Katowice office space – 2008 summing up and 2009 forecast

Last year 2008 provided to Katowice some finished office developments which increased office space stock for about 21 500 sq m. According to developers plans, the stock of modern space could be higher but several projects was delayed due to long administrative procedures and the downturn on the global market in the second half of 2008.
Throughout 2008 was delivered such office developments as Greenpark – Europark III, Park Przemysłowy Euro-Centrum III, Sokolska 65, Green Office and Havre Barbara in the first quarter of 2009.

At present, another 65 000 sq. m of modern office space is under construction. The major projects are Francuska Office Center, Katowice Business Point, Atrium and Reinhold Center. Delivery date for most of them is predicted to the turn of 2009 and 2010.

In 2008, the vacancy rate increased slightly to 1,8% from its 1,1% level in 2007. Analysts* predict further growth of vacancy rate in 2009 and 2010 to the level of 8-9% because of growing demand and lower supply. Thereby, there can be expected some lease encouragements for future tenants.

* DTZ forecast