The Bratislava Research Forum is pleased to announce Office Market figures for Q3 2016.
The members of the Bratislava Research Forum (BRF) – Cushman and Wakefield, CBRE, Colliers International and JLL 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 also according to Bratislava districts.
In the third quarter of 2016, the total office stock of A and B Grade quality in Bratislava amounts to more than 1.70 million square meters. 54.77% of the space is represented by A-class office space and 38.82% by B-Class office space.
In the third quarter of 2016 the second and third building of Twin City has been completed, bringing more than 43,000 sq m of modern office space to the market. At the end of 2016 the completion of Rosum and Uniq projects is expected; together they will bring 30,300 sq m of office space to the market.
Green Certified Buildings
Within this total stock 20 buildings representing approx. 248,000 sq m or approx 16% of the total stock have secured certification as green/sustainable developments – either LEED or BREEAM ratings.
Transactions on the Office space market (Office Take-up)
Transactions that have been concluded in the third quarter of 2016 represent a total amount of 34,607 sq m, which represents a decrease of 48% when compared to the previous quarter. New leases represented 45% of all transactions, renegotiations represented 38% and 17% were attributed to expansions.
In Q3 2016 the biggest leasing transaction recorded amounted to 4,632 sq m. In addition, we monitored three other transactions over 2,000 sq m and eight transactions between 1,000 - 2,000 sq m.
In the third quarter of 2016 the majority of transactions were signed in the Professional Services sectors (28,7%), followed by the IT sector (21,8%).
Significant Office Transactions
4,632 m² - City Business Center I, Renegotiation
3,203 m² - Twin City B, Expansion
2,203 m² - Odborárska 21, New-lease
3,250 m² - Galvaniho Business Center IV, Renegotiation
The overall vacancy rate in third quarter for Bratislava has decreased to 6.78% from 7.43% in the previous quarter. The lowest vacancy rates recorded were in Bratislava IV (2.3%), followed by Bratislava I (4.4%). The highest vacancy rate was recorder in Bratislava III which have been reduced to the level of 13.1%