During the first quarter of 2023, the Nové Apollo office building with a total leasable area of 48,000 sqm and the NIDO2 office building with a total leasable area of 3,436 sqm was added to the Bratislava office stock.
In terms of the ownership structure, similarly to the previous quarter, approximately 4% of the office stock is state-owned, almost 12% are buildings owned and fully occupied by the same entity, and the total stock for commercial use remains at 84% (or around 1.7 million sqm) of total modern office stock in Bratislava.
Green certified buildings
In total, Bratislava offers almost 723,302 sqm of office space with a valid green/sustainable building certificate. This is 36% of the total volume of office space in Bratislava. Currently, 40 out of 274 buildings meet the criteria. 63 % of the certified stock has BREEAM, 4% combination of BREEAM / WELL GOLD and 33% LEED certificate. Only two buildings in Bratislava have the highest BREEAM Outstanding rating - Twin City Tower and Pradiareň 1900. In the case of LEED Platinum, these are the buildings Digital Park I-III and Ein Park Offices.
Office market transactions
Leasing transactions reached an area of 45,228 sqm in the first quarter of 2023, which represents a 17% decrease compared to the previous quarter. However, in a year-on-year comparison, the volume of leased space increased by 5%. The largest portion was made up of new leases, in a volume of 46%, and pre-leases, in a volume of 31%. Renegotiations represented 21% and expansions were at the level of 2%.
Take-up was dominated by transactions in the public sector with a size of 12,889 sqm. The largest transaction was also in the public sector with an amount of 7,743 sqm. A total of 12 transactions were recorded with an area of over 1,000 sqm. Most of the leased space this quarter was leased within the public sector (28.5 %), professional services (21.26 %) and IT sector (18.01 %).
The overall vacancy rate in Bratislava increased compared to the previous quarter to 11.82 %. The lowest vacancy rate was recorded in the South Bank (6.39 %), followed by the City Centre submarket (8.54 %), Inner City (9.36 %), CBD (13.94 %), and Outer City, recording the highest vacancy rate of 15,70 %.
Compared to the previous quarter, the prime rent rose to the level of €17.5/sqm/month.