At the end of Q3 2021, the total stock of modern office space in Poland’s largest markets, including Katowice, reached M 12.1 sqm.
Currently, under construction is M 1.08 sqm of office space scheduled for completion in the period 2021-2024. Rental rates for office space remain high, although a downward trend is visible. Thus, persistent supply and lower demand resulted in a 13% increase and a 2.3 pp% increase in vacancy levels compared to the same period in 2020.
According to Cushman &Wakefield Marketbeat analysis, the number of new projects with completion dates in 2023-2024 may, however, be reduced due to lower tenant activity caused by the pandemic.
The Katowice market leads in terms of the largest lease transactions concluded in the first three quarters of this year. The definite leader here is the Rockwell Automation expansion and renegotiation agreements in the building A4 Business Park III with 19,500 sqm.
In Katowice, the total available office space reached 601,500 sqm, while space to be commissioned amounted to 12,000 sqm. The vacancy rate was just over 10%, which indicates the relatively good condition of the office real estate market compared to nationwide.