May 05, 2017

Polish Office Research Forum releases data on office market in regional cities for Q1 2017

Polish Office Research Forum releases data on office market in regional cities for Q1 2017

The Polish Office Research Forum has published its figures for Q1 2017 for the office market in eight major regional cities in Poland (Kraków, Wrocław, the Tri-City, Katowice, Poznań, Łódź, Szczecin, Lublin). The market data prepared by a team of analysts includes modern office stock, new completions, take-up volumes and vacancy rates.

At the end of Q1 2017 total modern office stock in eight regional cities amounted to 3,989,400 sqm. The largest regional office markets are Kraków (941,000 sqm), Wrocław (866,000 sqm) and the Tri-City (636,700 sqm).

In Q1 2017, ca. 67,200 sqm of office space in 13 buildings was completed, majority of which in Kraków (28,200 sqm) and in Wrocław (17,900 sqm). The largest projects delivered to the market were Bielany Business Point in Wrocław (12,000 sqm) and two projects in Kraków: building G in Bonarka for Business (10,000 sqm) and Orange Office Park III Den Hague (9,600 sqm).

In the eight major regional markets 386,000 sqm remained vacant, which corresponded to the vacancy rate at 9.7 percent (a decrease by 0.6 pp compared with Q1 2016). The highest vacancy rate was noted in Katowice – 14.6 percent and the lowest in Łódź – 5.8 percent.

Gross take-up in Q1 2017 amounted to over 177,700 sqm. The strongest leasing activity in Q1 2017 occurred in Wrocław (58,900 sqm leased) and in Kraków (52,500 sqm leased).

The largest transactions in Q1 2017 include: a renewal of 15,100 sqm of Energa Group in Olivia Business Centre in Gdańsk, a new lease of 13,100 sqm of Capgemini in Business Garden Wrocław I and a pre-let transaction of 10,500 sqm by EY in Sagittarius Business House in Wrocław.

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