VILNIUS — The economic crisis has sent the cost of renting unheated warehouse space in Lithuania down to 1 litas per sq m a month.

The going rate was 8 to 12 litai per sq m a month just one year ago, real estate agency Ober Haus told Baltic Reports, but the collapse of Lithuanian real estate prices and the glut of warehousing space brought the price down to its current level.

According to Ober Haus, more than 330,000 sq m of warehousing space in Vilnius alone after the completion of the Vilija warehousing center and expansion of warehouse space at Vilnius International Airport over the past months.

“We still feel the decrease of prices of commercial real estate. We expect some stabilisation in prices in the period of half a year to a year,” Aidas Pilka, head of Ober Haus’ commercial investment project department in Lithuania, told Baltic Reports.

— Baltic Reports reporter Kevin Dugan contributed to this article.