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Sunday 24.06.2018 | Name days: Jānis
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Outlook: rent prices for trade premises may not grow significantly in 2014

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThis March, the proportion of free space in Riga in the most popular trade streets did not exceed 6%, making up approximately 4,700 m2. Free spaces are mostly ones for which owners ask a price most tenants are incapable of paying or spaces with complicated planning that is not suitable for trade, as reported by Kivi Real Estate.

Demand was at its highest for premises up to 100 m2 in the city centre and active locations in Old Riga: Terbatas Street, Kr.Barona Street, Kaļķu Street and others.

In Q1 2014, there was little variety of tenants in rent of trade premises and constant increase of rent fees within 5-10%.

Rent fees increased most rapidly for locations up to 100 m2 large and located along streets with busy pedestrian activity and high purchasing power. Rent fees for trade premises larger than 150 m2 have not changed much. The difference between rent fees of TOP locations and locations that are less in demand continues to grow.

According to Kivi Real Estate commercial department manager Ivars Gorbunovs notes: ‘Currently, companies engaged in catering and companies whose goods have a high added value and are meant for a wide target audience are able to pay higher rent fees.’ He adds that international clothes brands demonstrated an increased degree of interest for Riga in Q4 of 2013 and the first couple of months of 2014. Clothes traders present in Latvia and Baltics continue to buy new franchises.

It is also said that the rise of rent fees in 2013 had been more rapid than economic growth. With that, rent fees reached their maximum level. Considering this and the currently level of purchasing power and demand from customers, no further increase is expected for 2014.

Ref: 103.109.109.5884


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