For a company to choose Latvia specifically as the country in which to place its outsourcing centre, there are several key criteria, such as the availability of labour and its quality, costs, tax incentives and state aid in general, as well as the availability of office space. Lease transactions in excess of 4,000 square metres` worth of office premises were carried out in Riga this year, mediated by consultants from the international real estate company “Colliers International” alone. “Such customers as outsourcing centres mostly look for Class B offices situated in locations that would be above all convenient for the employees and that are surrounded by well-organized infrastructure and car parking facilities, as well as have open-plan office space and with opportunity for future expansion,” says Ēriks Bergmans, Partner and Director of the Broker Department of “Colliers International Latvia”. An analysis of the market segment of current Class A and B office premises shows that the available space is limited, and a total of 45,000 sqm of office space is currently in development. Colliers experts predict that if investments were made into the reconstruction of the buildings, the projects that are currently Class C offices with good locations could be attractive to potential leaseholders in the future. When comparing the Baltic States on the whole, Lithuania might seem more attractive at the moment, because the country is host to active construction of new projects; office space rent costs in Latvia have currently not yet reached the level at which most developers would be ready to actively start construction. However, those who are doing it now will benefit in the near future.

Prepared By:

Kristine Spundina, Marketing Coordinator, +371 29444169  or kristine.spundina@colliers.com

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Colliers International is a global leader in commercial real estate services, with over 15,800 professionals operating out of more than 485 offices in 63 countries. Colliers International has been operating in the Baltics since 2004 and provides a full range of services to its customers, starting from the development of an overall real estate concept, investment consultations and corporate services to project supervision, assessment, management and broker services. The influential finance magazine Euromoney declared Colliers International the best real estate consultancy company in Latvia in 2014 for the tenth year in a row.

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