Occupier Economics: Tricity Office Market in Q1 2018

Tricity office market

– In the first quarter of 2018, Tricity’s new office supply hit 45,690 sqm following the completion of the 35-floor Olivia Star office building (45,690 sqm, Olivia Business Centre), says “Occupier Economics: Tricity Office Market in Q1 2018”, a report published by real estate advisory firm Cresa. Office take-up amounted to 13,400 sqm.

Tricity’s office stock rose by nearly 17% over the year to 743,500 sqm. In the first quarter of the year, the region’s vacancy rate fell to 7.7%, the lowest since 2012, when it stood at 6.7%. Absorption amounted to 45,700 sqm, which represented more than a threefold increase on the same period last year.

“Following a very successful 2017, the Tricity office market maintained its strong momentum in the first quarter of 2018. Tricity is not only ahead of Poznań, Łódź and Katowice in terms of total stock, but it is also seeing the largest volumes of new office space coming on stream and the lowest vacancy rate of all regional markets,” said Michał Rafałowicz, Head of the Tricity Office, Cresa Poland.

The leasing volume amounted to 13,400 sqm, most of which or 69.8% was transacted under new leases while renegotiations and expansions accounted for 15.9% and 14.3% of that total, respectively. The key lease transactions included Arrow’s 4,000 sqm lease at the Olivia Business Center, a 2,000 sqm lease renewal signed by Gdańskie Wydawnictwo Oświatowe at Alchemia I and a 1,500 sqm office expansion by a confidential tenant at Alchemia III Argon.

Asking rents stand at EUR 11-16.5/sqm/month in Tricity’s office buildings, depending on scheme location, standard and lease term.

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