When it comes to choosing new office spaces, decisions are predominantly made by top management, heavily influenced by cost, location, and parking availability. While employee preferences play a minor role currently, there's a growing focus on amenities, sustainability, and flexible working environments for the future.
Leading developer JTRE is set to transform a significant area in Bratislava's Mlynské Nívy district with a major new mixed-use development based on the 15-minute city concept. This project is poised to enhance the appeal and functionality of this key business location.
Despite the slowdown in the office sector, Bratislava continues to see growth from key players. Discover the leading developers shaping the city's office market and their major projects offering potential new space for your business.
Slovakia and the rest of the Central and Eastern European region are facing a favorable investment period in the field of commercial real estate. The dynamics that the sector is experiencing are in contrast to the geopolitical tensions and trade uncertainties that are affecting Western markets. While in Western Europe investors consider the risks associated with inflation, high interest rates and trade restrictions, the CEE region (Central and Eastern Europe) benefits from favorable structural factors, relatively low costs and a growing consumer base.
The volume of office leases in Bratislava increased by 36 percent year-on-year and total leasing activity reached 62,847 square meters. However, new office construction on the Bratislava market is stagnating, with three projects currently under construction. Despite the high vacancy rate, the supply of modern, quality offices remains limited, which creates pressure on premium rents. This is according to an analysis by real estate consultancy CBRE.
The office space market in Central and Eastern Europe is being affected by various factors, including changing working habits due to hybrid working, as well as geopolitical challenges. Cities such as Warsaw, Budapest and Prague are becoming centers of demand for modern office space, which must meet high standards of sustainability and flexibility. Given the growing demand for smart and flexible spaces, investors are focusing on renovating older buildings and constructing new ones that match the trends of hybrid working.
The new Construction Act, which will enter into force on 1 April 2025, brings with it a number of significant changes that should significantly affect construction and construction procedures in Slovakia. The new Construction Act has a positive impact on the efficiency of construction processes, promises a significant reduction in the administrative burden and should strengthen the professionalization of the state construction administration. Are brighter times ahead?
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