Conference to debate lengthening odds on Estonia's economic future
- It seems each month brings news
of factory closure or company relocation
as the Estonian economy
At the same time, statistics have
begun to indicate a slowdown in the
real estate market.
The worrying indicators will be
the topic of discussion at a business
seminar hosted by the British-
Estonian Chamber of Commerce on
The conference will bring together
government ministers, bankers
and business operators to discuss the
topic "Is Estonia still a good bet."
One of the conferences key
speakers is Ardi Roosimaa, managing
director of Colliers
International in Estonia.
"We need this event because
quite a lot of people are thinking
that the good times are over in
Estonia," Roosimaa said.
"In my opinion, this is definitely
not the case. We have gone
through huge development in
recent years, and the market is
"It's certainly not an easy bet
anymore. If you are just a regular
speculative investor who doesn't
add much to the market and
expect high returns, then that's
obviously not the situation anymore."
Roosimaa said recent factory
closures and company relocations
were to be expected as the economy
"That might be the case of
companies trying to find cheaper
labor. We are not a country of call
centers anymore. We are developing
a normal European-level economy.
Relocations are also the
result of global changes, not necessarily
related to Estonia."
Roosimaa will address the
seminar on his field of expertise,
commercial real estate. Despite
gloomy reports of a real estate
slowdown Roosimaa said there
was still an unmet demand for
good quality office, retail, and
industrial space in Tallinn.
"As some of the developers get
cautious about the market and
postpone projects, that only
increases the demand. If you look
at office space, the vacancy rate
for A-class office space in Tallinn
is zero, and B-class is about 5 percent.
This is non-existent in normal
markets, where the vacancy
rate is normally 10 to 15 percent.
Look at these figures and you start
to get a picture about take-up and
The conference will be held from 8:30
a.m. at the Euroopa Hotel
at the Tallinn port.
For information, visit www.becc.ee.