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Available office space in Riga contracts to 4.1 pct in first half of 2016: report

Xinhua, July 29, 2016 Adjust font size:

The share of free office space in A and B-class office buildings here decreased by 0.3 percentage points during the first half of this year to 4.1 percent at the end of June, CBRE real estate company said in its latest market report Thursday.

CBRE data shows that the office space market in the Latvian capital city amounted to 959,000 square meters in the second quarter of 2016.

Although the total size of free office space in Riga decreased in the first six months of the year, some offices were vacated as companies relocated to other premises. According to CBRE forecasts, the share of free office space is unlikely to shrink significantly this year.

The supply of office space is expected to increase in 2017 when two new office buildings currently under construction -- Place 11 and Z-Towers -- are due to be completed.

Although construction of new office buildings has been either delayed or postponed this year, demand for office space is quite strong in Riga. The market of modern offices mostly consists of buildings erected before the economic crisis and some of them will soon need renovation, CBRE said.

Two new office buildings, the head office of Air Baltic Corporation and an office building in the territory of Mukusalas Business Center, were completed in the first half of this year. These new projects added slightly more than 6,000 square meters of the office space available for rent in Riga.

Rent prices remained largely unchanged in Riga in the first half of 2016. The monthly rent in A-class office buildings is 14-17 euros (15.51-18.83 U.S. dollars) per square meters exclusive of additional payments and taxes, while B-class offices are rented for 7-13.5 euros per square meter. Enditem