In terms of ownership structure, as in the previous quarter, approximately 4% of buildings are owned by the state and another 11% are buildings that are owned and fully occupied by the same entity. The total inventory for commercial use remains at 85% of the total modern office space in Bratislava (almost 1.8 million m2).

GREEN BUILDINGS

In total, we have 852,220 m2 of office space in Bratislava with a valid green/sustainable building certificate. This is 41% of the total volume of office space in Bratislava, or 45 out of 278 buildings. Of the certified offer, 62% has BREEAM, 2% a combination of BREEAM/WELL GOLD and 36% LEED. Only two buildings in Bratislava have the highest BREEAM Outstanding rating - Twin City Tower and Pribinova 40. In the case of LEED Platinum, it is the Ein Park Offices building, which also received the LEED Zero Carbon certificate and became the first carbon neutral building in Slovakia.


TRANSACTIONS ON THE OFFICE SPACE MARKET (OFFICE TAKE-UP)

Rental transactions reached an area of 46,125 m2 in the first quarter of 2023, which is just under 600 m2 less compared to the previous quarter (1% decrease). In a year-on-year comparison, this is a 1% increase in the volume of leased areas. However, it can be concluded that the movement of transactions has been stable since 2019, as the 5-year average is at the level of 48,100 m2 per quarter. The long-term monitored activity on the market thus disproves theories about post-covid stagnation or recession in the office space market.

The most increases were new leases in the volume of 65%, lease negotiations in the volume of 28% and expansions represented less than 7%.

The professional services sector dominated the number of transactions, but the consumer goods sector took up the largest area. It was in this sector that the largest transaction with a total area of almost 7,800 m2 was recorded. A total of 9 transactions with an area of over 1,000 m2 were carried out.


The most rental transactions took place in class A+ buildings, namely 47%, followed by class A with a share of 31% and class B with a share of 22%. This confirmed the interest in higher standard buildings.

Significant transactions for the 1st quarter of 2024:

OFFICE VACANCY

The overall vacancy rate in Bratislava decreased by 0.5% to the current 13.75%. The lowest vacancy is still recorded in the city center CC (8.62%), followed by the inner city IC (10.09%) and CBD (14.90%). In fourth place are the peripheral parts of the city of OC (18.12%), and the largest vacancy is currently recorded in the southern city of SB (18.48%).


In terms of vacancies in building classes, class A+ recorded 10.96% vacancies, class A 18.09% and class B 11.33%.

PRIME RENT

The rent (prime rent) is slowly rising. It is currently at the level of 18.50 EUR/m2/month, but there is a high assumption of its continued growth in the next quarter.