The Bratislava Research Forum is pleased to announce the Office Market figures for Q3 2013.
The members of the Bratislava Research Forum (BRF) – Cushman and Wakefield, CBRE, Colliers International and Jones Lang LaSalle share non-sensitive information with the aim of providing clients and public with consistent, accurate and transparent data about the Bratislava office market.
The market is classified into city centre, inner city and outer city as outlined in the plan below to allow a simplified analysis. In addition, data is collected according to Bratislava districts.
By the end of the third quarter 2013, the total office stock in Bratislava amounts to more than 1.5 million square meters. Almost 55% of the space is Grade A office space and more than 45% is Grade B and C office space.
We have not recorded any new important additions to the stock (Supply) in the third quarter of 2013. Another approximately 8.000 sq m of modern office space is to be completed in 2013, which is distributed amongst smaller office projects.
Transactions on the Office space market (Office Take-up)
Transactions that have been concluded in the third quarter of 2013 represent a total amount of approx. 19,041 sq m, which represents a decrease of 27% compared with the previous quarter, and a 39% decrease in comparison with the same period last year. 79% of all transactions consisted of new leases and 21% were attributed to renegotiations. We have not recorded any prelease transactions this quarter.
Just as in previous quarters, the majority of transactions closed in Q3 2013 were in units of less than 500 sq m, which represented almost 69% of all transactions closed. Units in the range of 501–1,000 sq m accounted for more than 17% of signed deals and 14% comprised the leases signed for units of 1,001+ sq m.
In the third quarter of 2013, the majority of transactions were signed in the IT sector (24.9%), followed by the Professional Services sector (15.5%).
Significant Office Transactions
Siemens – Westend Court – 2.600 sqm²
Asseco Solutions – Bratislava Business Center V – 2.100 sqm²
IBM – Tower 115 – 1.400 sqm²
ATOS – Westend Court – 1.880 sqm²
Studio Moderna – Carlton Savoy 2 – 1.200 sqm²
State Vocational Education Institute – Stromová – 1.000 sqm²
The overall vacancy rate for Bratislava has increased from 13.6% in the previous quarter to 14.8% at the end of the third quarter of 2013. The lowest vacancy rates recorded were in Bratislava 1 (11.6%), followed by Bratislava 5 (12.3%) and Bratislava 4 (14.8%). Bratislava 3 has significant vacancy at almost 24%.