The Polish Chamber of Commercial Real Estate (PINK) has published figures summarizing office market in eight major regional markets in Poland (Kraków, Wrocław, the Tri-City, Katowice, Poznań, Łódź, Lublin, Szczecin) for Q3 2022. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers, Cushman&Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on existing modern office stock, new completions, take-up volumes and vacancy rates.
- At the end of Q3 2022, the total modern office stock in the eight major regional markets amounted to 6,357,400 sqm. The largest office markets in Poland (following Warsaw) were Kraków (1,651,700 sqm), Wrocław (1,320,600 sqm) and the Tricity (1,011,000 sqm).
- In Q3 2022, there were two projects delivered to the market offering more than 20,200 sqm of office space. Those projects were: Quorum Office Park D (developed by Cavatina, 16,200 sqm) and L’Uni (developed by Luni Sp. z o.o., 4,000 sqm). Both properties were delivered in Wrocław. In addition, the refurbishment of the Centrum Orląt in Wrocław (15,900 sqm) was finished, and the building now offers commercial space for lease.
- At the end of Q3 2022 in the eight major regional markets 967,200 sqm was offered as vacant space, resulting in a vacancy rate of 15.2% (increase by 0.05 pp. q./q. and increase by 1.7 pp. compared to the end of Q3 2021). The highest vacancy rate was recorded in Łódź – 22.0%, while the lowest in Szczecin – 3.9% (only city with a vacancy rate below 10.0%).
- The total volume of leasing activity in Q3 2022 amounted to 106,300 sqm, 44% lower than in the previous quarter, and 6% less in the corresponding period in 2021. The largest volume of space was leased in Kraków (24,800 sqm), Wrocław (23,300 sqm) and Gdańsk (22,900 sqm).
- In Q3 2022 the highest share in transaction volume was attributed to new deals: 68% (including pre-lets transactions and owner-occupier deals). Renewals of current lease agreements attributed to 25% while expansions to 7%.
- The largest transactions signed in Q3 2022 include a confidential tenant from IT sector in a pre-lease agreement in the Ocean Office Park D in Kraków (4,700 sqm), an expansion for Keywords Studios in the Global Office Park A1 in Katowice (3,800 sqm), and a renewal for TietoEvry in the Green 2Day building in Wrocław (3,700 sqm).