All regional markets with lower office vacancies – Knight Frank

Each of Poland’s six major office markets outside Warsaw saw vacancy levels drop in the second quarter of 2014, according to a report by advisory Knight Frank. The largest decrease was recorded in Łódź, from 14.6 percent to 12 percent, due to strong tenant activity. Wrocław’s vacancy rate fell by 2.1 percentage points to 9.9 percent, mainly as a result of the scarcity of new office supply. In the second quarter of 2014, a total of 47,900 sqm of new stock was delivered in the six major regional cities: Kraków, Wrocław, the Tri-City, Łódź, Poznań and Katowice. The Tri-City recorded the highest new supply, of 14,750 sqm, followed by Kraków with 13,150 sqm of new office space. There was 425,000 sqm of office space under construction in the six markets at the end of June, 211,000 sqm of which is set to be completed by the end of 2014 and another 210,000 sqm will be added to the markets in 2015. Kraków has 131,700 sqm of office stock in the pipeline, followed by Wrocław, with 116,000 sqm.