deals with real estate development, construction and management in Estonia and Latvia.

The main activities of the companies belonging to the Kaamos Real Estate AS group are the development, construction and investment in cash flow generating real estate objects of a comprehensive and sustainable living environment, commercial spaces and urban space. The company's goal is to create thoroughly thought-out, comfortable and energy-efficient homes and commercial buildings, including office, commercial, production and warehouse spaces.

Kaamos Real Estate has 20 years of experience, expertise and resources to cover the entire real estate development value proposition to the end customer with its own forces. Our value chain includes the acquisition, planning, development concept creation, design, construction, furnishing, post-delivery service of ready-made homes and commercial spaces, both during the warranty period and during the operation period, to ensure the best quality and customer experience.

Commercial real estate business segment

Market overview

According to the report for the second half of 2022 published by RE Real Estate, the demand for new office spaces still exceeds the supply. In 2022, 77,500 m2 of new office space was added to the Tallinn market (the forecast a year ago for 2022 was 87,000 m2, or almost 10,000 m2 more) and in 2023 this figure will drop to 55,800 m2, increasing the deficit even more. Before 2024, when the completion of new office spaces is predicted to grow again (if the economic situation shows signs of improvement), demand will exceed the supply of new spaces.

The vacancy of free spaces in A-class office buildings in 2022 is about up to 10%, increasing by about 1-2% compared to 2021, as the sales pace dropped as prices rose. The vacancy of B-class office buildings increased compared to the previous year and reached up to 15%, and the main reason in this segment was the movement of tenants to newer A-class buildings.

The number of buyers of new office space in place of the old office has decreased, as a large number of companies have already moved from the old space to the new one and new offices are mostly needed for expansion, preferring the downtown area

A-class office spaces. Today we are in a situation where companies do need new office spaces, but due to the economic downturn, expansion is limited and the search for a new office space has been put on hold, mainly until the spring of 2023.

The need for remote work and home office caused by the pandemic has receded and a hybrid work model is preferred (50-55% of employees support partially working in the office and partially at home) and rather face-to-face meetings in the office to web meetings. Fewer companies have permanently changed their work organization and need less office space than before due to the hybrid work. This particularly affects IT, finance and insurance companies.

Rental prices have started to rise more significantly due to inflation and supply difficulties causing construction prices to rise. A-class rental prices have risen to 14-23 €/m2 by the end of 2022 (a year ago 15-17 €/m2) and