Total take-up on Bratialava's office market reached 80,000 sqm, representing a 160% increase over the previous quarter. The Bratislava Research Forum announced the office market figures for Q2 2019.
Office supply
In the second quarter of 2019, the total office stock of A and B Grade quality in Bratislava amounts to more than 1.8 million square meters. 62% of the space is represented by Class A office space and 38% by Class B office space.
One new office building, Westend Plazza within the Patrónka area, was completed in the second quarter of 2019, adding 33,000 sqm to the modern office stock in Bratislava. There are seven office buildings under construction to be completed in 2019/2020 and these will bring 118,000 sqm of area to the Bratislava office market.
Green certified buildings
Within the total office stock 32 buildings, representing more than 621,000 sqm or approx. 35% of the total stock, have secured certification as green/sustainable developments – either LEED or BREEAM ratings.
Transactions
Transactions that have been concluded in the second quarter of 2019 amount to almost 80,000 sqm, which represents more than 160% increase of the let area compared to the previous quarter. Renegotiations represented 66% of all transactions, new leases secured 33% and share of 1% was attributed to expansions.
There were two big leasing transaction (renegotiations) recorded in a total size of 19,811 sqm and 18,000 sqm. Both companies operate in the IT sector. In addition, BRF monitored another eleven transactions with the area of over 1,000 sqm.
In the second quarter of 2019, the majority of all transactions were signed within the IT sector (63%), followed by the Professional Services sector (13%).
Vacancy and rent
The overall vacancy rate in the second quarter of 2019 for Bratislava has increased to 8.06% from 7.75% in the previous quarter. This increase was mainly caused by completing construction of Westend Plazza with remaining vacant area of 20,000 sqm.
The lowest vacancy rates were recorded in Bratislava III (2.86%), followed by Bratislava I (4.62%), Bratislava II (9.29%) and Bratislava V (10.32%). The highest vacancy rate was recorded in Bratislava IV, in the level of 26.39%.
Prime rent remained unchanged at €17.00/sqm/month.
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.
