Real estate for your business

Real estate market remains active in Latvia. Office stock experienced the largest increase in the last 10 years, coworkings witnessed a rapid bloom and the warehouse and industrial property is keeping up with demanding and delivering modern energoefficient premises. As well as the greenfields keep in a variety of choice and municpalities and special economic zones are ready to offer incentives and real estate rebates for their owned land properties.

Offices (2021 Q4)

Total stock: 570 sqm
Under construction: 149  sqm
Vacancy rate: 14.5%

In Q4 2021, the Riga office market saw the start of construction work on two new Class A projects (Elemental by Kapitel and Verde, stage II by Capitalica) in Skanste district. Development activity remains high with more than 110,000 sqm of Class A and 38,000 sqm of Class B office space under construction.

Several BREEAM and LEED certified office projects have announced their plans to start construction in 2020 (Verde, Elemental Skanste, the second phase of Business Garden Rīga and Pine) – with this expected activity ca.100,000 sqm of modern office premises will be delivered by 2023.

The Riga retail market remains inactive, with no new projects added to the market and no new additions expected during 2022. The last quarter of the year began in a lockdown situation but, starting from mid-November, retailers selling non-essential goods were allowed to reopen, although stores with a total area exceeding 1,500 sqm are now allowed to operate only under a green regime (entry with a valid Covid certificate).


Industrial - 2021, Q4

Total stock: 1350 sqm
Pipeline: 177 sqm
Vacancy rate: 3.4 %

In Q4 2021, the Riga market saw completion of construction work on 3 buildings in A6 Logistics Park, bringing over 27,000 sqm of new logistics space to the market. VGP started construction work on VGP Park Tiraine (28,000 sqm of B-t-S warehouse space). Unlike previous quarters, an increasing proportion of lease agreements were signed during the pre-lease period. As the majority (around two-thirds) of projects under construction are built-to-suit projects, vacancy in in-stock properties has been decreasing. As a result, growing activity by tenants leasing new-build projects before completion is expected to persist in 2022. Take-up continues to be driven by companies from the transport, logistics, and 3PL sectors, which helped to decrease vacancy from 4.5 to 3.4%. Due to the lower availability of premises in the Ring Road region, headline rents there have risen from 3.5 to 4.0 EUR per sqm.


SAM Territories and Territories for Business Development

These territories are specially designated areas for industrial development with an already accesible infrastructure, which are being implemented 9 cities and 69 municipalities in Latvia with an aim to create new jobs and attract investment. Most of them are SAM territories. With the support of EU funds these land plots are being developed to a level where the comersant has the opportunity to focus on business growth instead of investing in the basic infrastructure - among others, illuminated access roads, electricity supply, water supply, gas supply, sewarage line, secured fenced territory, detail development plan (these characteristics depend on landplot by landplot). 


In Latvia, there is a variety of modern coworking spaces. One might think that all opporrtunities are concentrated in the capital – Riga. But if you take a look at our interactive real estate map, you can find Latvia’s territory covered by modern coworking spaces. Some of them offer their services free of charge. You can find a more detailed information about the commercial terms of each coworking space by browsing through the map.


NEWSEC Riga Office Outlook 2022 



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