In the second quarter of 2024, the total office space in Bratislava amounted to almost 2.1 million m2, while the share of vacant offices decreased. These and many other interesting findings were brought by the quarterly report of the real estate consulting company CBRE.
One of the most interesting and determining indicators in the office space market is the vacancy rate. In the second quarter of our capital, it fell slightly to 13.26% (in the first quarter of 2024 it was 13.75%).
"The city center maintains the lowest vacancy rate, namely 7.80%. There are even fewer free spaces here than in the previous period. On the contrary, there was a slight increase in the peripheral parts of the city, while the vacancy rate here reached 18.17%."
During this quarter, an office building from developer JTRE near the Eurovea shopping center called Sklad 7 was completed. "Its entire area of 4,500 m² was leased by the newly established Ministry of Tourism and Sports of the Slovak Republic. In this area, also called the CBD (Central Business District), the construction of another building called Ganz House, which is also being built by JTRE, began in the second quarter. It will bring another almost 10,000 m² of new office space, but it will also provide interesting retail and residential space," Galata explained.
Rental activity in the second quarter of 2024 reached a total of 59,545 m2, thus increasing by 15% year-on-year. Take-up, i.e. the lease net of lease extensions in the tenant's current premises, amounted to 38,962 m². This number was most affected by the new lease of premises on the Petržalka side of the Danube with an area of 11,460 m².
"Looking at the rent net of renegotiation for the first half of 2024, we can say that this is by far the most significant first half of the year in the history of the Bratislava office market."
Oliver Galata from CBRE adds that "new leases made up the largest part of the leased premises in total, taking up to 57% of the entire lease activity. They were followed by renegotiations (34%) and expansions (9%). Leasing activity during this period was clearly dominated by the public sector with an area of 21,544 m².
The highest achievable rent grew by 8.6% year-on-year and currently stands at €19/m² per month. The average rent has grown even more significantly, reaching €15.50/m², which is almost 11% more than a year ago.
More and more companies emphasize sustainability when choosing their office space. In Bratislava, the area of buildings with a valid green/sustainable building certificate is currently more than 850,000 m². That is 41% of the total office area of the city, or 45 out of 278 buildings.
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