The smart premises business park developer Nordspace has completed the construction of its third smart business park in Latvia – Lubānas – while simultaneously launching the second development phase of its Jūrkalne business park. The new phase will introduce 32 additional modern, compact and multifunctional units, ranging from 46 to 70 m², designed to support the needs of small and medium-sized businesses. With the first phase fully leased, the second phase is scheduled for completion in spring next year, with total project investment reaching up to €2 million.
Nordspace’s latest project, Lubānas, covers a total area of 2,986.6 m² and offers 48 smart units ranging from 49.5 to 72.8 m². The premises are suitable for storage, office or commercial use. Strategically located at Lubānas Street 133A in the Pļavnieki district of Riga, the park provides convenient access to the city centre as well as major logistics and retail routes, including Krasta and Juglas streets.
“Interest in the new Lubānas business park is high – around 70% of all incoming enquiries currently relate to this project. Given this level of activity, we anticipate that the park may reach high occupancy relatively quickly,” says Nordspace Latvia sales manager Sabīne Pūķe.
Small and medium-sized businesses increasingly require flexible infrastructure that enables rapid market entry and efficient day-to-day operations, reinforcing demand for modern, adaptable commercial spaces across the region, while availability remains limited.
“Nordspace continues to see strong market traction across its portfolio. The company’s first business park in Warsaw was fully leased within six months, while four of ten Nordspace business parks in Lithuania are currently almost fully leased. In addition to addressing the supply gap, we focus on educating businesses on how smart spaces help reduce both time and operational costs. Our analysis shows that companies operating in Nordspace facilities and optimising time-related efficiencies can save up to €25,000 per year, allowing them to focus on business growth rather than facility management,” explains Nordspace Co-founder Linas Kliukas.
“Companies’ spatial needs vary by industry, but the strongest demand remains for compact industrial and storage spaces. With the industrial and warehousing segment maintaining stable activity, the second phase of the Jūrkalne business park is a logical and strategically justified next step,” adds L. Kliukas.
“Among small and medium-sized companies, the most sought-after units are those up to 80 m², offering easy access and simple day-to-day management. We see that 83% of our existing tenants choose Nordspace specifically because of the integrated smart solutions. Automated gates, remote access, and lighting and temperature control via a mobile application significantly simplify daily operations and save valuable time,” notes Nordspace Latvia representative Edgars Zvirgzdiņš.
Across Latvia, Lithuania, and Poland, Nordspace has completed 13 projects with a total area of 38,500 m², reinforcing its position as one of the leading developers of smart, compact business spaces in the region.
