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DEMAND FOR OFFICE SPACE IN LUBLIN IS RISING

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

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

The growth of the Lublin office market is being driven largely by local developers. In 2018, total office take-up hit 14,100 sq m, which represented an almost 61% increase on 2017’s level and the best market performance on record.

In 2018, Lublin’s total office stock reached more than 194,200 sq m following the completion of 25,400 sq m at three office buildings in the last 12 months: Spokojna 2 (Orion, 18,600 sq m), CZ Office Park C (Centrum Zana, 5,000 sq m) and Point 75 (K-Investment, 1,800 sq m).

Building

Tenant

Area (sq m)

Lease type

Nord Park A

Generali TU

2,400

New deal

Spokojna 2

Sollers Consulting

2,350

Pre-let + New deal

CZ Office Park III

eLeader

2,100

Pre-let + New deal

Center Office

UM Lublin

2,050

New deal


The robust occupier activity in Lublin was fuelled by modern office completions in the last two years, including the next phases of CZ Office Park and Spokojna 2. In addition, the trend towards decentralisation among BSS companies and a strong high-skilled labour pool attract tenants to invest in Lublin.

At the end of 2018, Lublin had a vacancy rate of 15.4%, the highest of Poland’s nine largest office markets, despite a 4.2 pp decrease in the last 12 months due to the strong leasing activity. This effect is likely to carry into 2019 as this year will see only one office completion offering approximately 2,600 sq m.

In 2018, Lublin’s office rental rates averaged EUR 12.00/sq m/month.


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