Latvia Commercial Property

In 2005 Latvia returned the strongest growth in the office property market of all Central and Eastern European countries and Latvia commercial property as a general sector outperformed commercial property sectors in many Western European nations as well.  The desirability of Latvian commercial property stems from the fact that overhead costs are lower in Latvia, infrastructure is good and improving and international companies who relocate to Latvia can consolidate costs through relocation. 

Therefore those looking for an alternative property investment market in Latvia to the popular Riga residential market might like to consider the commercial property market as a whole with specific focus on the industrial sector with ground about to be broken for the development of the largest industrial park in the Baltic States right outside of Riga.

The industrial park, called Dominante Park will put Latvia firmly and centrally on the map when it comes to the supply of quality commercial property space in Central and Eastern Europe.  The project to design, develop and construct the ambitious park has been many years in the planning and has involved the expertise of Burks Green, the leading architectural firm for the design of industrial parks in the UK.

When the first phase of the project to construct the Latvian industrial park is completed by the end of 2006 Latvia will be richer in terms of commercial space available to the tune of 35,000 square meters of manufacturing and warehouse facilities, and when the entire Dominante Park project is complete investors will have access to over a quarter of a million square meters of Grade A industrial space on the outskirts of Latvia’s capital city and within easy access of airports and major road networks.

The design and development of this particular project of Latvia commercial property has been ambitious, but the backing of the largest bank in Latvia has already assured the commitment of a number of large international financiers and property investors therefore the prospects for anyone else thinking about getting on board are likely to be very positive indeed.

Latvia has already managed to attract many international companies to relocate to Riga, for example International Greetings which is one of the world’s largest manufacturers of greetings cards and wrapping paper attributes much of their recent pre-tax profit successes to the fact that it relocated card manufacturing operations to Latvia last year.  The group are also in the process of relocating additional manufacturing equipment and expertise to Latvia to keep manufacturing and ongoing labour costs low and competitive.

International Greetings are just a single example of the international companies focused on the competitive nature of Latvia and who a property investor buying into commercial property in Latvia can hope to attract in the future to give him the best rental rates and subsequent yields possible.

Special Reports: Property News for Latvia

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