At first glance, it looks like a clear-cut recovery. Total leasing activity reached 53,000 m², and net take-up alone, at roughly 25,000 m², was up 51% year on year. Year to date, companies have leased 50,000 m² of office space. The numbers, then, sound optimistic.
More interesting, though, is the composition of demand. More than half of the transactions (53%) were renegotiations, companies staying where they are and simply extending their contracts. Next came new leases at 38%, expansions at 5%, and pre-leases at 4%. Activity was also supported by the renegotiation of a manufacturing company's 5,000 m² in City Centre. The market, then, is growing not so much through expansion as through companies holding on to quality space.
Behind the demand stand primarily the traditional pillars of the Slovak economy. Industry accounted for the most leases, followed by financial services, and then professional services and IT in equal measure. The largest volume, roughly 20,000 m², went to the Central Business District. The exact breakdown is shown below:
The overall vacancy rate rose slightly to 13.42%, up 4 basis points quarter on quarter but down 98 basis points year on year. The average, however, masks significant differences between locations. While prime addresses are almost full, class B space on the edge of the market remains largely vacant.
The modern office stock reached 1.75 million m², of which 22% are class A+ buildings, 38% class A, and 40% class B. Roughly 41% of the stock holds a green certificate, reflecting the continuing shift toward sustainable and energy-efficient space.
Price reveals the most about the market. Prime rent rose to €22.00 per square meter per month, adding roughly 7% year on year, while average rent of €16.00 grew more slowly, by 3.2%. That gap is perhaps the most telling figure of the quarter: quality space is scarce and demand for it high, so companies are willing to pay more and more for the best buildings. For investors, meanwhile, the market offers reassurance, as the prime yield holds steady at 6.25%, up 25 basis points year on year.
Development activity remains subdued. No new project was completed in the second quarter of 2026, the lowest level of new supply in two years. The first completions won't come until late in the year: Dunaj by CTP with 7,200 m² and Ganz House by JTRE with 9,400 m². A more meaningful revival will come in 2027 with Chalupkova Offices by Penta Real Estate (18,200 m²) and Istropolis Atrium (15,500 m²), while 2028 will add Chalupkova Offices Phase II (14,000 m²) and Sky Park Square Office (10,000 m²). With little new supply, the availability of prime space will stay tight and the upward pressure on rents will persist.
