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Q At a glance OFFICE MARKET REVIEW, POLAND MARKET SUMMARY. Existing and pipeline office supply in primary office markets (m 2 )

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Kraków Wrocław Tri-City Katowice Poznań Łódź Szczecin 0 2 4 6 8 10 12 14 16 18 0 250,000 500,000 750,000 1,000,000 Kraków Wrocław Tri-City Katowice Poznań Łódź Szczecin

Existing stock Planned by 2016

OFFICE MARKET REVIEW, POLAND

Q4 2014

Poland, due to its polycentric structure, has many regional urban centres, where the office market is developing well. Many of them have already established their positions as BPO (business process outsourcing), SSC (shared service centres), ICT (information, com-munication, technology) and/ or R&D (research & development) centres. The key elements determining the success of this sector include the availability of skilled labour, competitive operating ex-penses as well as a lack of cultural barriers.

Apart from the above mentioned sectors led by international com-panies, the demand for office space in regional centres derives from small local and medium sized companies, as well as a developing network of regional offices of international corporations headquar-tered in the capital city.

The report presents key trends in 7 “key” and 9 “developing” region-al cities. The totregion-al office stock in Poland amounts to 7.8 million sqm, of which 43% is located in the analysed markets, with the remain-ing 57% existremain-ing in Warsaw. Out of the researched urban centres, the highest supply has been recorded in Kraków and Wrocław with 723,000 sqm and 555,000 sqm of office space respectively.

Despite slightly lower levels of stock, the Tri-City, Łódź and Kato-wice pose competition to the leaders due to very proactive city pro-motion as well as favourable labour conditions.

The differences regarding rental levels among the key regional cit-ies are not that significant. With the exception of Łódź, where the rent is around €1-2 lower, the headline rent in the remaining 6 cit-ies ranges from €13.5 to €16 per sqm/per month and the average from €11 to €13 per sqm/per month.

Over the last 2-3 years, the office market is developing in some smaller cities. In addition to Lublin and Olsztyn, where the modern office sector has been present for some time, the trend can be seen in urban centres such as Rzeszów, Radom and Opole. Compared with the key markets, the developing cities have much lower stocks, but also lower costs of labour and rent, which in the future can may result in increased competitiveness towards the more established regional markets.

MARKET SUMMARY

Existing and pipeline offi ce supply in primary

offi ce markets (m

2

)

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Rental ranges in primary offi ce markets

(€/m

2

/month)

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The offi ce stock in Kraków is diversifi ed. Modern offi ces are located in renovated tenement houses, single offi ce buildings and business parks. At the end of December 2014 the total supply amounted to 723,000 sqm.

In recent years, Kraków has remained one of the most attractive European cities as a location for SSC (shared service centres) and BPO (business process outsourcing).

At the end of 2014, the vacancy rate reached 5.9%, which is the low-est rate across Poland. In spite of the limited availability, the rental rates have been stable over the last quarters and range from €13 to €15 /sqm/month.

Developers encouraged by positive trends on the market, continue to deliver new schemes. Currently approx. 94,000 sqm is under con-struction, all of which should be completed by 2016.

PRIMARY OFFICE MARKETS

Kraków

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 723,000

Vacancy 5.9%

Offi ce space under construction (sqm)1 94,000

Rent (sqm/month) €13-15

Population2 759,800

Unemployment rate – Kraków / Małopolskie voivodship3 5.2% / 9.9%

Number of students4 97,900

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 30.06.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

No Offi ce building Address

1. Al. Pokoju 5 al. Pokoju 5 P

2. Alma Tower ul. Pilotów 6

3. Avatar ul. Lea 210

4. Avia ul. Życzkowskiego 20

5. Axis ul. Przy rondzie P

6. Bonarka 4 Business A-D ul. Puszkarska 7

7. Bonarka for Business E-G ul. Puszkarska 7j P

8. Buma Square A-G ul. Wadowicka 6-8 9. Centrum Biurowe Azbud al. Pokoju 78 10. Centrum Biurowe Euromarket ul. Jasnogórska 1 11. Centrum Biurowe Kazimierz ul. Podgórska 34 12. Centrum Biurowe Lubicz I, II ul. Lubicz 23 13. Cracovia Business Center al. Pokoju 1 14. Diamante Plaza ul. Dekerta 24 15. Echo Investment offi ce complex

(Galileo, Newton, Edison)

al. Armii Krajowej 18

No Offi ce building Address

16. Enterprise Park A, B ul. Na Dołach 4 17. Enterprise Park C Al. Powstańców

Wielkopolskich 13c P 18. Etiuda Krakowskie Centrum Biurowe ul. Pilotów 2

19. G.O. Center ul. Walerego Sławka 3 P

20. Green Offi ce A-C ul. Czerwone Maki 82 21. Kapelanka 42 I phase ul. Kapelanka 42

22. Kraków Business Park ul. Krakowska 280, Zabierzów 23. Opolska Business Park ul. Opolska /al. 29 Listopada P

24. Orange Offi ce Park I Amsterdam ul. Kilmeckiego 1

25. Orange Offi ce Park II-IV ul. Klimeckiego/ul. Nowohucka/ ul. Niwy/ul. Kiełkowskiego

P

26. Quattro Business Park A-C ul. Bora Komorowskiego 25d 27. Quattro Business Park D ul. Bora Komorowskiego 25d P

28. Rondo Business Park I, II ul. Lublańska 34 29. Vinci Offi ce Center ul. Opolska 100

P - planned E40 7 17 4 23 6 25 1 9 1 1 5 8 20 21 11 19 7 7 7 7 25 25 2 2 2 2 2 2 24 2 2 2 2 2 2 2 2 2 2 14 1 1 1 1 1 1 1 17 1 1 1 1 16 12 26 27 26 222222727272727272 28 13 3 29 15 10 22 7 188 2

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Wrocław

Wrocław is one of the most developed regional offi ce markets in Po-land. At the end of 2014, the existing stock amounted 555,000 sqm. Compared to December 2013, the vacancy rate increased by 2.8 p.p., reaching 15%.

Asking rents for modern offi ce space oscillated around €14-16 sqm/ month, while average rates were at the level of €12-13 sqm/month. During the next 24 months the Wrocław offi ce market will grow by another 165,500 sqm, which may result in a rental decline in view of the increasing vacancy rate.

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 555,000

Vacancy 15%

Offi ce space under construction (sqm)1 165,500

Rent (sqm/month) €12-16

Population2 633,100

Unemployment rate – Wrocław / Dolnośląskie voivodship3

4.3% / 10.6%

Number of students4 131,300

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 31.07.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

1. Arkady Wrocławskie ul. Powstańców Śląskich 2-4 2. Aquarius Business House I, II ul. Swobodna 1

3. Bema Plaza pl. Bema 2

4. Business Garden Wrocław ul. Legnicka P

5. Centrum Biurowe Globis ul. Powstańców Śląskich 7a 6. Centrum Orląt Lwowskich pl. Orląt Lwowskich 1 7. Cuprum Novum ul. Sikorskiego 2-8

8. Dominikański ul. Oławska 33 P

9. Green Day ul. Szczytnicka 9 10. Green Towers A, B ul. Strzegomska 36 11. Grunwaldzki Center I, II pl. Grunwaldzki 23-27 12. Legnicka Business House ul. Legnicka 56 13. Legnicka Park Popowice ul. Legnicka 55

14. Nobilis Business House ul. M. Skłodowskiej-Curie P

15. Promenady Wrocławskie (Zita) ul. Rychtalska P P - planned

16. Quattro Forum ul. Legnicka 51-53 17. Silver Tower Center pl. Konstytucji 3 18. Silver Forum ul. Strzegomska 2-4 19. Sky Tower ul. Powstańców Śląskich 95

20. Times II ul. Ruska /

ul. Kazimierza Wielkiego

P

21. West Forum I ul. Strzegomska 140-148

22. West Gate ul. Lotnicza 12 P

23. Wojdyła Business Park I, II ul. Muchoborska 8 24. Wratislavia Center ul. Św. Mikołaja 72 25. Wratislavia Tower ul. Św. Antoniego 7-11 26. Wrocławski Park Biznesu I ul. Strzegomska 46-56 27. Wrocławski Park Biznesu II B4 ul. Wołowska 4-16

No Offi ce building Address No Offi ce building Address

26 20 24 12 27 17 25 1 5 4 21 5 19 18 15 1 1 1 1 10 8 9 6 2 22 7 3 11 14 16 23 1 1 1 1 1 1 1 1 1 1 1 1 16 16 16 13

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Tri-City

Tri-City is developing very dynamically, both in terms of the local economy as well as in the offi ce sector, refl ected by rapid develop-ment of offi ce sector.

Since the beginning of 2013 until end of 2014 some 79,000 sqm was delivered, which represents 15% of the total stock estimated at 510,000 sqm. Despite sharp increase in supply over the last quar-ters, the vacancy rate decreased from 12.6% recorded at the end of 2013 to the level of over 10,2% recorded at Q4 2014.

The monthly rental rate for prime offi ce space in existing offi ce buildings ranged from €14 to €16 sqm and the average was €11-13 sqm.

Currently the offi ce buildings under construction total 92,000 sqm due for delivery by the end of 2016.

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 510,000

Vacancy 10.2%

Offi ce space under construction (sqm)1 92,000

Rent (sqm/month) €11-16

Population2 803,100

Unemployment rate – Tricity / Pomorskie voivodship3 5.6% / 12.3%

Number of students4 97,900

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 31.03.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

1. Albatross Towers al. Rzeczypospolitej 4 P

2. Allcon @ Park ul. Słowackiego 171 3. Alfa Plaza Business Center ul. Batorego 28/32 4. Arkońska BP A1 & A2 ul. Arkońska 2 5. Artus Park / Waterside ul. Długie Ogrody 6-14 6. Asseco Poland ul. Podolska 21 7. Baltic Business Centre ul. Śląska 23/25 8. BCB Business Park I ul. Azymutalna 9 9. BPH Offi ce Park ul. płk. Jana Pałubickiego 2 10. C-200 ul. Marynarki Polskiej 169 P

11. Centrum Biurowe Gnilna ul. Gnilna 2 12. Centrum Biurowe Hossa ul. Władysława IV 43

13. Centrum Biurowe Neptun ul. Grunwaldzka 103 A 14. Centrum Kwiatkowskiego ul. 10 Lutego 16

15. ENTER ul. Śląska 49 P

16. Garnizon.biz (Gamma & Omega) ul. Grunwaldzka 184-190 17. Gdynia Waterfront ul. Waszyngtona 1 P

18. Łużycka Offi ce Park A-D ul. Łużycka 6 19. Łużycka Plus ul. Łużycka 3c

20. Olivia Business Centre ul. Grunwaldzka 470-472 P

21. Olivia Six ul. Batorego 16/1A P

22. Tryton Business House ul. Jana z Kolna 11 P

P - planned

No Offi ce building Address No Offi ce building Address

Z a t o k a

G d a ń s k a

GDYNIA

GDAŃSK

SOPOT

S6 E28 1 13 2 4 8 11

K

KK

12 9 16 10 18 1 1 1 1 1 1 1 11 11 11 11 11 1 22 4 4 4 4 4 4 20 21 12 14 17 3 7 7 7 6 6 6 15 8 8 8 8 8 8 819
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Katowice

At the end of 2014 the total offi ce supply in the capital of the Śląskie voivodship reached over 372,000 sqm. Projects under construction total around 78,000 sqm.

The letting market has been growing with a few transactions signed over the last months, including PwC Service Delivery Center has rented nearly 6,800 sqm in Silesia Business Park.

In December 2014 prime offi ce space in Katowice was quoted from €12,5 to €14 sqm/month. The average rental rates are 1-2 euro lower. The vacancy rate has been stable at the level of around 7%.

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 372,000

Vacancy 7.1%

Offi ce space under construction (sqm)1 78,000

Rent (sqm/month) €10-14

Population2 294,900

Unemployment rate – Katowice / Śląskie voivodship3 4.7% / 9.6%

Number of students4 67,400

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 30.06.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

1. A4 Business Park I ul. Francuska 42

2. A4 Business Park II ul. Francuska 42 P

3. Altus ul. Uniwersytecka 13

4. Atrium ul. Graniczna 54

5. Centrum Biurowe Francuska A, B ul. Francuska 34 6. Centrum Chorzowska 50 ul. Chorzowska 50 7. Green Park I-III ul. Murckowska 20

8. GPP Business Park IV ul. Konduktorska 39 P

9. ING Bank Śląski ul. Sokolska 34 10. Katowice Business Point ul. Ściegiennego 3 11. Millenium Plaza ul. Sowińskiego 46 12. Nowe Katowickie Centrum Biznesu ul. Chorzowska 6 13. Opolska 22 A-F ul. Opolska 22

14. Silesia Business Park I ul. Chorzowska P

15. Silesia Star ul. Roździeńskiego P

P - planned

No Offi ce building Address No Offi ce building Address

E40 A4 5 10 12 8 7 1 1 1 1 1 1 1 1 1 1 9 5 5 5 2 15 3 9 9 9 9 9 9 9 9 9 9 6 13 11 14 4 2 2 2 1

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Poznań

The offi ce supply in Poznań reached 335,000 sqm. and offers a wide range of offi ce accommodation. There are many active large and medium-sized companies in the city, as well as international corpo-rations with their business service agencies and centres. Addition-ally Poznań has attracted many tenants from the BPO and SSC sec-tor, for example: IKEA, Samsung, McKinsey and Franklin Templeton. The vacancy rate stood at 13.5%. In 2014, prime offi ce rents ranged from €14 to €15 sqm/ month and the average stood at €11-13 sqm/ month.

Currently around 107,000 sqm of offi ce space is under construction, which should be completed by 2016.

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 335,000

Vacancy 13.5%

Offi ce space under construction (sqm)1 107,000

Rent (sqm/month) €11-15

Population2 547,200

Unemployment rate – Poznań / Wielkopolskie voivodship3

3.2% / 7.8%

Number of students4 12,100

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 31.03.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

1. Andersia Business Center pl. Andersa 7 2. Andersia Tower pl. Andersa 3 3. Ataner Omega ul. Dąbrowskiego 81-85 4. Business Garden Poznań ul. Bułgarska 101 P

5. Centrum Biurowe Globis ul. Roosevelta 18 6. Delta House ul. Towarowa 35 7. Klaster Grunwaldzka (Pixel) ul. Grunwaldzka 182

8. Klaster Grunwaldzka (3 buildings) ul. Grunwaldzka 182 P

9. Malta Offi ce Park A-D ul. Arcybiskupa A. Baraniaka 88 10. Nickel Technology Park ul. Strzeszyńska 213 11. Nobel Tower ul. Dąbrowskiego 77

12. Nowe Garbary Offi ce Center A, B ul. Małe Garbary 9 13. Nowe Jeżyce ul. Józefa Kraszewskiego 30

14. P-2 ul. Półwiejska 2 P

15. PGK Centrum I, II ul. Marcelińska 90 16. Poznań Financial Center pl. Andersa 5 17. Skalar Offi ce Center ul. Górecka 1 18. Stary Browar ul. Półwiejska 32 19. Szyperska Offi ce ul. Szyperska 14

20. Ubiq Business Park ul. Grunwaldzka 34a P

P - planned

No Offi ce building Address No Offi ce building Address

14 20 13 11 4 8 8 8 8 8 8 7 5 6 14 14 1 18 10 17 15 1 1 1 1 1 1 1 1 1 1 3 12 19 9 18 18 1 1 1 1166 2

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Łódź, the third largest city in Poland in terms of population, holds the sixth place in terms of total stock of modern offi ce space in Poland. The total volume of supply amounted to 322,000 sqm at the end of 2014. Similarly to Kraków, some offi ce space is located in renovated tenement buildings with the remaining stock concen-trated within modern buildings.

After a slowdown recorded over 2010-2012, when the vacancy rate rose to 20%, the market has been gradually improving. In December 2014 the vacancy rate amounted to 13.5%, which is 2.2 p.p. lower than in the corresponding period of last year.

The city remains competitive compared to other key regional mar-kets with prime offi ce rents at the level of €12-13.5 sqm/month. The average rents vary from €9 to €11 sqm/month.

By the end of 2016 some 40,000 sqm will be delivered to the market.

Łódź

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 30.06.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

P - planned

1. Aleksander Plaza ul. Aleksandrowska 67/93 2. Aviator ul. Kopcińskiego 56 3. Cross Point al. Rydza Śmigłego 20 4. Green Horizon I, II ul. Pomorska 106 5. Forum 76 al. Piłsudskiego 76 6. Gdańska 47 ul. Gdańska 47 7. Łódzkie Centrum Biznesu al. Piłsudskiego 3 8. Łódź 1 al. Piłsudskiego 20/22 9. Łódź Business House ul. Żeligowskiego 8/10 10. Olimpia Software Pool ul. Sienkiewicza 175 11. Orion ul. Sienkiewicza 85/87 12. Park Biznesu Teofi lów ul. Traktorowa 141/143

13. Piotrkowska 270 ul. Piotrkowska 270

14. Primulator ul. Lodowa 128 P

15. Przędzalnia Braci Muehle I ul. Żeligowskiego 3/5 16. Red Tower ul. Piotrkowska 148 / 150 17. Sterlinga Business Centre ul. Sterlinga 8a

18. Sukcesja ul. Politechniki 5 P

19. Synergia I ul. Wólczańska 128 20. Targowa 35 – Phase I ul. Targowa 35

21. Targowa 35 – Phase II ul. Targowa 35 P

22. University Business Park I ul. Wólczańska 178

23. University Business Park II ul. Wólczańska 178 P

No Offi ce building Address No Offi ce building Address

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 322,000

Vacancy 13.5%

Offi ce space under construction (sqm)1 40,000

Rent (sqm/month) €9-13.5

Population2 709,800

Unemployment rate – Łódź / Łódzkie voivodship3 10.8% / 11.9%

Number of students4 57,100 10 21 1 2 3 4 2 2 2 2 5 7 2 2 2 2 2 2 21 2 2 2 2 2 20 10 10 10 10 10 10 10 10 10 10 10 1013 14 23 1 1 233333 22 12 6 9 915 18 17 2 2 2 2 2 2 23 23 23 23 23 2 2 23 2 23 23 19 2 2 2 2 2 2 2 2 20 2 2 8 8 8 8 8 8 8 8 8 11 1 1 1 1 1 1 1 1 1 1 1 16

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Szczecin

The offi ce market in Szczecin develops relatively slowly in compari-son with other cities. Total stock at the end of 2014 amounted to approximately 163,000 sqm. Demand is generated mainly by small and medium-sized local companies as well as companies from the BPO and SSC sectors. In December 2014 the vacancy rate was 18.1%, compared to 16% in December 2013. Rents for prime offi ce space ranged from €13 to €14.5 sqm/month and average rates varied from €10 to €13 sqm/month.

Due to large vacancy rate, pipeline is limited to 10,000 sqm, which should be completed within the next quarters.

KEY OFFICE MARKET INDICATORS AND TRENDS

Existing offi ce stock (sqm) 163,000

Vacancy 18.1%

Offi ce space under construction (sqm)1 10,000

Rent (sqm/month) €10-14.5

Population2 408,500

Unemployment rate – Szczecin / Zachodniopomorskie voivodship3

9.4% / 15.6%

Number of students4 44,500

Source: GUS, BNP Paribas Real Estate

1. To be completed by 2016, 2. As of 30.06.2014, 3. As of 31.12.2014, 4. As of 30.11.2013

1. Baltic Business Park A i C ul. 1 Maja 38-39

2. Baltic Business Park B ul. 1 Maja 38-39 P

3. Centrum Innowacji Pomerania ul. Niemierzyńska 17 P

4. Lastadia Offi ce ul. Zbożowa 4 5. Oxygen ul. Malczewskiego 22

6. PAZIM pl. Rodła 8

7. Piastów Offi ce Center A, B Al. Piastów 30

8. Piastów Offi ce Center C Al. Piastów 30 P

9. Willa Offi ce Al. Wojska Polskiego 81

P - planned

No Offi ce building Address No Offi ce building Address

2 4 5 6 9 8 3 8 8 7 2 2 2 2 2 2 2 2 21

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GŁÓWNE DROGI KRAJOWE AUTOSTRADY:

POTENTIAL REGIONAL OFFICE MARKETS

OPOLE

121,300

54,300

6.0%

24,000

4.6%

8-10 €

KIELCE

200,200

36,000

9.8%

53,000

7.0%

8-11 €

RADOM

219,000

12,500

20.5%

12,000

38.2%

9-10 €

RZESZÓW

182,500

42,500

7.8%

36,000

13.5%

8-12 €

LUBLIN

347,000

49,700

8.6%

128,000

12.0%

9.5 -14 €

OLSZTYN

174,600

28,900

6.9%

32,000

13.8%

8-12 €

TORUŃ

204,000

36,100

8.3%

46,000

11.8%

9-12 €

BYDGOSZCZ

360,300

27,200

7.5%

39,000

23.8%

7-10 €

LEGEND

OFFICE STOCK (m²) VACANCY (m²) AVERAGE RENT (m²/month) 1. As of 30.06.2013 2. As of 30.09.2013 3. As of 31.12.2014 WARSAW

BIAŁYSTOK

294,900

24,300

11.9%

40,000

4.3%

7-10 €

MAJOR NATIONAL ROADS HIGHWAYS: EXISTING UNDER CONSTRUCTION PLANNED EXPRESS ROADS: EXISTING UNDER CONSTRUCTION PLANNED POPULATION¹ NUMBER OF  STUDENTS² UNEMPLOYMENT RATE³

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Lublin

Lublin belongs to the medium-sized cities with few modern offi ce projects. The total modern offi ce supply reached 128,000 sqm com-pared with 2013. A notable fall in vacancy rate was recorded in 2014, now standing at the level of 12%. Rents were in the range of €9.5-14 sqm/month.

Bydgoszcz

Bydgoszcz has a limited provision of modern offi ce space. Total sup-ply in 2014 was at the level of 39,000 sqm and the vacancy rate stood at 23.8%. Average asking prices oscillated around €7-10 sqm/ month. Given there is plenty of space available at competitive pric-es, an increase in demand can be expected.

Toruń

Toruń has been gaining in importance considering the gradually in-creasing offi ce stock. At the end of 2014 the total offi ce supply stood at 46,000 sqm. The vacancy rate reached 11.8%. At the end of 2014, average rent rates amounted to approximately €9-12 sqm/month.

Kielce

The existing offi ce supply stands at 53,000 sqm and a further 3,000 sqm is in the pipeline scheduled for 2015. The current va-cancy rate amounts 7%. Offi ce space in Kielce can be rented for €8-11 sqm/month.

Rzeszów

The offi ce market in Rzeszów is relatively immature but offers a high supply of offi ce space compared with other developing cit-ies. The total stock is estimated at 36,000 sqm. In 2015 the supply will increase by another 20,000 sqm located in the SkyRes offi ce development.

The vacancy rate amounts to 13.5%. The average rent ranges from €8 to 12 sqm/month.

Olsztyn

Currently the stock of modern offi ce space reaches over 32,000 sqm The vast majority of supply is composed of B-class buildings such as Cezal Business Center. At the end of 2014 Business Center WPB was delivered (4,000 sqm).

The vacancy rate reached 13.8%. Asking rents oscillated around €8-12 sqm/month.

The pipeline supply of buildings under construction totals 7,800 sqm.

Opole

At the end of 2014, the offi ce supply was at the level of 24,000 sqm. In comparison with other cities, Opole offers one of the lowest rents, which are in the range of €8-10 sqm/month. Rents should remain stable over the forthcoming quarters.

Most of the buildings are built-to-suit projects completed for par-ticular occupiers or owners, recruiting from local companies and banks. An example of this are schemes completed for BRE Bank and Itaka.

Białystok

At the end of 2014, offi ce supply in the city totaled around 40,000 sqm. The average asking prices oscillated around €7-10 sqm/month. Compared to 2012, the vacancy rate has fallen by over 6 p.p and is currently at the level of around 4.3%. By the end of 2015, Business Center Wierzbowa will be delivered to the market (1,000 sqm)

Radom

The modern offi ce market in Radom has just started taking off with the total supply estimated at 12,000 sqm. The vacancy rate stands at a level of 38.2% and rents oscillate at around €9-10 sqm/month. The pipeline supply scheduled for 2015/2016 consists of the next phase of Offi ce Park B providing an additional 5,500 sqm.

CONTACTS

Anna Staniszewska Director, Research & Consultancy, Central and Eastern Europe, anna.staniszewska@bnpparibas.com

Erik Drukker Managing Director, Agency & Valuations, erik.drukker@bnpparibas.com

Michael Richardson MIRCS Director, Corporate Services, Central and Eastern Europe, michael.richardson@bnpparibas.com

Małgorzata Fibakiewicz MIRCS Director, Offi ce Agency, Tenant Representation, malgorzata.fi bakiewicz@bnpparibas.com

Michał Orłowski MIRCS Director, Offi ce Agency, Landlord Representation, michal.orlowski@bnpparibas.com

Żaklina Kuczyńska Research & Consultancy, zaklina.kuczynska@bnpparibas.com

BNP Paribas Real Estate Poland Sp. z o.o.

Al. Jana Pawła II 25, 00-854 Warsaw Tel. +48 22 653 44 00

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