Poland 2010 summary

Poland 2010
summary
Over 230,000 m2 leased in regional markets in 2010!
2010 saw a recovery in the regional Polish office markets. Prime office headline
rents have stabilized and corporate demand for office space started to recover.
Warsaw, 31 January 2011 - The total modern office stock in the key regional markets of Poland (i.e.
Kraków, Wrocław, Katowice, Poznań, Tri-City and Łódź) was 1,820,000 m2, of which the office stock
located in Kraków and Wrocław represents 45% of the office stock as above.
Approximately 215,000 m2 of new office space was added to the markets listed above, which is
comparable to 2009 with around 227,000 m2 coming to the market. 29,000m2 of new office space was
delivered to the market in Q4 2010, mainly in Lodz (Sterlinga Business Center) and Poznan (Malta
Office E). Another 140,000 m2 are set for completion this year with the biggest being Bonarka 4
Business A&B (16,000 m2) in Kraków, Oliva Gate (15,900 m2) in Gdańsk, Park Biznesu Teofilów I
(8,500 m2) in Łódź and Wojdyła Business Park II (7,700 m2) in Wrocław.
Mateusz Polkowski, Senior Research Analyst, Jones Lang LaSalle said: “We noticed an increase in
corporate demand in all major office markets over 2010. 230,000 m2 was leased in regional markets,
with Kraków and Wrocław clearly taking a lead in respect of occupier activity. Take-up was generated
by both newcomers (e.g. IBM in Wrocław, Sony in Tri-city) and expanding companies already
operating in these cities (e.g. Motorola or Capgemini in Kraków).”
Office buildings totaling 238,000 m2 were under construction across major regional office markets,
with construction activity most pronounced in Wrocław, Kraków and Tri-City (62,000 m2, 55,000 m2
and 42,500 m2 respectively). This excludes a variety of projects whose construction started and was
subsequently put on hold which represent another 69,000 m2. The biggest office projects being
currently developed in Poland include: Sky Tower in Wrocław, Andersia Business Centre in Poznań
and Oliva Gate in Gdańsk.
New, “secondary” office locations in Poland (i.e. Szczecin, Lublin, Rzeszów, Bydgoszcz, Toruń,
Olsztyn, Białystok and Kielce) are also pro-active in respect of preparing office accommodation for
occupiers, most notably BPO and SSC type of tenants. The first true modern office building in
Szczecin, namely Oxygen (14,000 m2), was completed by Echo Investment in H2 2010.
As at the end of 2010 vacancy rates remained stable in Wrocław, Tri-City and Katowice (averaging
2.8%, 11.2% and 16.8% vs. 3.2%, 11.0% and 17.0% in Q3 2010, respectively). Slight upward
pressures were registered in Kraków, Łódź and Poznań with a vacancy rate at 12.1%, 21.8% and
– continued –
Over 230,000 m2 leased in regional markets in 2010!
11.9% in Q4 2010, up from 10.7%, 20.0% and 8.0% in Q3 2010 respectively. The slight increase
resulted from a delivery of new office buildings in 2010, which to a great extent remained vacant: Vinci
Office Center in Kraków, Francuska Office Centre A & B in Katowice, Sterlinga Business Center and
University Business Park I in Łódź.
The office vacancy in Poland ranging in most markets between 10-20% provides a reasonable choice
of accommodation for office occupiers, an important factor for BPO and SSC centres amongst others.
Wrocław with a vacancy ratio of less than 3% is unique in this respect, and this undersupply of office
space triggers new development on this market. Major pipeline office provision includes: Green
Towers I, Sky Tower and Wojdyła Business Park phase II.
Prime headline rents currently range from €11-13.5 /m2/ month in Łódź, to €15 /m2/ month in Kraków,
Wrocław and Poznań. We expect slight upward pressures on the headline rents in 2011 in most
regional markets.
Modern Office Stock and Vacancy Rates
(as at the end of Q4 2010)
m
2
%
600 000
Office stock in 2009
Completions in 2010
Planned completions in 2011
Vacancy Rate
25
500 000
20
400 000
15
300 000
10
200 000
Łódź
Poznań
Katowice
0
Tri-City
0
Wrocław
5
Kraków
100 000
Source: Jones Lang LaSalle, Q4 2010
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