Report on the Baltic real estate market for the 3rd quarter of 2022
In Q3 2022, investment volume in Latvia reached EUR 45 million, driven by smaller (< 5 mln EUR) transactions. The largest transaction: Eika's acquisition of retail property on Grostonas Street in Riga, occupied by Maxima, Lemon Gym, and Pepco.The office market showed increasing demand after a relatively quiet summer where the Verde office complex (Class A; stage I), developed by Capitalica entered the Riga market with 78% of pre-leased space by Decta, KPMG, Workland, and Swisscom. More than 140,000 sqm of GLA remains under construction, of which approximately 90% will be added to the market next year.
Retail market. Tenants in the grocery segment continue to remain active. Lidl is proceeding with construction work on multiple new stores, while SPAR opened its first store in Liepāja and Saldus, along with plans to open up to 200 stores over the next five years.
Industrial market: two major objects - Ulmaņa Parks II and the second part of Rumbula Logistics Park Stage 2 were completed, adding over 33,000 sqm of new warehouse space.
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