PL

POLAND Pretty unvacant in the TriCity

Office & mixed-use development
The TriCity office market now has the lowest vacancy of all the major cities in Poland, according to Walter Herz.

The Gdańsk conurbation’s current modern office stock amounts to 870,000 sqm, most of which was built in the last few years, making it one of the fastest growing office markets in the country. Once ongoing projects are completed, the supply will exceed 1 mln sqm.

For over a year, the amount of vacant office space on the TriCity market has been at the lowest level in the country, not more than 6 pct. This confirms the excellent potential of this location, especially if we take into account the recent dynamics of this market’s development. There are a dozen or so office investments in the TriCity under construction or at the stage of preparation for construction, which in the next 36 months will add almost 150, 000 sqm of modern space.
Mateusz Strzelecki, a partner at Walter Herz

Mateusz Strzelecki, a partner at Walter Herz

The largest projects completed this year in the TriCity include two office buildings in Gdańsk, each with 25,000 sqm of space: Olivia Prime building B in the Olivia Business Center complex and the Wave office building developed by Skanska.

Most office developments are taking place on one of the main traffic arteries in Gdańsk - al. Grunwaldzka as well as in Młode Miasto. In this neighbourhood, Cavatina is currently developing the first stage of Palio Office Park office complex, while Inopa is developing the C300 office building. Doki is also beginning of construction of two office buildings with a total leasable area of 37,000 sqm.

Torus is also developing the Format office building with 16,000 sqm on ul. Droszyńskiego in Gdańsk, which is to be completed Q2 2021, when the company has also scheduled the opening of a 7,300 sqm office building in the second stage of Officyna on al. Grunwaldzka. Around the same time, the first of the seven office buildings at the Gdańsk Airport is to be completed – the Alpha building, with 8,500 sqm of office space.

In Gdynia, which accounts for less than a fifth of the TriCity office stock, the largest current project is 3T Office Park on ul. Łużycka with 38,000 sqm.

According to Walter Herz, the absorptive capacity of the TriCity office market in the last three years averaged at 100,000 sqm a year – a level maintained in H1, when more than 50,000 sqm of office space was completed.

Most contracts were concluded by companies from the transport and banking sectors. The TriCity, with over a million people, is also still attractive for the modern business services and new technologies segments. (…) Due to the current epidemiological situation, apart from new transactions, in recent weeks we have also been seeing a large number of renegotiations as lease agreements come to an end. Many tenants under longer contracts have also been exhibiting a willingness to sublease some space. However, this is a trend that has been noted across the country, not only on the TriCity market.
Martyna Markiewicz, a senior leading negotiator and regional coordinator at Walter Herz

Martyna Markiewicz, a senior leading negotiator
and regional coordinator at Walter Herz

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