On the Riga office market, developers are shifting into higher gear and preleasing is picking up
Take-up on the Riga office market in the first half of 2021 reached pre-pandemic levels. Seeing the market’s potential, investors are moving ahead with office development projects focused on modern, high-quality solutions. Tenants, meanwhile, are gradually changing their habits and starting to make prelease agreements, analysts at international real estate consultancy Newsec in the Baltics note in their new “Riga Office Outlook” report for the first half of 2021.
KEY INSIGHTS
- In the first six months of 2021 there was one significant office investment transaction in Riga;
- 2021 features historical building transformations into inspiring offices;
- Businesses were able to expand and get new office spaces;
- About 40% of next year’s office development is planned to take place in the Skanste area;
- Companies involved their employees in the decision making about the office concept and placement.