New Lease Contracts – Increase by 60%

Gdansk (pic pixabay.com)
Gdansk (pic pixabay.com)
There are 60 per cent more lease contracts signed on the Tricity office market in comparison to previous years.

Due to the size of the office market, Tricity is currently on the podium of regional cities (right after Krakow and Wroclaw). According to the newest report conducted by Cresa consulting company “Occupier Economics: Office Market in Tricity Q3 2017”, the absorption of office space on the local market reached a record-breaking number of 62 600 sq. m in Q3 2017. The average value for the past five years amounts to almost 39 000 sq. m.

Office tenants have fully appreciated the potential of Tricity. The life quality, the growth of the Pomeranian Metropolitan Railway, or a great number of students are only some of many factors which encourage companies to develop their businesses in this agglomeration. They mostly choose complexes and offices buildings such as Alchemia, Olivia, Garnizon, or Neptun – says Michał Rafałowicz, Director of Pomeranian Region, Cresa Poland.

The resources of office space in Tricity increased by 62 500 sq. m from the beginning of this year. Six projects have already been commissioned, such as Alchemia – phase III Argon (36 000 sq. m), BCB Business ParkB2 (9250 sq. m) and Tensor Z (6600 sq. m). What is more, there are currently nearly 135 000 sq. m under construction. The execution of the highest building in Tricity, that is Olivia Star (ca. 40 000 sq. m), is also coming to an end.

The vacancy rate amounted to 58 500 sq. m at the end of Q3, which constituted 8.4 per cent of total office resources of the region (decrease by 3.6 percentage points year-by-year). New lease contracts for the total space of 95 050 sq. m were signed from the beginning of this year. In relation to the result recorded in the analogical period last year, it is an increase by nearly 60 per cent. The largest new contract from the beginning of this year is the expansion of Amazon in Olivia Business Center (7100 sq. m) and lease of 6100 sq. m by Swarovski in Yoko. Moreover, Energa Group renewed its lease contract pertaining to 15 100 sq. m in Olivia Gate which belongs to Olivia Busines Center complex.

The growth of the Tricity office market has a significant influence on the unemployment level, which currently amounts to only 3.2 per cent. The employment in the financial and business sector at the end of 2017 will probably exceed 81 100. Thanks to the access to personnel with the knowledge of Scandinavian languages and many connections with Nordic countries, we expect that new companies from the Baltic coast region will soon enter this market – says dr Bolesław Kołodziejczyk, Director of Market Research and Consultancy Department, Cresa Poland.

 


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