Report on the Baltic real estate market for the 4th quarter of 2023
Most of the annual investment volume came from 2 deals closed in Q4. East Capital finalised the acquisition of the Rimi Balticdistribution centre for EUR 83 million. Second largest transaction included the acquisition of two retail properties (Gailezers in Riga
and Rimi Hypermarket in Tukums) by Indexo Real Estate Fund for EUR 25 million.
With completion of the Elemental BC and V118 in Skanste in Q4 2023, total addition to the Riga office stock reached 73,000 sqm in 2023. Currently, 99,000 sqm of leasable office space remains under construction, 64% of which is expected to be completed during 2024, followed by the Preses Nams, the largest upcoming project developed by Lords LB, set for 2025.
Riga retail development market remains unchanged, enjoying two on-going projects (Preses Nams retail part and a DEPO big box).
Grocery operators continue to acquire land plots, develop and open new stores, resulting in intensifying competition.
Industrial market: the development market remains active with around GLA 107,000 sqm under construction and Piche and Sirin being biggest developers, both developing in Airport area.
You may view the full text of the report here:
Baltic_Quarterly_Report_4Q_23.pdf
You may view Colliers | Baltic Real Estate Market Overview | Q4 2023