BUSINESS IN SHORT

Office space market in Bratislava is recovering

THE OFFICE space rental market in Bratislava is gradually reviving. At the end of the second quarter of this year, rented office space amounted to 1.37 million square metres in the Slovak capital. Downtown office space made up 31.6 percent of this, and the vacancy rate was 17.7 percent, according to data from commercial property and real estate services advisory firm CB Richard Ellis (CBRE), as reported by the SITA newswire.

THE OFFICE space rental market in Bratislava is gradually reviving. At the end of the second quarter of this year, rented office space amounted to 1.37 million square metres in the Slovak capital. Downtown office space made up 31.6 percent of this, and the vacancy rate was 17.7 percent, according to data from commercial property and real estate services advisory firm CB Richard Ellis (CBRE), as reported by the SITA newswire.

Office space in the wider city centre made up 44.7 percent of the total, with a vacancy rate of 11.3 percent. Real estate outside the centre made up 23.8 percent, with 12.3 percent vacant. A-class premises represented 60.2 percent of all office space in Bratislava. The office space market in Bratislava during the same period was made up of 70.4 percent in new buildings and 29.6 percent in renovated premises.

Regarding rentals in the first half of 2010, the office space market approximated to the level in the same periods of 2007 and 2008. In the second quarter of this year, demand exceeded 46,600 square metres, double the previous quarter.

The market revival is documented by the arrival of more companies in Slovakia which brought new demand for office accommodation, reported Oliver Galata of CBRE. The IT sector dominated the field, accounting for 33 percent of total office space rented, followed by the production and construction sector with 22 percent.

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