Riga Office Outlook, 2022 H2

Riga office market becomes more sustainable

In 2022 “green” thinking was observed in the offices a lot more than before. It was initiated by both, office owners and tenants, with the aim of reducing the financial consequences of high energy prices.

• The volume of pre-lease agreements indicates a stable demand for new, energy-efficient offices.
• Despite the addition of the 15,000 square meter office building Verde to the Riga office market, vacancy decreased by 1.4% points and stood at 10.6% at the end of 2022.
• Office take-up volume in Riga reached the pre-pandemic level.
• The development of full-service offices is gaining momentum – in the second half of 2022, the IWG international holding of full-service and co-working offices under the Regus brand announced the opening of the serviced offices in the Business Garden Riga.
Several experienced developers continued to work on the development of high-quality and energy-efficient offices in 2022 in order to welcome tenants with their new “home” already in 2023.