Teika

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Teika is an office story with an industrial tail. Its main street literally becomes the A2 to Sigulda and Estonia, and the Austrumu maģistrāle — €74.9m, opened December 2023 — terminates at the Gustava Zemgala gatve junction. ~10 minutes to the centre, ~30 to the airport. The remaining stock is legacy Class B production space inside the former RVR yard at €4.00–5.00/m²/month — a manufacturing asset, not a pallet-storage one.

Teika began as a 1920s garden suburb: the "Savs stūrītis" housing co-operative was registered in 1925 to help workers afford homes, and architect Teodors Hermanovskis designed 58 buildings here. The district took its name from the Teika cinema of 1933, which won first prize as Riga's best new building in 1937. Today 28,027 people live across 4.7 km² in the Vidzeme Suburb.

Then came Soviet industry, on a scale that is hard to overstate. VEF, founded in 1919, made the Minox — then the world's smallest camera — and Spīdola radios; by the 1960s it produced seven radios and five telephones every minute, two of every three telephones in the Soviet Union came from here, and it employed 20,000 people in 1991. RVR — founded in 1895 as Fēnikss, and reorganised in 1936 as Vairogs, which built Ford cars under licence — became the USSR's largest producer of electric trains and trams, including the 200 km/h ER200.

Both are gone commercially. RVR ceased operations in 1996, went bankrupt in 1998 and has been in insolvency since 2017. What remains is land, and it is converting to offices fast: Jaunā Teika — 59,000 m² across four buildings with around 50 tenants including Accenture, Siemens, Tetra Pak and Zabbix — sold to EfTEN for €131 million in 2021, the largest office deal in Latvian history. GALIO's 41,000 m² Gustavs business park is rising on RVR's own former yard, and VEF Kvartāls is turning production halls into loft offices and event space.

The warehouse stock is what is left inside the factory yards: legacy Class B production halls at Gustava Zemgala gatve 77, where the two largest date from 1945 and 1947, across a 6.6-hectare cadastre of 13 buildings.

Brīvības gatve (8.45 km) is Riga's main artery through the Vidzeme Suburb and becomes the A2 to Sigulda, Valmiera and Estonia at the city boundary — Teika is not near the highway, its main street is the highway. The Austrumu maģistrāle opened on 21 December 2023: a 2.8 km grade-separated route costing €74.88 million, built specifically to pull cargo traffic off Dzelzavas iela, Gustava Zemgala gatve and Ieriķu iela, and terminating at the Ūnijas iela / Gustava Zemgala gatve junction. Tram 1 runs along Ropažu iela; trolleybuses 4, 12, 13, 14, 16, 17, 31 and 34 and buses 16, 21, 48 and 58 serve the district. Zemitāni station — 4 km from Riga Central, with 5 platforms, 15 tracks and branch lines to the neighbouring factories — sits just outside Teika on the Grīziņkalns border. The city centre is about 10 minutes away, Riga Airport about 30.

Rent excluding VAT and service charges