Report on the Baltic real estate market for the 1st quarter of 2025
In Q1 2025, investment volume in Latvia reached EUR 65 million. The most notable deal of the quarter included the divestment ofthe recently refurbished SC Olimpia by Grinvest, which was acquired by Indexo Real Estate Fund for over EUR 40 million.
Additionally, the first sale-and-leaseback transaction involving Lidl in Latvia was finalized in Q1 2025. A local investor acquired a recently commissioned Lidl store in Riga for EUR 6.9 million.
Office market: 2025 commenced with the completion of the Class B1 office building at Barona 30A, in Riga adding almost 2,300 sqm of office space to the market. Six additional projects remain in the pipeline for 2025 with a combined GLA of approx. 28,000 sqm.
Retail market: the Latvian retail market remained rather inactive due to overall limited demand. While there are some expansions and concept changes underway, none of these projects have been finalized during Q1 2025. Grocery chains and discounters continue to expand in both Riga and regions.
Industrial market: the start of 2025 saw an active period of development in Riga region, marked by the completion of three projects in the Airport area: the Baltic Cargo Hub by airBaltic, Mārupes Parks Stage II, and Sirin Park Riga West - together adding nearly 43,000 sqm to the market.
You may view the full report here: