According to “Office Occupier: Office Market in Tricity”, a report published by real estate advisory firm Cresa Poland, Tricity’s leasing volume surpassed 34,300 sqm, up by 85% on the same period in 2020, and accounted for 64.5% of the annual average for 2015-2020. Renegotiations accounted for 43% of office take-up in H1, followed by new leases (39%), owner-occupier deals (12%) and expansions (6%).
Tricity’s office stock amounted to 924,000 sqm at the end of June 2021, which represented a 6.4% increase year-on-year. Only one office building was delivered to the Tricity market in the second quarter of 2021: Garnizon Gato (Hossa.biz, 10,000 sqm). Total office supply for the first half of 2021 reached close to 35,000 sqm.
“The first half of the year saw developer activity gain momentum in Tricity, whose office stock is close to surpassing the one million square metre mark. Additionally, an increasing number of companies are gradually returning to their offices, with new leases accounting for more than half of the leasing volume in the second quarter. Leasing activity in Tricity is traditionally driven by tenants from the IT, TFL and pharmaceutical sectors. In addition, interest in the region from BSS companies is higher than ever as regards the number of projects,” says Michał Rafałowicz, Head for the Pomeranian Region, Cresa Poland.
Leasing activity in the second quarter of 2021 surpassed 34,300 sqm, up by 85% on the same period in 2020. New leases in Q2 accounted for 55% of that total, followed by renegotiations and expansions which made up 34% and 11%, respectively.
The largest transactions in H1 2021 included: a renegotiation of 9,800 sqm by Intel in the Tryton Business House, occupation of 8,500 sqm by LPP in LPP Fashion Lab 1 (owner-occupier) and a lease renegotiation of 7,000 sqm in the Baltic Business House (a confidential tenant).
“In the first half of the year, Tricity’s office take-up accounted for 64.5% of the annual average for 2015-2020. What’s more, of all the regional office markets in Poland, this region reported the second strongest occupier activity in January-June 2021,” says Iga Kraśniewska, Research Manager, Research & Advisory, Cresa Poland.
Office absorption for the first half of 2021 totalled 34,100 sqm, representing an over 88% increase on the previous year. The second quarter alone, however, saw only 7,500 sqm absorbed, down by 35% year-on-year.
In the second quarter of 2021, the Tricity region’s vacancy rate stood at 9.2%, up by 0.1 pp quarter-on-quarter and up by 3.1 pp compared to where it was in the same period in 2020.
Asking rents in modern office buildings in Tricity range between EUR 10/sqm/month and EUR 15.5/sqm/month (in the vicinity of Al. Grunwaldzka in Gdańsk).
Cresa is the world’s largest commercial real estate advisory firm that exclusively represents occupiers and specializes in the delivery of fully integrated real estate solutions. It serves clients through more than 80 global offices. Cresa Poland offers unbiased, independent commercial real estate advice. Its integrated services include conflict-free tenant representation, capital markets, market research and advisory, valuation, design & project management and workplace strategy. To learn more, please visit: www.nmrk.pl
