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May 16, 2019

BRF

Bratislava Research Forum Announces Office Market Figures for Q1 2019

In the first quarter of 2019, the total office stock of A and B Grade quality in Bratislava amounts almost 1.8 million square meters. 62% of the space is represented by A-class office space and 38% by B-Class office space.

Reconstruction of one office building, Pressburg Tower, was completed in the first quarter of 2019, adding 18,000 sq m to the modern office stock in Bratislava. One new project is expected to be delivered to the market in the second quarter of 2019, Westend Plazza with total area of 33,000 sq m located in Patrónka area. There are six office buildings under construction to be completed in years 2019/2020 and these will bring 90,000 sq m of area to Bratislava office market.

Green Certified Buildings

Within total office stock 32 buildings, representing more than 621,000 sq m or approx. 35% of the total stock, have secured certification as green/sustainable developments – either LEED or BREEAM ratings.

Transactions on the Office space market (Office Take-up)

Transactions that have been concluded in the first quarter of 2019 amount 30,725 sq m, which represents approx. half of the let area compared to the previous quarter. Renegotiations represented 58% of all transactions, new leases represented 38% and share of 4% was attributed to expansions.

In Q1 2019, the biggest leasing transaction (renegotiation) recorded amounted to 4,630 sq m. In addition, we monitored another eight transactions with the area of over 1,000 sq m.

In the first quarter of 2019, the majority of all transactions was signed within the Professional Services sector (40%), followed by Consumer Goods sector (16%).

Office Vacancy

The overall vacancy rate in the first quarter of 2019 for Bratislava has increased to 7.75% from 5.99% in the previous quarter. This increase was caused mainly by completed reconstruction of Pressburg Tower with remaining vacant area of 16,000 sq m. The lowest vacancy rates were recorded in Bratislava III (2.60%), followed by Bratislava I (5.33%), Bratislava II (10.28%) and Bratislava V (10.86%). The highest vacancy rate was recorded in Bratislava IV, in the level of 12.31%.

Prime Rent

The Prime Rent remained unchanged at 17.00 EUR/sq m/month.

The market is classified into city centre, inner city and outer city as outlined in the plan below to allow a simplified analysis. In addition, data is collected also according to Bratislava districts.

The members of the Bratislava Research Forum (BRF) – Cushman and Wakefield, CBRE, Colliers International and JLL share non-sensitive information with the aim of providing clients and public with consistent, accurate and transparent data about the Bratislava office market.