New business centres divide Žvėrynas into two parts
For many people Žvėrynas is a synonym for a prestigious residential quarter. Over the past 15 years, however, it has also become a preferred location for offices and new business centres, which have actually divided Žvėrynas into two – the new and the old – parts. “The low-rise buildings, the abundance of green areas, and the small streets between T. Narbuto Street and the Neris River have remained the characteristics of the old, real Žvėrynas. A different, somewhat noisier and busier pace of life is dominating the new Žvėrynas – the northern part of Žvėrynas eldership between T. Narbuto and Ukmergės, Saltoniškių and Geležinio Vilko streets, next to the Panorama shopping centre,” said Darius Tumas, head of the Commercial Real Estate Department at Ober-Haus.
According to data from Ober-Haus, there are 7,500 sq m of modern office space in the old Žvėrynas. “Perhaps most people hardly notice the active development of commercial properties in this part of the city because fairly stringent construction intensity and tallness limitations apply in Žvėrynas. However, if you drive along the main streets of the quarter you will see a number of compact and successfully operating commercial buildings. Žvėrynas is also a preferred choice of embassies and specialised upmarket showrooms. A perfect example of a business centre typical of Žvėrynas is the L25A Business Centre being constructed in Liepyno Street, next to T. Narbuto Street, which will provide 1,700 sq m of new office space in May 2017,” said Mr Tumas.
The old Žvėrynas is attractive for real estate development both due to the convenient location and the positive image of the quarter. “From here, Konstitucijos and Gedimino avenues can be reached via bridges over the Neris River. The Old Town, Naujamiestis and the new business quarters are accessible in just a couple of minutes. You can also quickly reach main traffic lines from here. Public transport, cycling and car sharing spots are all available here. Furthermore, unlike the central part of the city, parking in Žvėrynas is free,” mentioned the benefits Mr Tumas. The high prestige of Žvėrynas also adds to its attractiveness: Vilnius residents have viewed this quarter as prestigious for many decades, in this regard it is only surpassed by the Old Town and the city centre.
A number of business centres have been completed in the new part of Žvėrynas, and construction of further facilities has been scheduled: in 2017, developers plan to provide the market with a further 34,900 sq m of useful office space here. In this manner, this territory densely covered with modern facilities seems to naturally break away from the old Žvėrynas and become a continuation of Konstitucijos Avenue. This northern part of Žvėrynas is also often called a central business district – similar to the Business Triangle located between J. Jasinskio and A. Goštauto streets.
“The old Žvėrynas will also remain a good alternative to the new part of the quarter. The old Žvėrynas has traditionally been a green quarter dominated by low-rise buildings, and the small office buildings completed and being constructed perfectly match the environment. On the whole, construction in the old part of the quarter is fairly rare, and the number of business centres here was and will be limited. On completion of the business centres currently in progress and with evaluation of the territory of Žvėrynas in mind, we will hardly see any further construction of this type here in the foreseeable future,” noted the representative of Ober-Haus.
According to data from Ober-Haus, rents for new offices in Žvėrynas are currently at EUR 13–16 per sq m.