Fourth office market in the country with unique projects

The Tri-City is one of the fastest growing locations for investing in Poland and in the CEE region. The unique character, standard and scale of projects implemented and prepared for construction on the Tri-City market, go hand in hand with the attractive standard of living offered by the region. This is, after Warsaw, Cracow and Wrocław, another business center in Poland, with office resources soon exceeding the level of 1 million sq m. of space. The Tri-City ranks among the top three regions with the largest number of offices under construction. According to Walter Herz calculations, there are currently over 200 thousand sq m. of office space under construction on the Tri-City market.

- The Tri-City offer, with currently over 900 thousand sq m. of modern space, is to increase due to the ongoing intense expansion in the office real estate segment and the implementation of spectacular projects prepared for construction in Gdańsk and Gdynia. In Gdańsk, the first office hub by the airport in our country is to be built next to Nowe Miasto developing in the former shipyard area, whereas Gdynia is to offer offices in buildings located directly at the waterfront - informs Mateusz Strzelecki, Partner and Head of Regional Markets at Walter Herz.

Today, Gdańsk district of Oliwa, which gathers almost a third of the Tri-City offer, is the largest office center in the region. The largest business center in this part of the country with Alchemia offering 112 thousand sq m. of modern space is located in the area of the intersection of Grunwaldzka and Kołobrzeska streets in Gdańsk. Olivia Business Center complex is also located here. It includes the tallest office building in the Tri-City -Olivia Star measuring 156 meters, where a 55-meter Olivia Prime B office building, with 30 thousand sq m. of space is currently under construction and there is still room for new buildings.

Skanska is also currently investing in this area. The company is currently implementing a 14-storey Wave office building, which will offer 24.7 thousand sq m. of space. The building has already reached its target size and is scheduled for commissioning in June 2020. Construction of another office building is planned in the second stage of this project. The investor intends to use the so-called green concrete. Concrete slabs, starting at Aleja Grunwaldzka street, are to reduce the concentration of harmful compounds in the air polluted by smog and exhaust fumes.

Business hub by Gdańsk airport

Airport City project in Gdańsk is to be implemented on a grand scale. A complex of office buildings planned opposite Gdansk Lech Walesa Airport, will provide over 120 thousand sq m. of space. In the new Tri-City business center that will be created there, seven office buildings have been designed with service, leisure and catering functions, named Alpha, Bravo, Charlie, Delta, Echo, Foxtrot and Golf, as well as a hotel. The investment will take 10 to 15 years to complete. Commissioning of the first office building with a total lease area of 8.5 thousand sq m. is planned in the third quarter of 2021.

Construction of Format office building, which will offer 16 thousand sq m. of space is already underway at Droszyńskiego street in Gdańsk. Torus company plans to commission the building in the second quarter of 2021. The investor also plans to build sports fields in the area and is already preparing further investments in Gdynia.

The architecturally interesting Hossa Garrison complex is also developing, located in Gdańsk Wrzeszcz between Szymanowskiego, Chrzanowskiego, Słowackiego and Aleja Grunwaldzka streets. It includes Gato office building, which is currently under construction, with 11 thousand sq m. building is to be completed in the first quarters of 2021.

The second stage of Officyna investment is also under construction in Gdańsk district of Wrzeszcz. The office building that will provide nearly 7.3 thousand sq m. of lease area is to be ready at the beginning of 2021.

In the Gdańsk shipyard, as part of a revitalization project for these areas, a green ten-storey C300 office building is planned to be completed in April 2021. YIT is also preparing a mixed-use investment on a plot of 1.55 ha, located near the European Solidarity Center. The project includes both offices and apartments. Cavatina is also implementing a new project in Gdańsk.

Gdynia is accelerating

According to Mateusz Strzelecki, a large investment revival is also visible in Gdynia. - Investments initiated and planned on Gdynia office market are to bring 100 thousand sq m. of modern space in the upcoming years - says Strzelecki.

In the spring of 2020, Vastint Poland is to start the construction of the second stage of mixed-use Waterfront complex in Gdynia. An office and hotel building has already been completed as part of this investment at Nabrzeże Prezydenta, within Waszyngtona, Hryniewickiego and Jana Pawła II streets. In the next phase of the project, two office buildings are to be built along the frontage of Waszyngtona street, which will bring 14.5 thousand sq m. of space to let. Ultimately, the existing buildings in this area are to be supplemented by 80 thousand sq m. of residential, office and service space.

In the first quarter of 2020, Polski Holding Nieruchomości company is also planning to start building investments in the coastal part of Gdynia. Marina Office complex will include three five-storey office buildings with a total lease area of around 27 thousand sq m. Obiekt project will offer nearly 24 thousand sq m. of modern office space and over 3 thousand sq m. of retail space on the ground floors of the buildings, with restaurants, cafes and retail units. The investment is to be completed in the first quarter of 2022.

More office towers to be built

The largest office investment currently underway in Gdynia is 3T Office Park. The complex, located at the intersection of Kazimierza Górskiego and Sportowa streets in the district of Redłowo, is to include three towers, two ten-storey and one thirteen-storey buildings. In the first half of 2021, the investment will deliver a total of 54.5 thousand sq m. of space to the Tri-City market, including 38.5 thousand sq m. of lease space.

In turn, PKP and Semeko Investment Group are planning to develop the area of Gdynia Międzytorze. Gdynia Centrum investment is to be implemented in the very center of the city, between Jana z Kolna, Janka Wiśniewskiego, Wendy and the planned Nowa Węglowa streets. Residential as well as office and commercial buildings will be erected there, along with recreational and integration space.

This year, the Tri-City market welcomed such facilities as: Heweliusza 18 office building in Gdańsk with 10 thousand sq m., Hiro in Gdańsk Garnizon with 5 thousand sq m. of offices, Office Kokoszki B building at Budowlanych street in Gdańsk with 2.4 thousand sq m. of space, as well as Officyna I at Aleja Grunwaldzka in Gdańsk with 4.6 thousand sq m. of offices and Fenix at Aleja Zwycięstwa street in Gdynia with 1.5 thousand sq m. of space. Neon, the last office building in Alchemia complex in Gdańsk Oliwa, with 35.4 thousand sq m. has also been commissioned.

Demand for Tri-City offices higher than a year ago

In the first nine months of 2019, as Mateusz Strzelecki notes, the demand for Tri-City offices was higher than a year ago. According to Walter Herz, the volume of lease transactions reached almost 75 thousand sq m. of space in the Tri-City at that time. The largest signed contracts included Nordea's contract for 10.8 thousand sq m. in Olivia Star complex in Gdańsk, Jeppensen's agreement in Arkońska Business Park for 9.5 thousand sq m., UTC for 7.3 thousand sq m. in Heweliusza 18 office building and contracts of Dynatrace and Amazon for 4 thousand sq m. of space.

Demand for offices in the Tri-City is mainly generated by companies from the IT and telecom sectors, as well as commercial and financial sectors. There is also growing demand for space from logistics companies and enterprises associated with maritime trade and port sector, as well as TSL industry.

Despite high activity of developers on the Tri-City market, the vacancy rate has been steadily decreasing for several years. As Walter Herz reports, there are currently less than 5 per cent vacant offices in the Tri-City. The vacancy rate in this region is the lowest in the country. Rental rates in modern Tri-City office buildings are ranging from EUR 13-17 euro/sq m./ month.

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Fourth office market in the country with unique projects

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