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Friday 20.07.2018 | Name days: Ramona, Ritma
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Most active commercial space tenants – caterers, clubs and pubs

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUSpring reported higher activity in commercial space rent segment than winter, with the biggest tenant turnover recorded in April. Overall, the rental rate growth in spring was poor.

Renters were more interested in the possibility to rent warehouses with office space in a single building or building complex. Moreover, catering companies, pubs and clubs were still the most active commercial space tenants in spring, according to Rent in Riga data.

Spring season reported very small commercial space (30 – 70 m2) supply at streets with large flow of people – if such premises were available, they were immediately rented out. The most popular shopping areas were K. Barona, Tērbatas, Vaļņu, Kaļķu, Audēju and Brīvības Street. Larger supply was registered for premises of 100 m2 in area.

Rental rate increase for commercial premises depended on the rental area – the bigger the area, the smaller the rate growth. Rental rate for the most demanded commercial space of 30 – 70 m2 climbed from 10 – 12 euro/m2 during the winter season to 15 – 20 euro/m2 in spring.

The office space segment posted the same activity observed in the winter season and new offices were rented out fast. The most demanded office premises were 80 – 150 m2 in area, except small offices in an area of 20 – 40 m2, with constantly high demand.

It is important to renters that office space has adequate additional payments, for instance that management costs do not form another half of expenses. The rent rate can be low, even 5 euro/m2, but if additional 4 euro have to be paid for the housing management, tenants will not choose such premises, indicates Janis Lipsa, member of Rent in Riga board.

In the spring season, the potential tenants’ interest in warehouses and industrial facilities decreased and was not as high as during the previous seasons. Renters showed more interest in renting a warehouse with office space in one building or one unit. A year ago, interest in such spaces was very small. The market saw a slight increase in prices, since a quality warehouse could be rented in winter for 2.5 euro/m2, while the rental rate surged to 3 euro/m2 in spring.

In summer, the retail space rental market is likely to maintain high activity – just like in spring. Commercial space rent rates could keep rising gradually. The number of spaces offered by banks’ subsidiaries could grow, although it will not affect the rent rate growth on the market. Moreover, specific changes are not expected in the warehouse and industrial facilities segment, with demand and supply remaining at the spring season level, Lipse forecasts.


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