Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Tricity remains on a growth path. Its office vacancy rate hits its lowest since 2012.

Krzysztof Misiak • 14/03/2019
Global real estate services firm Cushman & Wakefield summarises the Tricity office market at year-end of 2018.

Global real estate services firm Cushman & Wakefield summarises the Tricity office market at year-end of 2018.
 
With 775,000 sq m of office stock, Tricity is the fourth largest regional city office market in Poland. Office absorption outstripped new supply in the last two years by 19% and 13%, respectively, and in 2018 alone amounted to more than 87,500 sq m. Healthy occupier activity and stable supply levels pushed Tricity’s vacancy rate down to 6.1% at the end of 2018, one of the lowest of all regional markets.

77,200 sq m of office space was added to Tricity’s stock across three projects last year. The growth in new supply was largely driven by the two buildings of the Olivia Business Centre (Tricity’s biggest office complex): Olivia Prime A (28,000 sq m) and Olivia Star (45,700 sq m), the latter being the region’s tallest building. 

KEY LEASE TRANSACTIONS IN TRICITY IN 2018

Building

Tenant

Sq m

Type of lease

Olivia Prime A

SII

10,100

Pre-let + New deal

Olivia Point and Tower

Bayer

5,800

Expansion + Renegotiation

Waterside

LPP

5,200

Expansion + Renegotiation

Garnizon - Hiro

Nest Bank

5,000

Pre-let + New deal

Olivia Prime A

Epam Systems Poland

4,200

Pre-let + New deal

Olivia Star

Nordea

4,100

Expansion

Olivia Prime A

Arrow

4,000

New deal

Olivia Prime B

Epam Systems Poland

3,700

Pre-let + New deal

BCB Business Park II

ADT Group

3,000

New deal

Olivia Star

Ricoh Polska

2,700

Expansion


“The Tricity office market reported an 11% growth in its total office stock last year with Gdańsk Oliwa remaining the key focus. In the coming years, however, another business hub is likely to emerge in the former dockyard area, the so-called Young City in Gdańsk, after building permits are secured for new projects by developers such as Echo Investment, Cavatina and RWS. However, some projects may be pushed back to later because construction details will have to be agreed with the regional heritage conservation office. On the demand side, the Tricity office market is dominated by IT companies. Against the backdrop of infrastructure improvements and the ease of travel, Tricity is seeing a considerable growth of interest from Scandinavian firms operating in IT, freight forwarding and international transport sectors,” says Adam Schroeder, Associate, Office Agency, Cushman & Wakefield

In 2018, total leasing activity hit 84,400 sq m, down by 25% on the previous year’s level and close to the 2013-2017 average (+2%). The weaker occupier activity was due to a limited number of new office projects. This is expected to change in the coming years with a gradual increase in office developments in Gdańsk Oliwa and the former dockyard areas in Young City Gdańsk.

Tricity’s office rents averaged EUR 14.00/sq m/month in 2018.

INSIGHTS

High rise offices, skyline view, Warsaw, Poland
Research • Coworking

Warsaw's office stock nears 5.5 million sq m

Global real estate services firm Cushman & Wakefield summarises the Warsaw office market in Q1 2019 in its latest report “MARKETBEAT – WARSAW OFFICE MARKET IN Q1 2019”.
Mark Freeman • 14/05/2019
black clothing on hangers, blurred background
Research • Retail

European Shopping Centres: The development story

A total of 2.6 million square metres of new shopping centre space was completed in 2018, 28% below the 2017 figure
Krzysztof Misiak • 16/04/2019
workers in coworking space blurred man walking past seated women
Research • Coworking

Coworking space boom in Poland

As many as 165 tenants, developers, investors, coworking operators and media representatives from Poland and abroad attended the conference Coworking in Poland – Where Next?, during which global real estate services firm Cushman & Wakefield presented its report Coworking sector in Poland and latest data on the Polish flexible office market.

Krzysztof Misiak • 25/02/2019

Stories

Tristan Capital Partners, White Star Real Estate • Banking & Financial Services

Cushman & Wakefield was appointed a leasing agent for Elektrownia Powiśle.

 
Tristan Capital Partners, White Star Real Estate • Banking & Financial Services

Cushman & Wakefield was appointed a leasing agent for Elektrownia Powiśle.

 
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.

MORE OPTIONS
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS