Riga Office Outlook, 2020 H2

Riga office market is awakening after a long winter’s sleep

Despite the pandemic’s extensive impact on the economy and the real estate market, the Riga office market continues to develop. Since Riga has proven to be a well-known IT industry and digitization centre and a place where a new generation of highly qualified IT specialists and experts is growing, many international entities consider Riga to be an attractive location for their business development.

  • Norwegian Airlines and Swisscom chose Riga as a place for their development plans, creating new jobs and leasing decent office space in the city.
  • The modern office stock in Riga reached 750,000 sqm at the end of 2020.
  • Prime office market yield stood at 6.1%.
  • SEB and Citadele banks sold their headquarters to Grinvest and Lords LB respectively.
  • At the end of 2020 demolition works began at Preses Nams and Verde Business centre started its construction.
  • The Origo One supplied 11,000 sqm of high-class office space in the very heart of Riga, in the busiest and most crowded area.