Modernized Łódź attracts business

Revitalization projects in Łódź are among the largest in Europe, and interest in the city expressed by business has never been so great.

Łódź is fighting for the organization of the international Expo 2022 exhibition. By then, the image of the city has to change completely. A comprehensive revitalization of Łódź has just started. It will cover dozens of projects from various fields. The city is planning to spend over PLN 1 billion for this purpose, half of which will come from the EU funds. Łódź municipality has already held first tenders.

The plan includes comprehensive renovation of the tenements, roads and sidewalks, modernization of parks and creation of new recreational areas, reconstruction of car parks, tram tracks and public transport stops, as well as purchase of new rolling stock. The basis of the program envisages eight projects of urban revitalization, which will also include the downtown area, where Nowe Centrum Łodzi is already under construction.

Nowe Centrum Łodzi

NCŁ is the largest urban project currently run in the city. The multifunctional investment, the aim of which is to revitalize the center of Łódź, is carried out on 100 ha of land. The central area of the city became open due to the introduction of an underground railway line and station. In addition to the most modern station in Poland - Łódź Fabryczna, the project will include numerous office buildings, service points and residential buildings, as well as culture and entertainment facilities.

The project aims to create a new functional area of the city, including a system of attractive urban spaces with the use of antique buildings. And it is Nowe Centrum Łodzi that is to become the main arena of the Expo 2022 exhibition, the organization of which the city is applying for.

Boom on the office market

Walter Herz specialists point out that the Łódź office market will be particularly dynamic in the upcoming years. They state that in terms of new office space growth when compared to the existing resources, Łódź is already ahead of Poznań or Wrocław. According to Walter Herz data, about 130 thousand sq m of office space is under construction, most of which might be commissioned later this year.

Interest in office space in Łódź is very large, new supply is quickly absorbed by the market. Over half of the offices that are under construction already have tenants. Despite the fast growing offer, the agglomeration has the lowest vacancy rate in the country (about 6%), when compared with Cracow. Walter Herz experts admit that the record high demand for Łódź offices has been maintaining for two years. In 2015, 70 thousand sq m of office space was leased and last year 67 thousand sq m of offices found new tenants.

Offices in the historic buildings

According to the specialists, Łódź is a relatively young market with 360 thousand sq m of modern office space, most of which has been commissioned in the last ten years. The structure of the offer varies. In addition to the new investments, a significant portion of modern office space is located in the revitalized, often historic, post-industrial buildings adapted to office functions. They include, among others, Centrum Biznesowe Synergia, Textorial Park, Centrum Biznesowe Kopcińskiego 77, Przędzalnia Braci Muehle and Business House Gdańska.

Among the largest office projects currently built in Łódź, Walter Herz specialists enumerate Ogrodowa 8 Office, Przystanek mBank and Nowa Fabryczna. Nowa Fabryczna is an investment that is constructed in the immediate vicinity of Łódź Fabryczna train station. It is the biggest facility built on the premises of Nowe Centrum Łodzi, which will deliver 21.5 thousand sq m of office space this year.

New office investments

Another project implemented in the NCŁ area is Brama Miasta office complex, which will stand opposite the Łódź Fabryczna station. It consists of two office buildings with a total lease area of 40 thousand sq m. The project also involves the construction of an open city square with cafés, greenery and small architecture.

In the center of Łódź, in the corner of the crossroads of Ogrodowa and Zachodnia Streets, Ogrodowa 8 Office investment is also under construction. The facility situated in the vicinity of the Poznański Palace offers 28.6 thousand sq m of lease space, including 3.9 thousand sq m of retail and service area in the passage on the ground floor of the building. The passage will refer to the courtyards typical of Łódź, and will connect Manufaktura, Plac Wolności Square and Staromiejski Park with pedestrian-friendly space.

The development of OFF Piotrkowska Center is also an outstanding Łódź project. It includes two A-class office buildings, which will be integrated into the historic industrial architecture of the former cotton factory.

A growing business service center

Walter Herz specialists admit that the office market in Łódź is developing so well mainly thanks to the modern business services industry, which increasingly places its centers in the city and is responsible for leasing half of the office space contracted in the agglomeration last year.

Companies such as Fujitsu, Xerox, Accenture, Cybercom, Whirlpool, and Infosys have all located their centers in the city. Whirlpool company has recently decided to develop its center and to combine all of the SSC shared services centers form the EMEA region into one. It is to be located in Łódź and employ about 200 people.

The growing significance of Łódź for the BPO/SSC sector may also be the result of selecting this location for the 8th ABSL Conference in June. ABSL is the largest organization in Poland uniting companies from the modern business services sector. The event will be attended by the former British Prime Minister David Cameron.

Interest in Łódź expressed by the international business can also be confirmed by the recent purchase of a new office project Przystanek mBank (24,000 sq m of space leased entirely by the mBank Group) by a Dutch investor - LCN Euro Master Dutch Holdings company, which invests pension funds and insurers capital in the global real estate market.

Author: Walter Herz

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Modernized Łódź attracts business

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