Riga ‘Serviced Office Market Overview’ 2026
Today we are in Riga, the city with more Art Noveau buildings than Paris, Vienna and Barcelona combined at 800 and home to one of Europes biggest indoor markets built inside former Zeppelin Hangars.
Catherine the Great once drank the world famous Riga Black Balsam, from a 500 year old recipe as a cure all medicine, at 45% proof im sure it would have been!!
Riga serviced office market is one of the fastest‑developing flex market in the region, driven by start-up, tech, shared‑services, nearshoring, and international companies expanding into the Baltics. There is strong demand for ESG compliant, high quality plug and play space while the traditional market remains cautious and cost sensitive (given rising fit out costs) showing that occupiers value the security and flexibility of the hybrid model.
IWG is present with their Regus and Spaces brands as are other Latvian/Baltic operators like Workland and Teikums, Double 9, Coworking Riga and other local boutique operators offeingr more variety.
Centre sizes remain small with heavy concentration in central Riga and new business districts like Skanste. Unlike other European markets flex space is a fairly small percentage of the overall office market (which stood at just under 1 million sq.ft in 2025). However, landlords are increasingly incorporating flexible suites directly into their developments because occupiers want shorter commitments on ready to use space.
Central Riga CBD is the traditional business core with strong transport access and premium pricing. Skanste is Rigas modern business district and seeing demand from tech/fintech/Saas companies as well as shared service and outsourcing firms due to lower cost and availability of employment. Skanste is the home to most A Grade developments, ESG certified buildings and where there is strong demand from international occupiers.
New Teika/Teika is popular as an alternative and attractive to tech firms, start ups and creative occupiers. Finally, the Old Town/Histroric Centre is home to the smallest boutique operators and coworking spaces aimed at freelancers, digital nomads, consulting firms and international project teams.