In 2024, the office real estate market in Riga demonstrates stability, supported by economic growth and increased business activity. Despite the moderate pace of construction of new business centers, the demand for modern office space remains high, especially in the city’s central districts and business zones.
Rental prices in different districts of Riga
- Thecenter of Riga ( Old Town, Kr. Barona Street, Brivibas Street):
- The most prestigious business centers and historic buildings converted for office use are located here. The average rental price varies from €12 to €20 per m² per month, and in the top premium locations – up to €25 per m².
- Skanste (modern business district):
- A rapidly developing business area with modern office buildings and convenient infrastructure. Average rental rates are €10-18 per m², and in new Class A properties they can reach €22 per m².
- Purvciems, Teiki, Imanta (residential areas):
- These districts offer more affordable options for small and medium-sized businesses. Office rental prices here range from €7-12 per m², making them attractive for startups and small companies.
Trends and forecast until the end of 2025
- Growing demand for flexible office space
- Coworking and short-term office space continues to gain popularity, especially among IT companies and freelancers.
- Limited new construction
- The pace of commissioning of new business centers remains restrained, which supports the level of prices, especially in the central areas.
- Stability of rental rates
- Office rents in Riga are expected to remain stable until the end of 2025, with possible minor adjustments depending on the economic situation and demand in key business zones.
Thus, the office real estate market in Riga continues to develop, remaining attractive to occupiers, especially in modern business centers and flexible office spaces.
Source: http://relocation.com.ua/ohliad-ofisnoi-nerukhomosti-ryhy-vid-relocation/
OFFICE, REAL ESTATE, RELOCATION, RIGA
