Industrial real estate developer Sirin Development is beginning the first stage of development at the Kaunas Free Economic Zone (FEZ). In 2023, the company plans to build 16,000 sqm of warehouse space. Shortly the company will take its next step in the territory of the Kaunas FEZ with the planned start of the development of more than 47,000 sqm of warehouses. In total, Sirin Development will build 63,000 sqm of warehouse facilities on 12 hectares of land, with an investment of €44 million.
According to Sirin Development CEO Laurynas Kuzavas, demand for modern and sustainable warehouses on the Lithuanian market is being boosted by businesses with a domestic-market focus which is looking for a flexible supply of space, energy efficiency, and a work setting that meets employees’ expectations. That is why the company is intensively developing industrial real estate that meets the highest standards of sustainability and quality.
He also notes that companies based within the Kaunas FEZ, which has a strategically convenient location and very well-developed infrastructure, benefit from tax and other business incentives. That is an added stimulus for future tenants to choose facilities located here for developing their business.
“The convenient location and ability to lease warehouse spaces of more than 1,000 sqm without having to wait several years is especially relevant for companies considering possible expansion or seeking to optimize logistics costs and ensure faster customer service in the country. We will offer tenants modern A++ energy class warehouse and administrative facilities meeting the highest sustainability requirements, and in the near future – the possibility of expanding within the Kaunas FEZ territory,” Kuzavas says.
The real estate developer currently operates two 40,000 sqm warehouses in the Kaunas district in which a total of €20 million has been invested. Sirin Development expects its investments in Class A++ warehouses in the district of Kaunas to reach €100 million by the end of 2026, with a total of more than 150,000 sqm of warehouse facilities built and in development.