PL

Poland Wrocław office market prepares to recover

Office & mixed-use development
Demand in the Wrocław office market in H1 2020 was 40 pct higher than in the same period of 2019.

According to the 'Wrocław 2020' report by JLL in the first half of the year, companies leased over 60,000 sqm of office space in Wrocław. An expected influx of service sector investment and the rapid growth in R&D centres, IT centres and the gaming industry appears to herald a possible rebound.

Every year for the last five years, total leasing activity in Wrocław has come in at over 100,000 sqm with 2017 setting a record of nearly 170,000 sqm. The positive market sentiment continued into 2018, with almost 162,000 sqm of space leased and last year the figure came to 123,500 sqm.

This year, despite a very good first half, is also going to be marked by a slowdown in tenant activity in Wroclaw. Let's not forget, however, that the city's diversity is one of its strengths It is not only an important centre for modern business services, but also the country’s leading location for start-ups, R&D centres, and the gaming industry. The type of tenants investing in Wrocław is therefore largely technology and IT companies, and many of them during the current pandemic can even speak of an increase in demand for their services. In the long run, they can plan to grow their businesses and look for new office locations. This might well offset any reduction in demand for offices.
Katarzyna Krokosińska, Head of Office in Wrocław, JLL

According to ABSL data, around 52 000 people in Wroclaw are employed in the business service sector. Large employers in Wrocław include Polish companies that have international operations such as Brand24, DataWalk, and Tooploox, as well as well-known software developers from the gaming industry such as CD Projekt, Techland, and Ten Square Games.

In 2019, a record volume of new supply came onto the market and the city's total office space grew to nearly 1.2 mln sqm. The city's total transaction volume was more than a record EUR 867 mln, an increase of over 59 pct on 2018.

In the first half of this year, eight transactions worth more than EUR 163 million were finalised, which is the third highest figure ever recorded for the city. Numerous transactions also remain in the pipeline. Currently, prime headline monthly rents in Wrocław are in the range of EUR 13.5-15 per sqm. Vacancy rates fell from 12.5 pct to 11.2 pct.



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