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Riga Office Market Snapshot from CBRE

Apr 03, 2020

CBRE Baltics has recently published  the latest report Riga Office Market Snapshot for the 1st quarter of 2020.

The main highlights are available below:

  • Overall vacancy rises as a result of comparatively low net absorption in recently commissioned office buildings and in response to abundant completions in 2019;
  • Office take-up exceeded 13,000 sq m in Q1 2020 (the highest activity in the last two years, with pre-lease contracts included in that number). However, the global pandemic might temporarily postpone major leasing decisions;
  • In March/April a number of offices crossed over to remote working;
  • Rent rates were stable in Q1 2020;
  • Z-Towers was commissioned in January adding 24,000 sq m and Origo One was commissioned in March adding 11,000 sq m of office space;
  • Construction activity is anticipated to be lower in 2020 compared to 2019.
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