CBRE Riga Office Marketview 2019

RIGA: Rent stability unaffected by new office construction records.

  • Total stock has grown remarkably since 2018 and reached over 704,000 sq m at the end of 2019.
  • Seven office buildings were added to the stock in 2019. The most significant deliveries are Business Garden Rīga, Akropole Offices, Mežaparks Offices and Henrihs (Jaunā Teika).
  • The vacancy rate increased significantly to ca. 9%. Rent rates remain stable.
  • Up to 50% of lease deals were sized from 300 sq m to 1,000 sq m, and one-third of lease transactions were for premises up to 200 sq m in 2019.
  • The Latvian economy lost momentum, yet the growth remained above the 2% level. The forecasts remain firmly positive.
  • Prime office yields stayed at a historic low at 6.25% over 2019.

 

CBRE Riga Office Marketview 2019.

CBRE Baltics Office Marketview 2019.