Baltic Real Estate Leaders forum brings together real estate industry leaders in Riga

On 3 November, the most anticipated event in the real estate industry—the annual Baltic Real Estate Leaders forum—was held at the National Library of Latvia, bringing together, as usual, a large number of leading industry representatives from Latvia and other Baltic and European countries. Throughout the day, internationally recognised experts discussed various important industry-related issues and challenges, forecasting its future development and impact on the Baltic region. The experts identified the stabilisation of the economic situation, the growth of migration and nationalism, and the steadily increasing influence of technology companies on the real estate market as the main current trends, stressing that, overall, this is a favourable time for investment.

This year, too, the BREL forum programme was divided into four thematically distinct sessions addressing the industry's most topical issues, including macroeconomic development, changes in real estate price levels, demographic and political aspects, market investment, global workplace trends, retail, and the impact of e-commerce on traditional retail premises. Each session was followed by an interactive expert panel discussion, allowing each of the highlighted topics to be examined in depth while also involving the audience and inviting those present to ask questions and express their views through an online vote. The forecasts expressed by the forum speakers indicate that the real estate market is becoming increasingly complex, and classic real estate investment funds will also adapt to changes in the market by changing the way they operate. After many years of stagnation, the global economy is strengthening again, while the inflation rate in the euro area will remain relatively low.

As Luminor Chief Economist Jekaterina Rojaka noted, wage growth in the Baltic states is faster than the increase in real estate prices, so people have started investing in housing, thereby promoting the development of this market segment. Baiba Rubesa, Chair of the Management Board of AS RB Rail, expressed the view that the emerging "Rail Baltica" railway project would also stimulate the development of the real estate market, symbolically breaking down the borders between the Baltic states, Poland and the rest of Europe. JanJaap Boogaard, Head of the Workplace Solutions division at Colliers International EMEA, stressed that cooperation among colleagues is necessary to stimulate effective business activity, which can be ensured by working in the same premises. Consequently, working in offices is once again beginning to replace the recently popular practice of working from home. Meanwhile, François Duchastel, Managing Partner of Voodoo Associates, concluded the forum by noting that the impact of technology and e-commerce on retail continues to grow rapidly, fostering the development of new and unique retail concepts.

“The BREL forum organised by Colliers International revealed several factors that will affect Latvia's real estate market in the coming years. First, there is increasingly fierce competition among Baltic cities, ideas, projects and even employers as they strive to achieve their objectives. On the other hand, greater cooperation is needed both between the public and private sectors and among representatives of different groups, because only through cooperation can major projects be developed at the necessary pace. Political and economic leaders who are able to think differently and ensure the implementation of new ideas are needed. Finally, in view of the dramatic demographic situation, the state must act more intelligently by introducing re-emigration plans and demographic measures, and attracting foreign students. Raising awareness of and further researching these issues is important not only at the level of Latvia but also for the Baltic region as a whole,” commented the forum moderator, Chief Adviser of RB Rail AS and Chief Coordinator of Rail Baltica, Ģirts Rūda.

BREL forum speakers also included a number of other real estate industry experts from all three Baltic states, as well as Poland, Sweden and the Netherlands, including CERTUS Board Member, Dr. sc. pol., researcher and Associate Professor at the University of Latvia Daunis Auers, Professor of Econometrics at the University of Latvia Mihails Hazans, Linstow CEO and OSU Chairman of the Board Pēr Mortensen (Per Mortnesen), Founder and CEO of Projects Partners International John Banka (John Banka), Head of Aecom in the Baltic states Arnis Kākulis, Lumi Capital Managing Partner Raiko Uri from Estonia, CEO of the Lithuanian company East Capital Real Estate Madis Raidma, CEO of Capitalica Andrius Barštys (Andrius Barštys), Sorainen Partner, Attorney-at-Law and Head of the Tax and Customs Practice Group in the Baltics and Belarus Jānis Taukačs, CEO of New Hanza Capital AS Andris Kovaļčuks, Deputy Head of Pillar RE Services Guntars Cauna, Deputy State Secretary of the Ministry of Economics of the Republic of Latvia Raimonds Aleksejenko, as well as Chairwoman of the Board of the Akropolis shopping centre Saule Zabulionīte (Saule Zabulionyte).

BREL forum was organised by Colliers International in cooperation with iDEA HOUSE events. The forum's main partners were: ABLV banka, Hanner, Linstow Center Management, Luminor and the National Real Estate Developers Alliance (NNĪAA).

ABOUT COLLIERS INTERNATIONAL: Colliers International Group Inc. (Nasdaq:CIGI) (TSX:CIG) is an international commercial real estate (CRE) consultancy with 396 offices in 68 countries worldwide. Colliers International employs more than 16,000 real estate professionals and brokers. The company has operated in the Baltics since 2004, providing clients with a full range of services—from comprehensive real estate concept development, investment consulting and corporate services to project supervision, valuation, property management and brokerage services. In 2016, for the twelfth consecutive year, the influential financial magazine Euromoney recognised Colliers International as the best real estate consultancy in Latvia.