In the second quarter of 2024, the total office space in Bratislava has reached almost 2.1 million sqm, while the share of vacant offices has decreased, according to the quarterly report of CBRE.
The most interesting and determining indicator in the office space market is the vacancy rate. In the second quarter it fell slightly to 13.26% compared to 13.75% in Q1 2024. Oliver Galata, Head of Office Sector at CBRE Slovakia added: "The city centre maintains the lowest vacancy rate of 7.80%. There are even fewer free spaces here than in the previous period. On the contrary, there was a slight increase in the peripheral parts of the city, while the vacancy rate here reached 18.17%."
During Q2 2024, JTRE completed the Sklad 7 office building near the Eurovea shopping centre. Its entire area of 4,500 sqm was leased by the newly established Ministry of Tourism and Sports of the Slovak Republic. In this location, also called the CBD (Central Business District), the construction of another building called Ganz House by JTRE, began in the second quarter. It will bring another almost 10,000 sqm of new office space.
Rental activity in the second quarter of 2024 reached a total of 59,545 sqm, thus increasing by 15% year-on-year. Take-up, i.e. the lease net of lease extensions in the tenant's current premises, amounted to 38,962 sqm.
"Looking at the rent net of renegotiation for the first half of 2024, we can say that this is by far the most significant first half of the year in the history of the Bratislava office market," said Peter Slovák, Research Manager at CBRE Slovakia. The new leases made up the largest part of the leased premises in total, taking up to 57% of the entire lease activity. They were followed by renegotiations (34%) and expansions (9%).
The highest achievable rent grew by 8.6% year-on-year and currently stands at €19/sqm per month. The average rent has grown significantly, reaching €15.50/sqm per month, almost 11% more than a year ago.
More and more companies emphasise sustainability when choosing their office space. In Bratislava, the area of buildings with a valid green/sustainable building certificate is currently more than 850,000 sqm. That is 41% of the total office area in the city, but only 45 out of 278 buildings.
