Latvia Facility Management Market Size (2024 - 2029)

The Latvian facility management market is characterized by its maturity and sophistication, with a fragmented structure largely dependent on real estate operations. The market's scale is influenced by factors such as steady prime office rental rates and significant investments in transportation and energy efficiency by the European Commission. Although the COVID-19 pandemic posed challenges by restricting movement and reducing project activities, the market continues to evolve, reflecting its resilience and adaptability.

Market Size of Latvia Facility Management Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
latvia facility management market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 2.50 %
Market Concentration High

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Latvia Facility Management Market Analysis

The Latvian facility management market is expected to register a CAGR of 2.5% over the forecast period 2022 to 2027. Latvia is supposed to be one of the mature and sophisticated outsourced markets for facility management services.

  • The facility management sector in the country is fragmented, as most of the country's facilities rely on real estate operations.
  • According to BNP Paribas, From 2013 through 2020, the prime rent for office real estate in Riga, Latvia, grew yearly. The prime rent climbed by 43 euros between 2013 and 2020, reaching a total of 195 euros per square meter per year in 2020. Prime office rates in 2021 will remain steady at 195 euros per square meter.
  • In June 2021, The European Commission gave an upbeat assessment to emerge stronger from the COVID-19 pandemic, establishing a multimodal public transportation network by investing in environmentally-friendly transportation infrastructures such as trains, trams, electric buses, and bike lanes Euros 295 million.
  • Moreover, European Commission invested Euros 248 million in Energy efficiency in private and public buildings and Euro 80 million for the green and digital transformation of electricity grids to provide adequate electricity supply infrastructure for the Latvian economy and the deployment of electric cars.
  • COVID-19 has had a mixed economic impact on facilities management companies. The restrictions on people's movement resulted in a decline in project work and a reduction in activity at numerous customer sites. Significant market players, such as Cleanhouse, Elis, Civinity, City Services, and others, were adversely affected due to the pandemic lockdown.

Latvia Facility Management Industry Segmentation

Facility management (FM) is a profession that incorporates many disciplines to ensure functionality, safety, comfort, and efficiency of the built environment by integrating people, process, place, and technology. FMs contribute to the business's bottom line through their responsibility for maintaining what is often an organization's most significant and most valuable assets, such as property, equipment, buildings, and other environments that house personnel, productivity, inventory, and other elements of the operation. The objective of professional FM as an interdisciplinary business function is to coordinate the demand and supply of facilities and services in both public and private organizations.

By Facility Management
Inhouse Facility Management
Outsourced Facility Management
Single FM
Bundled FM
Integrated FM
By Offering Type
Hard FM
Soft FM
By End-User
Commercial
Institutional
Public/Infrastructure
Industrial
Other End-Users
Need A Different Region Or Segment?
Customize Now

Latvia Facility Management Market Size Summary

The Latvian facility management market is characterized by its maturity and sophistication, with a fragmented structure primarily driven by real estate operations. The sector has been influenced by various economic factors, including the impact of the COVID-19 pandemic, which led to a decline in project work and reduced activity at customer sites, affecting major players like Cleanhouse and Civinity. Despite these challenges, the market is witnessing growth, particularly in the residential segment, with significant transactions such as the acquisition of a substantial residential portfolio by BTA Baltic Insurance Company. The government's initiatives to enhance electronic communications and infrastructure, supported by European Commission investments, are expected to create new opportunities for facility management companies, especially in urban areas with planned 5G coverage and high-speed internet services.

The market is also seeing technological advancements that support smart city developments and digital transformation, as outlined in the Electronic Communications Sector Development Plan and Digital Transformation Guidelines. These developments are driving demand for services such as network security, software development, and electronic communications. The consolidation of the market is evident with few key players like Civinity, HAGBERG, and others leading the way in expanding their services and portfolios. Strategic moves, such as KPMG's significant office leasing in Riga and Hepsor Latvia's acquisition of a stake in Kvarta Holding, highlight the ongoing growth and investment in the sector. The focus on sustainability and digital solutions is further emphasized by collaborations and expansions in waste sorting and other facility management services.

Explore More

Latvia Facility Management Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Introduction to Market Driver

    3. 1.3 Market Drivers

      1. 1.3.1 Telecommunication and High-Speed Data Transmission Network is Expected to Witness Significant Growth.

      2. 1.3.2 Renewed Emphasis on Workplace Optimization and Productivity

    4. 1.4 Market Challenges

      1. 1.4.1 Diminishing Profit Margins and Ongoing Changes in Macro-environment

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Facility Management

      1. 2.1.1 Inhouse Facility Management

      2. 2.1.2 Outsourced Facility Management

        1. 2.1.2.1 Single FM

        2. 2.1.2.2 Bundled FM

        3. 2.1.2.3 Integrated FM

    2. 2.2 By Offering Type

      1. 2.2.1 Hard FM

      2. 2.2.2 Soft FM

    3. 2.3 By End-User

      1. 2.3.1 Commercial

      2. 2.3.2 Institutional

      3. 2.3.3 Public/Infrastructure

      4. 2.3.4 Industrial

      5. 2.3.5 Other End-Users

Latvia Facility Management Market Size FAQs

The Latvia Facility Management Market is projected to register a CAGR of 2.5% during the forecast period (2024-2029)

Hagberg, Clean House, Elis, Civnity Solutions and City service are the major companies operating in the Latvia Facility Management Market.

Latvia Facility Management Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)