Moderate take-up and new completions resulted in a higher vacancy rate. The vacancy rate is expected to continue increasing in the foreseeable future, as several projects are about to be commissioned.
Three office projects, with a total of 19,600 sqm, were supplied to the market. The newly built Business Garden Rīga and Red Line Offices, and an extension of the SWH Office centre were delivered in Q3.
Take-up is also expected to increase as more companies are anticipated to explore the possibilities for upgrading to better quality offices.
Rents are stable in the nearest periods for class A and B1 offices. Higher competition may cause adjustments of rent prices for lower class offices.