Riga leader in the investment attractiveness of commercial real estate
The demand for commercial real estate in all the capitals of the Baltic countries remained high in the first quarter of this year.However, the most attractive look investments made in Riga . This is the conclusion of analysts Colliers International.
Thus, the chronic shortage of office space, which was observed in the capital of Latvia, during the whole of last year, led to the fact that even many owners of residential apartments were able to conclude long-term contracts with firms to lease their property. It was possible to build in the market even lower class room that was almost impossible to rent out as a residential development.However, at the same time increased the number of vacant office space “A” class, the cost of which is too high. But activism developers did not stop. Was commissioned a modern office building with a total area of 7 thousand square meters. m, which are interested in major tenants. Work continued on the construction of the business center ” Europe “in which 2400 sq. m. m provided to give offices.
The real estate market in Riga wait until construction shopping center “Akropolis” street Maskavas area of about 60 thousand square meters. m Large developers continued active in the city. According to analysts, the problems with renting space there is little. The only exceptions are those objects, the quality of which is doubtful. However, for them for quite a short time you can always find tenants for the right price. In the first quarter of 2014 on the territory of Riga and Riga district commissioned about 7.5 thousand square meters. m of new warehouse and production facilities. Demand in this segment is generated by renting space from 500 to 2000 m. m
Despite the increase in supply, rents remain at the 2013 level.
As analysts, the attractiveness of commercial real estate is high in all Baltic countries. However, Latvia is characterized in that there are good prospects for investment in all kinds of objects. Unlike Riga, Tallinn, for example, major developers have announced a temporary suspension of work on new construction projects of shopping centers, as observed in this segment of the market saturation. In Vilnius, must comply with the special conditions of the market for the development of the warehouse property.
According to Colliers International, in the first quarter of 2014 in the construction of commercial real estate in Riga has invested over 71 million euros.
