PINK releases data on office market in regions for Q1 2021

Polish Chamber of Commercial Real Estate (PINK) has published figures on the office market in eight major regional markets in Poland (Kraków, Wrocław, the Tri-City, Katowice, Poznań, Łódź, Lublin, Szczecin) for Q1 2021.

At the end of Q1 2021, the total modern office stock in the eight major regional markets amounted to 5.82 million sqm. The largest office markets in Poland (following Warsaw) were Kraków (1.57 million sqm), Wrocław (1.22 million sqm), and the Tri-City (913,600 sqm).

In Q1 2021, five office projects totaling 46,400 sqm of office space were completed in the major regional markets. The new supply was delivered in Kraków (21,400 sq in three projects) and to the Tri-City (25,000 sqm in four office projects). The largest new office schemes completed in this period were Palio Office Park A (16,500 sqm, Cavatina), in Gdańsk, and Equal Business Park D (11,650 sqm, Cavatina) in Kraków.

The vacancy rate estimated for the eight major regional markets stood at 12.9 percent at the end of March 2021, which gives 753,000 sq m of office space available for lease immediately. In Q1 2021 almost 98,300 sqm of office space was subject to lease in the major regional markets. 

The largest transactions concluded in Q1 2021 were in Kraków and the Tri-City, including renewal signed in Kraków by IBM in Galileo, Newton, and Edison buildings for 11,300 sqm, renegotiation of Intel’s agreement in Tryton Business House in Gdańsk for 9,800 sqm, 8,500 sqm in the new LPP office building in Gdańsk, built for the owner's use, and renewal for 7,000 sqm in Baltic Business Centre in Gdynia by the confidential client.

(WBJ)