Poland’s Tricity area saw the strongest leasing activity of the country’s eight regional markets during the first quarter of the year. A total of 37,900 sq m was leased in TriCity which comprises the Gdansk (pictured above), Gdynia and Sopot conurbation.
The figures have been compiled by the Polish Chamber of Commercial Real Estate (PINK) and included the Kraków, Wrocław, Tri-City, Katowice, Poznań, Łódź, Lublin, Szczecin office markets. PINK compiles the figures from data provided by BNP Paribas Real Estate, CBRE, Colliers, Cresa, Cushman&Wakefield, JLL, Knight Frank and Savills.
A total of almost 98,300 sq m of office space changed hands in the eight regional markets during the period. While the largest share of gross take-up was attributable to lease renewals (45%), new leases accounted for 42% of total take-up, 9% was accounted for by owner-occupied office space while expansions took 5% of the total.
The largest transactions the largest deals were done in Kraków and the Tri-City, including IBM’s renewal in Kraków’s Galileo, Newton and Edison buildings, a total of 11,300 sq m. Also notable was the renegotiation of Intel’s agreement on 9,800 sq m at Tryton Business House in Gdańsk.
At the end of Q1 the total modern office stock in the eight major regional markets was 5.8 million sq m. Kraków is the largest office markets after Warsaw with nearly 1.6 million sq m, Wrocław has 1.2 million sq m and Tri-City has 913,600 sq m.
The estimated vacancy rate in the eight major regional markets stood at 12.9% at the end of March 2021, an availability of about 753,000 sq m.