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Tricity’s office market growth is driven by the region’s ports

Michał Rafałowicz, Head for the Pomeranian Region at Cresa Poland

In 2017, Tricity’s office space absorption hit a record high of 79,400 sqm, compared to the five-year average of more than 58,000 sqm. Leasing conditions in the region hold stable, says “Occupier Economics: Office Market in Tricity in 2017”, the latest report produced by global tenant-only real estate advisory firm Cresa.

- The record performance of Tricity’s ports and major port and transport improvements have had a positive impact on the region’s office market. Tricity’s office market is attracting growing interest from businesses intent on taking advantage of the recent upturn in shipbuilding and logistics - said Michał Rafałowicz, Head for the Pomeranian Region at Cresa Poland.

At year-end 2017, Tricity’s office stock totalled 696,400 sqm. Eight office schemes were delivered to the market last year, including the third phase of Alchemia (36,000 sqm, Torus), BCB Business Park – B2 (9,250 sqm, Bałtyckie Centrum Biznesu) and Tensor Z (6,600 sqm, Euro Styl). Nearly 149,000 sqm is currently under construction. Tricity’s tallest office building Olivia Star (approximately 40,000 sqm, Olivia Business Centre), which is scheduled for delivery this year, is nearing completion. 

At the end of 2017, there was 56,800 sqm of vacant space, accounting for 8.1 pct of this region’s total stock (a 2.9 p.p. decrease year-on-year). Last year’s office take-up totalled 117,700 sqm, up by nearly 26 pct on the transaction volume recorded in 2016.

Cresa analysts expect the SSC sector to expand further benefiting from high quality of life and presence of many university-level schools in Tricity. The region is home to operational centres set up by investors from 19 countries with services provided in 33 languages. The business services sector is expected to maintain its growth momentum in Tricity in upcoming years.

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