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Tenants queue up to lease offices in Wrocław

Michał Grabikowski, Head of Tenant Representation, Office Department of Cresa Poland in Wrocław

According to "Occupier Economics: Office Market in Wrocław in 2017", a report prepared by global tenant-only real estate advisory firm Cresa, last year’s office supply in Wrocław was the lowest in six years while occupier demand remained robust. The city’s office take-up hit 174 500 sqm, which represented a 40 pct increase compared with 2016.

- The Wrocław office market is expected to maintain its growth momentum, fuelled by robust developer activity, stable leasing conditions and the growing labour market potential -said Michał Grabikowski, Head of Tenant Representation, Office Department of Cresa Poland in Wrocław.

More than 53 500 sqm of office space was added to the Wrocław market in 2017, bringing the city’s total stock to 906 300 sqm at the end of 2017. The largest completions included Green2Day (17 600 sqm, Skanska), Bielany Business Point (12 000 sqm, Megapolis) and Wroclavia (7 500 sqm, Unibail-Rodamco). Last year’s key lease transactions comprised Credit Agricole’s 15 500 sqm lease at Business Garden 2, Credit Suisse’s 14 000 sqm renewal at the Grunwaldzki Center, Capgemini’s 13 100 sqm lease at Business Garden 1 and EY’s 10 500 sqm lease at Sagittarius. At year-end 2017, absorption amounted to 72 400 sqm. Asking rents stand at EUR 13-15.5/sqm/month in Wrocław’s Class A office buildings.

There is currently nearly 230 000 sqm of office space under construction and scheduled for delivery in the next two years. At year-end 2017, vacant space amounted to 84 500 sqm, representing 9.3 pct of the city’s total stock (a 3 p.p. decrease compared with 2016).

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