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70 pct rise in the Wrocław office take-up

Wrocław’s office market continues its upward momentum. Office take-up hit 132,100 sqm in the first three quarters of 2017, representing a 70 pct rise on the same period of 2016, says global tenant-only real estate advisory firm Cresa in its latest report "Occupier Economics: Office Market in Wrocław Q3 2017”.

At the end of the third quarter, Wrocław’s office stock totalled 879,600 sqm and nearly 27,500 sqm has been added to the market since January. This year’s total supply is expected to reach almost 70,000 sqm with a further 150,000 sqm scheduled for delivery in 2018. Vacant space at the end of the third quarter amounted to 74,800 sqm, representing 8.5 pct of the city’s total stock (a 2 p.p. decrease since December 2016). With the market continuing its upward trend and the overall volume of construction planned, this year’s absorption is likely to approach last year’s figure of 88,500 sqm.

Wrocław’s economic performance bodes well for the office market in the next years. The city has grown to become one of the world’s key SSC/BPO destinations and has scored high on cost effectiveness and quality of life on the Tholons Services Globalization City Index 2017. Due to the upcoming changes to the International Financial Reporting Standards, the largest international tenants are now seeing more benefits in freehold rather than leasehold, particularly in case of long-term leases. Cresa analysts, however, agree that Wrocław’s occupier market will continue to expand at a rapid pace.

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