Report on the Baltic real estate market for the 3rd quarter of 2023In Q3 2023, investment activity in Latvia remained low with around
EUR 100 million in total invested in cash flow objects in 2023. Total investment volume in 2023 is expected to remain below previous years' volumes. However, there are some indications that the year-end might be more active than the year so far, seeing various activities by developers Sirin, Eften, LNK and Linstow.
The office market. In Q3 2023, two speculative projects - New Hanza Biroji (Class A office project) and Zeiss (almost fully leased) with total GLA of 16,980 sqm were added to the Riga stock. Currently, 14 projects with 128,100 sqm of leasable space remain under construction,
43% of these projects are planned to be commissioned by the end of this year.
In Q3 2023, grocery chains LIDL, Elvi, TOP and RIMI continued to be active, developing and opening new stores.
Activity with fashion brands resumed: Halfprice and NewYorker signed leases to open new stores in SC Riga Plaza and first ecommerce footwear store eapavi.lv opened in SC Akropole Alfa.
Industrial market. In Q3 2023, no notable projects were commissioned in Riga region. Nevertheless, the development market remains active
with almost 90,000 sqm under construction, driven by just two developers - Piche and Sirin Development. It's noteworthy to
add that the Stock Office segment is showing signs of gaining momentum with 2 active projects currently under construction
- the I stage of the Versum Stock Office, developed by Estmak, and DV 8, developed by DV Serviss Group.
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You may view Colliers | Baltic Real Estate Market Overview | Q3 2023