Polish Office Research Forum has published its figures for Q4 2016 for 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 Q4 2016 total modern office stock in eight regional cities amounted to 3,924,900 m2. The largest regional office markets are Kraków (915,800 m2), Wrocław (847,800 m2) and the Tri-City (633,900 m2).
In 2016, more than 491,400 m2 of office space was completed, majority of which in Kraków (149,300 m2) and in Wrocław (141,500 m2). In Q4 2016 178,900 m2 was delivered to the market, with the largest projects being Business Garden I by Vastint Poland in Wrocław (36,600 m2) and Dot Office (B,C and D buildings) by Buma Group in Kraków (26,600 m2).
In eight major regional markets 423,600 m2 remained vacant, which corresponded to the vacancy rate at 10.8% (an increase by 1.7 pp compared on the year-end 2015). The highest vacancy rate was noted in Szczecin – 7% and the lowest in Łódź – 6.2%.
Gross take-up in 2016 amounted to 580,700 m2, of which 179,600 m2 was noted in Q4. The strongest leasing activity in 2016 occurred in Kraków (187,800 m2 leased).
The largest transactions in 2016 include: a renewal of 10,800 m2 of Credit Suisse in Grunwaldzki Center in Wrocław, a new deal of 10,800 m2 by Intel in Tryton Business House in Gdańsk, 10,700 m2 pre-let transaction by Aon in Enterprise Park E in Kraków and 10,500 m2 pre-let deal by BNY Mellon in Sagittarius Business House in Wrocław.
Polish Office Research Forum (formerly Warsaw Research Forum) – Forum which members are six leading real estate consultancies: CBRE, Colliers International, Cushman & Wakefield, JLL, Knight Frank and Savills. The representatives of these companies aim to standardize indices published through collection and comparison of quarterly data.