Riga Office Outlook, 2026 H1
No new office space was delivered in Riga in H1 2026, yet vacancy held broadly stable at 10.5%. The market is in a holding pattern ahead of Preses Nama Kvartals, with tenants renovating in place rather than moving and developers waiting for rents to justify new speculative starts.
↓ Parsisiųsti
Total stock remained at 925,500 sqm, with no major completions in either quarter. The under-construction pipeline climbed to close to 80,000 sqm, driven mainly by Preses Nama Kvartals, where the first Class A building of around 26,000 sqm is due for completion by the end of 2026. Beyond projects already under way, developers have not committed to fresh speculative starts — build costs remain high while market rents have yet to catch up.
Net absorption was a little over 7,500 sqm, keeping vacancy at approximately 10.5% - 9.5% in A class and 10.7% in B class. Headline deals included Paynt's relocation to Novira Plaza and OP Bank's announced move to Preses Nama Kvartals, but activity is driven mainly by smaller tenants seeking 200–300 sqm. Many occupiers are choosing to refurbish existing premises rather than absorb relocation costs. Prime rents stood at 15.5–19.0 EUR/sqm/month, A class at 15.0–17.5, B class at 9.0–15.0.
The throughline: Latvia's 2026 GDP forecast was cut to 2.0% as energy costs and inflation rose. Several larger occupiers are weighing relocations over the next one to three years - latent demand that should be unlocked once modern space actually arrives.
Source: Newsec Riga Office Outlook, 2026 H1
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