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Companies want to grow in Łódź

Krzysztof Misiak • 03/04/2019
Global real estate services firm Cushman & Wakefield summarises the Łódź office market at year-end 2018.

Global real estate services firm Cushman & Wakefield summarises the Łódź office market at year-end 2018.

The last four years witnessed robust occupier activity on the Łódź office market, which pushed the city’s vacancy rate down to 8.7%. Due to a limited choice of options, firms searching for offices sized below 1,000 sq m have to opt for buildings completed before 2009. This is expected to improve in 2019 following the completions of several office projects that will provide more than 77,000 sq m in total.

Łódź’s total office stock is nearly 470,000 sq m. Five office projects delivered last year provided 33,900 sq m (-54% y/y). The largest office completions included Ogrodowa Office (24,700 sq m), TME office building (5,500 sq m) and Sepia Office (2,300 sq m). According to Cushman & Wakefield’s analysts, this year’s new supply is expected to hit more than 77,000 sq m delivered across the first phase of the Brama Miasta complex (26,200 sq m), Imagine (17,200 sq m) and building one of Monopolis (8,600 sq m). Office projects that are anticipated to break ground in Łódź in 2019 include Ghelamco’s P22, Echo Investment’s placemaking project in Tymienieckiego Street and HB Reavis’s project in the New Centre of Łódź.

In 2018, total leasing activity in Łódź hit 56,100 sq m (-4% y/y). The largest transactions included Orange’s 4,250 sq m lease at Ogrodowa Office, GFT Poland’s 4,100 sq m lease at Sterlinga Business Center and Accenture’s 4,000 sq m at University Business Park A.

Building

Tenant

Area (sq m)

Lease type

TME office building

Transfer Multisort Elektronik

5,500

Owner-occupier

Ogrodowa Office

Orange

4,250

New deal

Sterlinga Business Centre

GFT Poland

4,100

Expansion + Renegotiation

University Business Park A

Accenture

4,000

Expansion + Renegotiation

Monopolis I

Monopolis I Clariant

3,700

Pre-let + New deal

EQUIPO

Billenium

2,450

New deal

Business House - Gdańska 47/49

Conduent

2,300

Renegotiation

HAMMERmed

ING Bank Śląski

2,150

Renegotiation

Imagine I & II

SEM Bluerank

 

2,050

 

Pre-let + New deal



Thanks to the availability of plots, private investments and city projects such as the New Centre of Łódź or the regeneration project, Łódź is transforming into a modern business hub. The city’s business services sector already employs more than 20,000 people and local demand is becoming a key driver of the Łódź office market’s growth. Development activity is picking up following the absorption of the new office space delivered to the market in the last two years. The largest concentration of the development pipeline is in prime locations which are easily accessible by public transport or via the motorway such as the junction of Śmigłego-Rydza and Piłsudskiego avenues, the section of Piłsudskiego Avenue between Piotrkowska and Kilińskiego streets, and the New Centre of Łódź. In addition, developers are also planning projects in secondary locations such as Textorial Park II and Fuzja in Tymienieckiego Street. These factors will continue to underpin the boom on the Łódź office market in the coming years, thereby helping the city strengthen its position by the year,” says Zuzanna Krech, Senior Negotiator, Office Agency, Cushman & Wakefield.

Prime office rents in central locations averaged EUR 13.50/sq m/month in 2019.

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