RIGA OFFICE OUTLOOK, 2022 H1 | Newsec

RIGA OFFICE OUTLOOK, 2022 H1

RIGA OFFICE MARKET EXPECTS STRONGER PRE-LEASING

The qualitative growth of supply makes the number of pre-lease agreements to increase, as tenants are interested in sustainable, energy-efficient and modern buildings. 141,000 sqm of new office buildings are scheduled for delivery in 2022-2023.

KEY INSIGHTS

  • Total office vacancy stood at 11% at the end of Q2 2022, down 1% point from the end of 2021.
  • More than 21,000 sqm of office space will be delivered in 2022, while nearly 120,000 sqm are scheduled for delivery in 2023.
  • Rents for both Class A and Class B offices remained unchanged: class A office rents are roughly 14-18 euros per sqm, and class B rents about 9-16 euros per sqm.
  • Due to higher co-working spaces demand, Workland is expanding its network.

Developers introduce new environmentaly friedly energy solutions to save resourses, while employers continue to invest in wellbeing.


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