Occupier Economics: Łódź Office Market in Q1 2018

Łódź office market

According to Cresa’s latest report “Occupier Economics: Łódź Office Market in Q1 2018”, the city’s total office stock rose by 17% over the past year to 437,800 sqm. Approximately 42,000 sqm of new office is expected to be delivered to this market by the end of December 2018. The development pipeline includes the long-awaited Ogrodowa Office (28,600 sqm, Warimpex).


More than 100,000 sqm of modern office space is currently under construction, including 38,000 sqm at Skanska’s Brama Miasta. Most of new volume will be completed in 2020.


“Łódź saw record-breaking volumes of office space delivered in the last three years and the new supply was quickly absorbed by the market. Will this momentum be carried forward into coming years? Developers are monitoring market sentiments closely. Only if the occupier demand remains robust, will the planned office projects be completed on time. Therefore, I’d advise tenants requiring modern office space in prime locations to start looking around now,” said Marta Pyziak, Head of the Łódź Office, Cresa Poland.


In Q1 2018, the leasing volume amounted to 9,500 sqm, down by 16.2% on the very strong first quarter of 2017. New leases accounted for 92.4% of total take-up. The key lease transactions included Clariant’s 3,700 sqm lease at Monopolis M1, Bosch Siemens Hausgeräte’s 1,600 sqm lease at Nowa Fabryczna A and Regus’ 1,050 sqm lease at Fabryka Józefa Balle. The city’s vacancy rate held firm at 9.6%, down by 0.8 p.p. on the average observed over the last five years.


Asking rents stand at EUR 9-14/sqm/month in the city centre and at EUR 8-12/sqm/month in non-central locations.
 

Download the report

About us

We understand that your office is an extension of your firm’s brand – that it reflects your culture and can be instrumental in attracting top talent.

Cresa Poland’s office tenant representation team provides conflict-free advisory services to businesses across Poland seeking to lease new office space, renegotiate current leases, expand or consolidate. Our specialists have a broad experience to guarantee comprehensive assistance throughout the entire office space leasing process.

News

17.07.2019

Cresa advises Velvet CARE
Velvet CARE has extended its office lease at Skylight in Warsaw. The tenant was represented by real estate advisory firm Cresa.