CBRE: Rent Stability Unaffected by New Office Construction Records in Riga

11 February 2020

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.

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