Office space under lease back to pre-pandemic level - Newsec

RIGA - In the first half of 2021 office space under lease in Riga reached the pre-pandemic level, according to the latest Riga Office Outlook released by Newsec real estate consultancy.

Seeing the market's potential, investors are moving ahead with their office development projects oriented towards modern, premium-quality solutions. Meanwhile, tenants are gradually changing their habits and are starting to conclude pre-let agreements, Newsec says in the report. 

Newsec analyst Inita Nitisa indicates that around 9,000 square meters of new office space will be offered to potential tenants in 2021 and that the new office space available in 2022 will grow tenfold from this year. The size of new office premises that will be added to Riga's real estate market in the next two years will reach 240,000, according to Newsec. 

"From standard design projects, developers are switching to more creative solutions sought by modern, contemporary entrepreneurs - it is an ecological environment, office villages providing opportunities for work and leisure, as well as conversion projects that keep the connection with the past," says Nitisa.