Bratislava Research Forum Announces Office Market Figures for Q3 2020
In the third quarter of 2020, the total office stock in Bratislava reached more than 1.89 million sq m. 63% of total stock consists of class A office space and 37% of class B office space.
During the third quarter of 2020, 2,300 sq m of new office supply was added to the market. The only completion was the reconstruction of the Carlton Savoy 4 building. A total of 4 buildings with a total area of more than 50,000 sq m were added so far in 2020. We record 7 projects under construction with planned completion before the end of 2021. Their total area is more than 87,000 sq m of new supply in the class A standard.
In terms of ownership structure, approximately 4% of the office stock is state-owned, 13% are buildings owned and fully occupied by the same entity, and the total stock for commercial use remains at 83% (or around 1.6 million sq m) of total modern office stock in Bratislava.
Green Certified Buildings
Within the total office stock, 33 buildings (more than 636 thousand sq m, i.e. 34% of the total stock) have one of the certificates of a green building / sustainable building - either LEED or BREEAM. In preparation for the BREEAM certificate are the Nivy Tower building and also the myhive buildings, which would like to obtain the BREEAM very good certificate in the coming months. The share of green buildings would thus increase to almost 710 thousand sq m, which would bring their share in the market to 36%.
Office Market Transactions (Take-Up)
Lease transactions in the third quarter of 2020 reached a total area of approx. 53,700 sq m, which represents more than 100% increase in leased space compared to the same quarter last year. Renegotiations of current leases dominated, with a 68% share of all transactions. They were followed by new leases (24%), pre-leases (6%) and expansions with a 1% share.
The largest transaction in the third quarter was the renegotiation of 12,000 sq m of office space within the manufacturing / construction sector. In addition, a further 15 transactions with an area of more than 1,000 sq m and 13 transactions ranging from 500 to 1,000 sq m were recorded.
The majority of leased spaces this quarter were let to manufacturing / construction sector (27%), followed by the IT sector (22%) and unclassified sectors (20%).
Significant Office Transactions in Q3 2020:
| Property | Let area (sq m) | Occupation | Type of deal |
| Pressburg Trade Center | 12000 | Manufacturing/Construction | renegotiation |
| Digital Park II+III | 3050 | Other | renegotiation |
| Apollo Business Center II - HB Reavis | 2700 | IT | renegotiation |
| Digital Park II+III | 2300 | Finance/Banking/Insurance | renegotiation |
| Riverpark | 1543 | Pharma/Medical | renegotiation |
| Westend Square | 1500 | Manufacturing/Construction | new lease |
Office Vacancy
The overall vacancy rate in Bratislava increased slightly to 10.05% from 9.80% in the previous quarter. The lowest vacancy rate was recorded in the Inner City submarket (6.8%), followed by the City Center (7.8%), CBD (10.2%), South Bank (11.9%) and the highest vacancy rate was in the Outer City (13.8%). Almost a third of all unoccupied spaces were located in buildings built or refurbished in 2018 and later. Buildings with green certification achieved a vacancy rate of 8.0%, while those without certification 11.2%.
Prime Rent
Prime rent remained unchanged at 17.00 EUR/sq m/month.
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