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Katowice is attractive to inhabitants and investors. Offices in central locations are increasing in importance.

Tomasz Dyba • 11/09/2024

The Katowice metropolitan area forms a unique urban ecosystem in Poland, offering unparalleled logistics and transport capabilities. The concept of the 15-minute city is also increasingly materialising here, addressing the changing preferences of large-city inhabitants who would rather not waste time on long commutes and would prefer to have everything within a short walking or cycling distance. These needs are being met by new office developments, particularly in central locations which are increasing in importance. According to data from global real estate services firm Cushman & Wakefield, at the end of the first half 2024, Katowice’s total office stock stood at more than 751,000 sq m.

The rapid growth of Katowice, the capital of Upper Silesia, has seen it become an attractive destination for the service sector over a short period of time. As well as cementing its position, Katowice continues to feature prominently on Polish and cross-border investors’ radars. As a Tier-2 city, it offers great BSS growth potential, with stable costs and a healthy market of BPO/GBC/IT projects.

According to a BEAS  showing the investment potential of Polish cities, authored by Antal and Cushman & Wakefield, 78% of surveyed respondents expect total employment in their Katowice-based companies to increase, with foreign investments being a strong growth driver. The city attracts new companies, which results in new jobs in the production and service sectors. According to the ABSL, the combined headcount in service centres located in the Katowice region rose by over 67% in five years (2017-2022). This rise is mirrored by the growth of its office stock, which has increased by approximately 220,000 sq m in the last five years.

Consequently, office projects such as Global Office Park, Face2Face, and KTW were developed in response to the needs of companies entering this market or expanding. And although Katowice’s vacancy rate increased to 20.8% at the end of the second quarter of 2024, the city is seeing significant leasing activity against a backdrop of a modest development pipeline. Projects underway include Grundmanna Office Park, which is expected to redeliver office space built to a high standard in a good location.

Prime land availability is, however, shrinking. This is opening up new opportunities for owners of older, centrally located buildings to revamp them or add new uses to meet the needs of the local urban community. Sokolska 29 is an example of an office building waiting for a new owner - it boasts an excellent location and offers many repurposing opportunities. The property is located in the centre of Katowice, on land designated by the City Council for services, residential and service development, and in an area requiring rehabilitation and transformation, signifying that the City Council would also like to see this location redeveloped. 

Cushman & Wakefield research shows that investors are back in buying mode in Poland. The first half of 2024 saw a considerable rebound in commercial real estate investment volumes, with more than EUR 1.7 billion in investment transactions, representing an increase of nearly 80% year-on-year and of over 50% compared to the same period in 2022. Many were still value-add transactions, indicating that investors realise that this may be the last moment to buy an attractively-priced property with a view to increasing its market value, for example, through repurposing.

Office assets recorded a fourfold year-on-year increase in transaction values in the first six months of the year, with the strongest buyer activity seen in the second quarter. The number of promising, concrete negotiations between sellers and buyers is also on the rise. The coming months are likely to see an increase in the number of office transactions as interest rates and yields have stabilised at expected lower levels. This appears to be the last call to compete for trophy assets before the largest investors are back on the market.

 

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture.  For additional information, visit www.cushmanwakefield.com.

Contact

Tomasz Dyba
Tomasz Dyba

Office Leasing Manager • Katowice

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