In the second quarter of 2023, the total supply of office space (office stock) in Bratislava was 2.02 million. m2. 17% of this offer consists of office space in A+ standard, 38% in A and 45% in B standard. During the second quarter of 2023, no office building was added to the offer.
It is a natural development and shift. As soon as a project or company outgrows the borders of Slovakia, it expands abroad. Development companies are no exception to this. We find them in neighboring Poland, Slovenia, Germany, Ukraine, but also in Great Britain, specifically in London.
ECONOMY: The recovery of industrial production and easing of inflation are helping the economy to avoid recession. Slovakia's economy is emerging from a longer period of weak growth, as a result of which the effects of adverse shocks are beginning to disappear.
In the first half of this year, CTP achieved a net rental income of 268.3 million. euro This represents a year-on-year increase of 26.8 percent. The contractual revenues for the next 12 months amounted to 654 million as of June 30, 2023. euro As the group further informs, the expected return on costs increased to 10.6 percent on 1.8 million square meters of projects under construction. The group's permanent portfolio has grown to 11 million square meters. The gross value of assets increased by 8.2 percent to 12.4 billion euros. EPRA's specific adjusted profit increased by 25.4 percent to 158.1 million euros.
The corona crisis accelerated the transformation of the functioning of offices - they changed from spaces intended for focused individual work to open areas that are a prerequisite for collaboration and personal interactions. The increasingly popular form of working from home has also accelerated the trend of downsizing spaces, the goal of which is to use them more efficiently, but also to reduce costs for companies. The new office concept of the pharmaceutical company Servier, which was planned by the employees themselves together with the architect Kateřina Štenclová from the Colliers company, also talks about how to properly use every square meter of the work area.
The Czech investment group Enern and the American company Lincoln Property Company, which operates on the European market, including Slovakia, have started the construction of a new office project in the capital of Poland. The current owners purchased The FORM project in 2021 from Penta Real Estate. Its financing also includes recently issued bonds worth 30 million euros with an annual coupon of six and a half percent, whose manager and arranger is J&T Banka. These bonds are listed and traded on the Bratislava Stock Exchange.
In the second quarter of 2023, the total area of office space in Bratislava is 2 million m2, with 17% of the total volume being class A+ office space, 38% A and 45% class B office space. This is based on current data from the real estate consulting company CBRE.
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