Riga office market: Spark needed to ignite big potential
Newsec Riga Office Market Outlook provides a unique opportunity to follow the Riga’s office market development. The report presents the latest market trends and forecasts, office rental rates and changes, outlook of current new office projects and their developers.
- Riga’s market for modern office space had about 756,000 sqm at the end of H1 2020. The area available for lease grew 6% in the six-month period and was up nearly 15% from a year earlier.
- The overall vacancy level in the Riga office market has grown over the last several years and in H1 2020 was almost 14%.
- In H1 2020 the rent for class A office space in Riga average 13-17 EUR/sqm/month and in certain cases exceeded 20 EUR/sqm/month. For class B+ offices, meanwhile, further from the city centre, rents averaged 11-14 EUR/sqm/month.
- Riga’s ‘sleeping’ office market could get impetus from banks, insurance companies and international service centres, which tend to have strong corporate culture and seek to ensure good conditions for employees.