Riga Office Outlook Q1 2022 | Newsec

Riga Office Outlook Q1 2022

Riga Office Outlook Q1 2022

Riga Office Outlook Q1 2022 shows the latest trends in the Riga office market. No new office space was commissioned although the market was active, with work continuing on large office projects and a decent number of pre-lease agreements.

KEY FEATURES

  • In the 1st quarter of 2022, approx. 16,000 sqm of the office space was leased out, including 13,000 sqm leased on pre-lease agreements in the offices under construction.
  • Vacancy at the end of the 1st quarter stood at 11.6%.
  • In 2022, a total number of 21,000 sqm of new office space is scheduled for delivery.
  • New and existing office projects strive to enhance the quality of premises and energy consumption in accordance with the latest standards.
  • Rents for both Class A and Class B offices remained unchanged.


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